centralizedexchange
A centralized exchange, or CEX, is a cryptocurrency trading platform operated by a centralized organization that provides custody of user funds, handles deposits and withdrawals, and runs the order matching and settlement processes. Users typically create accounts and complete identity verification before trading.
Most CEXs maintain an internal order book and matching engine that pairs buy and sell orders. When
In addition to spot trading, many centralized exchanges offer services such as margin trading, futures and
Security and risk considerations are central to CEX operation. Because the exchange controls user funds, custody
Centralized exchanges contrast with decentralized exchanges, which generally do not custody funds and use on-chain mechanisms
Users should assess security history, insurance coverage, withdrawal limits, fees (maker/taker, deposits, withdrawals), and customer support