Exchange

A cryptocurrency exchange is a platform that allows users to buy, sell, and trade cryptocurrencies. Exchanges are the primary venue where miners convert their mined coins into fiat currency or other crypto assets.

Types of exchanges

Centralized Exchange (CEX)

Operated by a company that holds user funds in custody. Requires account registration and usually KYC (identity verification). Offers high liquidity and easy fiat on/off ramps.

Examples: Binance, Coinbase, Kraken, OKX

Decentralized Exchange (DEX)

Operates via smart contracts with no central operator. No custody, no KYC — trades directly from your wallet.

Examples: Uniswap, PancakeSwap

See: DEX

Key features to evaluate

Feature	Why it matters for miners
Supported coins	Is the coin you mine listed?
Liquidity	Can you sell large amounts without slippage?
Withdrawal fees	Affects net proceeds
Fiat support	Can you convert to local currency?
KYC requirements	Some miners prefer lower-KYC options

Exchange risks

• Insolvency / hack — exchanges can fail (FTX, Mt. Gox); funds may be lost
• Withdrawal freezes — exchanges can suspend withdrawals at any time
• Delisting — your mined coin may be removed from the platform

Best practice: use exchanges for trading, not long-term storage. Withdraw to a self-custody wallet after selling.

See also

• DEX
• Custody
• Delisting
• Wallet