Exchange
Plain English
A platform where you buy and sell cryptocurrency, like a stock market for crypto. Centralized exchanges (like Coinbase) hold your money for you. Decentralized exchanges (like Jupiter on Solana) let you trade directly from your wallet without a middleman.
Technical
Cryptocurrency trading platforms in two forms: CEXs (Centralized Exchanges) with custodial order book systems, and DEXs (Decentralized Exchanges) using AMMs or on-chain order books. DEXs enable non-custodial trading through smart contracts, eliminating counterparty risk but requiring users to manage gas fees and slippage.