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Centralized Exchanges Traditional cryptocurrency exchanges run by companies that offer fiat-to-crypto or crypto-to-crypto trading pairs. Think of Binance, Coinbase.
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Decentralized Exchanges Smart contract based cryptocurrency exchanges that offer crypto-to-crypto trading pairs. Think of Uniswap, 0x Protocol, Kyber
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Hybrid Exchanges A mix of CEX & DEX, hybrid exchanges offer fiat-to-crypto and crypto-to-crypto trading pairs, while allow traders to maintain their own private keys.
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