{"id":8770,"date":"2022-09-30T05:03:52","date_gmt":"2022-09-30T05:03:52","guid":{"rendered":"https:\/\/mdr.foobrdigital.com\/?p=8770"},"modified":"2022-09-30T05:03:52","modified_gmt":"2022-09-30T05:03:52","slug":"how-an-exchange-account-works","status":"publish","type":"post","link":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/2022\/09\/30\/how-an-exchange-account-works\/","title":{"rendered":"How an Exchange Account works&nbsp;"},"content":{"rendered":"\n<p>Though cryptocurrency itself is decentralised &#8211; as explained in\u00a0our basics of cryptocurrency section\u00a0&#8211; the standard model for exchanges is a centralised one, which is why you\u2019ll see the acronym CEX &#8211; Centralised Exchange.\u00a0<\/p>\n\n\n\n<p>This is a big point of debate within the crypto community because using a CEX is a custodial option &#8211; remember \u2018<em>Not your keys, not your coins<\/em>.\u2019<\/p>\n\n\n\n<p>As part of the process of creating an account with an Exchange you automatically get a web wallet.This is like an online bank account or App where you can check your balance in fiat (Euro\/Dollar etc) which hopefully increases over time.\u00a0<\/p>\n\n\n\n<p>Any cryptocurrency held in your new exchange wallet is in the custody of the exchange which is why Security should be a huge consideration in the process of choosing an exchange. Ensure you follow best practice for securing your exchange wallet is also crucially important.<\/p>\n\n\n\n<p>Your cryptocurrency exchange wallet will allow you to do the following, which were covered in the previous article in this section:<\/p>\n\n\n\n<ul><li>Send your crypto to another person\/service<\/li><li>Receive crypto from another person\/service<\/li><\/ul>\n\n\n\n<p>The trading features of your cryptocurrency exchange account will allow you to:<\/p>\n\n\n\n<ul><li>Buy cryptocurrency<\/li><li>Convert your crypto for other available currencies<\/li><li>Sell &amp; Withdraw<\/li><\/ul>\n\n\n\n<p>All of those are covered in the next article.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Though cryptocurrency itself is decentralised &#8211; as explained in\u00a0our basics of cryptocurrency section\u00a0&#8211; the standard model for exchanges is a centralised one, which is why you\u2019ll see the acronym CEX &#8211; Centralised Exchange.\u00a0 This is a big point of debate within the crypto community because using a CEX is a custodial option &#8211; remember \u2018Not [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[511],"tags":[],"_links":{"self":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/8770"}],"collection":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/comments?post=8770"}],"version-history":[{"count":0,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/8770\/revisions"}],"wp:attachment":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/media?parent=8770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/categories?post=8770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/tags?post=8770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}