Cryptocurrency Exchange: Crypto exchanges are like a brokerage firm.

(symbolic picture)

The cryptocurrency market has made headlines at a rapid pace over the past few years, so even those who frown at the concept of virtual currency can't live without knowing it once. The biggest thing is that there are very few countries where crypto has got as much popularity and growth in the last few years as it has got in India (Cryptocurrency in India). The Reserve Bank of India (RBI) had 'raised concerns' about crypto, but despite this, the crypto market in the country has grown, especially in the last one year. But, but.... we should not start investing just by looking at its growth and speed, we should understand every aspect of this market. And in this sequence, in this article, we are telling you about the Cryptocurrency Exchange, which is a very important part of the crypto ecosystem.

What is a cryptocurrency exchange?

A cryptocurrency exchange is a platform where cryptocurrencies are traded.

In trading, crypto is used to buy and sell any other asset (ie either another crypto coin or token, or flat currency i.e. rupee, dollar, etc.).

Crypto exchanges act as an intermediary between the buyer and the seller.

Their sources of income are commission and transaction fees.

Crypto Trading: How to invest in cryptocurrencies and understand how it is traded

How does a cryptocurrency exchange work?

A cryptocurrency exchange works like a brokerage firm, that is, it is a medium between the buyer and the seller.

According to an exchange, investors can deposit their money on it through any mode of payment like direct benefit transfer, card transaction, UPI, etc., which can be used to buy crypto coins or tokens from there.

In exchange for providing this facility, the investor has to pay a fee to the crypto exchange.

How to open a cryptocurrency trading account?

It is very easy to open a trading account for a cryptocurrency exchange.

But, to find such a platform, which not only gives you basic facilities, but also offers some other benefits, you will have to do some research for this.

Suppose you want to open your account with the country's popular exchange WazirX, then for this you have to follow these steps-

Download the WazirX app on your smartphone and sign up by visiting its website.


- Enter one of your email id and set a password to sign up.


- You will get an email on this email id, go there, you will get the option of Verify Email, click on it.


After this there will be a checkbox in front of you, before clicking on which it is necessary that you read all the terms and conditions.

Then click on the checkbox.  

But you need to go through a KYC (Know Your Customer) verification process before you start trading, which may vary from exchange to exchange.


Cryptocurrency Jargon: Mining, Whale, Blockchain;

Understand the meaning of the words of the world of crypto

What facilities do crypto exchanges offer?


Exchanges like WazirX, CoinDCX, Binance and Unocoin are the most popular and used in India. For example, investors can easily buy, sell and trade crypto coins on WazirX. WazirX also provides investors with the facility of P2P (Peer-to-Peer) networking, in which investors can trade directly with other investors, without the need for any third party and intermediary. The most interesting thing is that you can also convert crypto into flat currency i.e. traditional currency like Rupee, Dollar on crypto exchange, which after conversion is transferred to the source account of the investor.