Is there a difference between exchange and trading platform?
Exchange and trade platform are services that can do the same thing, like buying crypto; however, they’re very different. Here we will briefly explain what the most obvious difference is.
Exchange platform is service for exchanging crypto to fiat, and reverse. Usually, it is a very simple process with idea users to get their coins in just a few clicks. It usually works like this: customers send money using a bank transfer, and exchange is sending them coins they purchased. For customers who want to buy, this is a very convenient and fast solution, and that’s the only service it offers. Also, this kind of swap exchange can sell more than one crypto-coin, for more than one fiat currency.
On another hand trading platform is bit complicated and usually, it is used by more advanced ‘’players’’. Some of the trading platforms do offer to buy crypto for fiat. However, the main difference is that here people can trade coins between each other. This trading process is why it’s ‘‘bit complicated’’ because it requires some basic knowledge of trading. That means buyers/sellers dictate that price. Also for this kind of platforms ID verification is necessary, and it can last for a few days.
So, if you would like to use service of one of this two types, you would need to ask yourself what exactly do you want and how skilled are you. Do you want to hold your coins or spend it on some goods/service or you want to trade it?
According to your needs and research you do, hopefully, you will choose the one that is perfect for you!