The platform through which buyers and sellers facilities a trade for cryptocurrency and other digital assets is termed Exchange. It operates with a brokerage and usually accepts all sorts of payment, be it a card or other form of electronic payment in exchange for digital assets.
Certainly a free is charged against the transaction. Exchange sends the digital assets of their clients' wallets, through a highly secured and encrypted way. Generally, exchanges can be classified into two categories i.e. centralized and decentralized.
A centralized exchange is the most preferred way of trading cryptocurrencies. In this system, the exchange itself acts as the middleman to ensure a seamless transaction between the parties.
Decentralized exchanges on the other hand operate without any central authority. This system includes platforms like IDEX and Curve Finance.