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Known as 'traditional' cryptocurrency exchanges, these are platforms governed by a company or central organization. They allow users to trade from either fiat-to-cryptocurrency (e.g: USD to LTC) or crypto-to-crypto (e.g: BTC to LTC). If you have any questions around centralized exchanges, please feel free to reach out to the Litecoin Foundation on social media.
A decentralized exchange - or DEX - is an alternative to traditional, centralized exchanges. They do not have a centralized company or service controlling the assets traded on their platform. Instead, the trades or transactions are controlled by an automated process without any central presence. These trades are considered peer-to-peer (customer-to-customer).
As their name implies, a hybrid cryptocurrency exchange has attributes of both centralized and decentralized exchanges. The best of both worlds, a hybrid exchange combines the benefit of trustless trading with the lower latency and faster transaction speeds of centralized platforms.