Cryptocurrency exchanges are websites where you can exchange (buy or sell) cryptocurrencies for other digital currency or fiat currency like US dollars, Euro, Rupee, Pound etc. There are two main types of exchanges in terms of the currencies you can exchange.
The first type of exchange is called fiat exchange.
These exchanges allow conversion of US Dollars, Euros, Rupees, Pound and most government-backed currencies into cryptocurrency.
The second type of exchange is called cryptocurrency to cryptocurrency exchange.
These exchanges allow only cryptocurrencies to be traded with each other.
These exchanges are further categorized as custodial and non-custodial exchange based on how user’s fund/ currencies are stored.
In custodial exchanges, user’s fund/ currencies are stored on the user’s exchange account. These exchanges asks users to provide more information than just their email address and follow KYC ( Know Your Customer) norms.
In non-custodial exchange, user’s fund are not stored on the exchange but are instantly transferred from one external user wallet into another external user’s wallet when performing an exchange.
Below are list of well known exchanges.
Custodial Exchanges
Coinbase
Binance
Gemini
Circle
Bitfinex
Bitstamp
Bithumb
UPbit
Non-custodial Exchanges
Changelly
Change Now