BasicCrypto1 min
A crypto exchange is a platform where you can buy, sell and swap cryptocurrency and often also keep it on internal accounts.
In plain words
Centralised exchanges keep the records of assets themselves: you trust the exchange with your funds, and it usually requires KYC. Decentralised ones work through smart contracts, and the user controls the keys. When choosing an exchange, look at licences and regulatory status, its security record, liquidity and how you can deposit and withdraw hryvnia. Keeping more on an exchange than you need for trading is risky: there are known cases of hacks and frozen withdrawals.
Example. You register on an exchange, pass KYC, top up your account with hryvnia through P2P and buy USDT. Later you can withdraw it to your own wallet.