A crypto exchange is a marketplace where people can buy, sell, and trade crypto assets, including cryptocurrencies, fiat currencies, and NFTs.

Centralized exchanges act as an intermediary between a buyer and a seller. They generate revenue through commissions and transaction fees.

A decentralized exchange allows buyers and sellers to transact directly from their digital wallets without going through an intermediary.

A hybrid exchange combines the capabilities of CEX and DEX while aiming to provide the liquidity of a CEX with the privacy and security of a DEX.