Basics · Beginner lesson · about 2 minutes
Exchanges
A service that helps people trade, but may also hold the keys.
The short answer
An exchange matches buyers and sellers and may custody assets for customers. An account balance is not the same thing as controlling the network keys.
In plain English
An exchange matches buyers and sellers and may custody assets for customers. An account balance is not the same thing as controlling the network keys.
The details differ by network and service, so use the linked sources and the project’s own documentation when a decision depends on current behavior.
What can go wrong
Read this before you act.
Counterparty failure, account takeover, withdrawal holds, fees, and unsupported networks can all create loss.
Check your understanding
A few questions. Not a test.
Pick an answer to see why it's right or wrong. There's no score to unlock.
Sources and corrections
This lesson is a starting point. The two sites below are good general places to learn more. Please tell us if something needs fixing.