A Centralized Exchange (CEX) is a platform where users can buy, sell, and trade cryptocurrencies through a third-party intermediary. These exchanges manage the transactions and hold users' funds, making it easier for individuals to access various digital assets. Popular examples of centralized exchanges include Binance, Coinbase, and Kraken. Users typically create accounts on these platforms, allowing them to deposit fiat currency or cryptocurrencies. Centralized exchanges often provide features like advanced trading tools, customer support, and high liquidity, but they also require users to trust the exchange with their funds and personal information.