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Crypto exchanges are platforms that allow users to trade cryptocurrencies. The first crypto exchange was launched in 2011, and the number of crypto exchanges has been growing since then. In 2018, there were more than 200 crypto exchanges worldwide.
There are two types of crypto exchanges - centralized and decentralized. Centralized crypto exchanges have a single point of failure which makes them vulnerable to hackers, while decentralized exchanges are not centralized and they do not rely on a single entity to function.