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Centralized exchanges (CEX) play a pivotal role in the world of cryptocurrency. These platforms, often likened to traditional stock exchanges, act as middlemen in facilitating the buying, selling, and trading of various cryptocurrencies. In this comprehensive guide, we will explore every facet of centralized exchanges, answering common questions and providing insight into their operations.
A centralized exchange is a platform where users can trade cryptocurrencies. Unlike their decentralized counterparts, these exchanges are managed by a company or organization, providing a more controlled and often user-friendly trading environment. They act as trusted third parties in transactions, maintaining order books and facilitating trades.