Cryptocurrency exchanges have become the central element of digital asset trading, and the diversity of platforms can confuse both newcomers and experienced traders. This review examines the current state of crypto exchanges through the lens of a systematic classification.
Classification of Cryptocurrency Exchanges
Exchanges are categorized across several criteria: governance structure, trading mechanisms, technical architecture, and specialized products.
The classification considers five core factors: fund custody control, counterparty relationships, liquidity sources, technical implementation, and regulatory compliance requirements.
Analysis of Major Platforms
Binance remains the largest exchange by trading volume despite regulatory challenges, handling about 35% of global cryptocurrency trading volume. Coinbase dominates the US market, providing users with simplicity and reliability.
Decentralized exchanges like Uniswap and PancakeSwap offer users the ability to maintain control over their funds and regulate payments through smart contracts. These platforms represent an alternative approach to trading based on automated mechanisms.
Thus, the features of each platform and their ability to adapt to changing market conditions create a variety of choices for traders.
Criteria for Choosing an Exchange
Choosing an exchange platform requires considering preferences for fund custody, counterparty relationships, liquidity sources, and compliance with regulations relevant to your trading strategy. Users may choose between centralized and decentralized platforms depending on the desired level of control and services.
The cryptocurrency market in 2025 demonstrates significant diversity among platforms, taking into account different trading strategies and user levels. Understanding the structure of exchanges and their properties will help users find optimal solutions for their trading needs.
