Cryptocurrency Exchanges – Quick Facts And Stats
Categories: Crypto News
- There are more than 300 crypto exchanges that specialize in crypto only, without including apps and platforms that mix stock and other assets with crypto trading. There are more than 5000 cryptocurrencies to trade as per the data by CoinMarket.
- Crypto exchanges can either be decentralized, where they require the users to store crypto wallet keys on their own, or centralized where the exchange controls the keys. You can learn more about how crypto works to understand what keys are. Decentralized exchanges are considered more secure as a hacker will not steal funds if the user has keys and if an exchange is closed, the users can still recover their funds.
- Centralized and decentralized exchanges mainly work by the way of order books where market makers (those placing orders) are matched with the buyers (market makers). Crypto exchanges can use algorithms to achieve this.