A centralized crypto exchange, like CoinFLEX for example, are crypto exchanges that are owned and operated by a third party to facilitate the exchange of cryptocurrencies and tokens. This is achieved through an order book. Centralized exchanges require users to sign up and verify their identity. Users do not control the crypto assets they exchange, as they do not own the private keys for their wallet. They are attractive to many users however, as they are convenient, cheap and easier to use than a decentralized exchange (DEX).