What is the difference between an exchange and a "buy crypto" app?
One matches you against other people at a visible price. The other quotes you a price and keeps the difference.
On an exchange, your order goes into an order book and is matched against somebody else's. You see the prices other people are offering, you can place an order that waits for a better one, and the fee is stated separately.
On a broker — most one-click "buy" apps and buttons — the company sells to you directly at a price it sets. There is usually no visible fee, because the fee is inside the price.
Neither is dishonest, but they are not comparable on the advertised numbers. The only fair test is to price the same purchase on both and compare how much coin you actually receive.
Many platforms are both: the same company runs a simple screen and a full order book, and the simple screen frequently costs several times more for exactly the same trade.
The order book and the spread explains what the visible version looks like.
Last checked 19 Oct 2026.