Centralised exchanges operate much like a traditional broker: you deposit funds, the exchange holds them, and its matching engine pairs your orders with other users'. That custody is the trade-off — the venue provides deep liquidity, fast execution and fiat access, and in return your assets sit in its wallets rather than yours until you withdraw.
Exchanges differ more than they appear to. The same asset can carry a different price, spread, fee schedule and withdrawal cost on each one, and the set of listed pairs varies by jurisdiction. Comparing venues on the specific pair you intend to trade, rather than on brand, is what the differences justify.
Why does the same coin have different prices on different exchanges?
Each venue has its own order book, fed by its own users. Prices converge through arbitrage, but never perfectly — regional demand, withdrawal frictions and differing liquidity keep small gaps open.
Last updated October 17, 2026