✍Aenco Academy
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✍Aenco Academy

✍Aenco Academy #10 What is Cryptocurrency Exchange?✍

Educational essays sustaining the Aenco Community and Ecosystem

So you have been following our academy series and is now familiar with what is a cryptocurrency, and how you could ‘mine’ them — but how about swapping it with other tokens? Or even trading it with other holders of cryptocurrency? Join us at ✍Aenco Academy #10 What is Cryptocurrency Exchange as we walk you through the kinds of crypto exchanges in the market.

Brief Explanation

Cryptocurrency exchanges are online platforms where you can exchange one cryptocurrency for another (or for fiat currency). In other words, depending on the exchange, it is either like a stock exchange or a currency exchange.

Types of Exchanges

There are, in general, the following types of exchanges:

  1. “Traditional” Cryptocurrency Exchanges: These are the exchanges that are like the traditional stock exchanges where buyers and sellers trade based on the current market price of cryptocurrencies (with the exchange playing the middle-man). These type of trading platforms generally charge a fee for each transaction. Bittrex are Binance examples of this type.
  2. Cryptocurrency Brokers: These are website-based exchanges that are like the currency exchange at an airport. They allow customers to buy and sell cryptocurrencies at a price set by the broker (generally at the market price plus a small premium). Coinbase and Shapeshift are examples. This is often the simplest solution for new users, since it is simple and easy, you’ll pay slightly higher prices than you do on the exchanges.
  3. Direct Trading Platforms: These platforms offer direct peer-to-peer trading between buyers and sellers. Direct trading platforms of this type don’t use a fixed market price. Sellers set their own exchange rate and buyers either find sellers via the platform and perform an Over-the-Counter (OTC) Exchange, or they denote the rates they are willing to buy for and the platform matches buyers and sellers.
  4. Cryptocurrency Funds: Funds are pools of professionally managed cryptocurrency assets which allows public buy and hold cryptocurrency via the fund. One such fund is GBTC. Using a fund you can invest in cryptocurrency without having to purchase or store it directly.

Wrapping Up:

We announced recently that there is a technological upgrade of our utility token, the AEN Smart Token (AENS) — in fact it is listed on top 20 exchanges including Digifinex and Latoken. We are working on adding new exchanges, so be sure to check in for the most up to date list. Tell us your thought, and we will be back next time with a new topic. Ta ta!

Find out more about Aenco:

✔Telegram: t.me/Aenco

✔Medium: medium.com/@aencoin/

✔ Instagram: instagram.com/aencoin/

✔LinkedIn: linkedin.com/company/Aenco

✔Twitter: twitter.com/Aencoin

✔Facebook: facebook.com/Aencoin

✔Discord: discord.gg/NXpFcKQ

✔YouTube: YouTube.Aencoin.com

✔Viber: Aenco Vietnam

✔Zalo: zalo.me/g/vvglmj886

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