Cryptocurrency Exchange: What They Are, How They Work, and Which Ones to Avoid

When you buy or trade crypto, you’re probably using a cryptocurrency exchange, a platform that lets you swap digital assets like Bitcoin, Ethereum, or tokens like TON and NOT. Also known as a crypto trading platform, it’s the bridge between your wallet and the market—whether you’re swapping tokens, earning yield, or just holding for the long term. But not all exchanges are built the same. Some are transparent, audited, and trusted by millions. Others? They’re ghost towns with fake volume, no security, and teams that vanish after a launch.

A decentralized exchange, a type of crypto exchange that runs on smart contracts without a central authority, gives you more control but comes with its own risks. Platforms like STON.fi v2 and StellaSwap v3 are built for specific blockchains—TON and Polkadot—so they’re fast and cheap for users there, but useless if you’re trading on Ethereum or Solana. Meanwhile, centralized exchanges like Blockfinex and NovaEx promise features like zero slippage or high leverage, but if they don’t publish audits or prove their trading volume, you’re gambling with your funds. And then there are exchanges like SkullSwap and Kalata Protocol—barely alive, with no community, no liquidity, and no reason to trust them.

It’s not just about features. crypto security, how well a platform protects your assets from hacks, scams, and insider theft is everything. Russian users can’t use Garantex or Exved without risking criminal charges. In Angola, mining gear gets seized because the grid can’t handle it. The U.S. has a $17 billion Bitcoin reserve built from seized crypto—meaning governments are watching, and they’re not gentle. If an exchange doesn’t explain its compliance, its audits, or its insurance, it’s not safe. And if it’s offering free tokens with no project details—like CHIHUA or SUNI—it’s a trap.

You don’t need to trade on every platform. You need to trade on the right one. The posts below cover real reviews, hidden dangers, and what actually works in 2025—from fast TON swaps to exchanges banned in certain countries, from yield farms that look too good to be true to exchanges that quietly shut down after a price crash. Whether you’re new or have been trading for years, this list cuts through the noise. You’ll find out who’s still running, who’s gone silent, and what to do before you click "Swap".