What is Centralized exchange (CEX)?
A company that runs an order book, holds customers' funds and matches trades, such as Binance, Coinbase or Kraken.
Centralized exchanges offer deep liquidity, fiat deposits and customer support, but you trust the company with your coins while they sit on the platform. Exchanges have failed or frozen withdrawals before, so long-term holdings are safer in a wallet you control. See our exchange rankings.