Centralised and decentralised
A centralised exchange is a business that lets you buy crypto with ordinary money, such as pounds. It holds any ETH you buy until you send it to a wallet you control. You can get the account back with a username and password, because the exchange is holding the crypto. If the exchange gets into financial trouble, that crypto is at risk.
A decentralised exchange lets you swap one token for another without handing the crypto to a company. You keep control of it, and you can trade when you want.
- Source: How to get ETH, ethereum.org (page updated 30 Apr 2026) · read 26 Oct 2026
- Source: Decentralized finance (DeFi), ethereum.org (page updated 26 Jul 2026) · read 26 Oct 2026
- Source: Ethereum wallets, ethereum.org (page updated 24 Feb 2026) · read 26 Oct 2026
- Source: Cryptoassets, Financial Conduct Authority (first published 23 Jan 2019) · read 26 Oct 2026
Technical detail
The FCA's firms page does not define these two kinds, and it does not name the exchanges people in the UK use. Country lists elsewhere are not copied here.