A cryptocurrency exchange is a platform where you can buy and sell cryptocurrencies. You can use exchanges to exchange one crypto for another, converting Bitcoin to Litecoin, for example, or to buy cryptocurrencies in a normal currency like the US dollar.
The exchanges reflect the current market prices of the cryptocurrencies they offer. You can also exchange cryptocurrencies for US dollars or another currency on an exchange, leave them in cash in your account (if you want to exchange them again for cryptocurrencies later), or withdraw them from your regular bank account.
There is no crypto exchange that best suits all users, says Tyrone Ross, financial advisor and CEO of Onramp Invest, a crypto investment platform for financial advisers.
Instead, he says it helps assess his own interests around cryptocurrencies and find an exchange that matches his goals. For example, you may be looking for a specific currency or want to learn more while getting started in investing in cryptocurrencies.
