A centralized crypto exchange operates accounts, custody, order books, and deposits or withdrawals through a company-controlled platform. It can simplify fiat access and active trading, but users depend on the operator for account access and release of assets.
Checks before funding an account
- • Availability: residence rules, identity checks, supported currencies, and payment methods.
- • Total cost: spreads, maker and taker fees, deposits, withdrawals, and conversions.
- • Asset access: supported networks, withdrawal minimums, limits, delays, and custody terms.
Trading access is not the same as ownership
An exchange balance is generally a claim within the operator’s internal ledger until assets are withdrawn onchain. Confirm the correct blockchain and token contract before transferring. A small test withdrawal can catch routing mistakes, but it cannot eliminate platform or network risk.
Review security and recovery
Compare multifactor authentication, withdrawal allowlists, session controls, anti-phishing tools, incident history, account recovery, and customer support. Keep API keys narrowly scoped and disable withdrawals unless they are essential. Regional restrictions or compliance reviews can change access.
Related tools
Compare custody with crypto wallets and keep records organized with crypto tax tools.