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Decentralized exchanges vs centralized exchanges. The last opportunity is to use derivatives exchanges. The hybrid exchange philosophy builds on the strengths of decentralized and centralized exchanges. What is a centralised cryptocurrency exchange (cex)? A cryptocurrency exchange is a platform in which you can exchange either your fiat currency (being your great british pounds, american dollars, euros, etcetera) or other cryptocurrencies (like bitcoin or ethereum) into the cryptocurrencies.
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