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What is a cryptocurrency exchange, and how do they work?


Malenasanz
Posts: 4
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(@malenasanz)
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A cryptocurrency exchange is a platform that allows people  to trade cryptocurrencies or digital currencies. These exchanges are somewhat similar to stock exchanges, the main difference is that stock traders buy and sell stock assets, while on crypto exchanges, traders use cryptocurrencies. 

So here is how the crypto exchange works: 

  1. Submit your identity documents to sign up at a crypto exchange
  2. Fund your crypto exchange account using an acceptable local currency 
  3. Put a buy order to start trading cryptos. 

 

The exchange aggregates the buy and sell orders into the order book which is maintained by itself. This will also automatically match efficient buyers and sellers. Additionally, the crypto exchange allows users to set limit buy and sell orders. For more info you can visit Blockchain Firm.

 

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