A confirmation is a network transaction that has been processed and is practically impossible to reverse. Confirmations are transactions that have been confirmed on the blockchain. Each time a block is confirmed, it references the previous block to ensure compatibility and security. For smaller transactions a single confirmation of a block is more than sufficient to be considered ‘secure’ but for larger transactions it makes sense to wait for multiple transactions. For example six confirmations is considered safer for anything over $1000 USD worth of Bitcoin. Each confirmation significantly decreases the risk of a reversed transaction and exponentially increases the security of the transaction.
When utilising an exchange such as Easy Crypto, you can monitor your confirmations by looking up your wallet address on blockchain.com. This will give you the pending confirmations on the block explorer which is also very fascinating to watch unfold.
As an example I purchased around $500 worth of Bitcoin from Easy Crypto and deposited it into my Binance Exchange Wallet. This was really interesting because as stated above, I could watch the (in this case) three confirmations happen in real time. Once those three confirmations were confirmed; the exchange was happy as it’s Policy was to confirm three confirmations before the Bitcoin was fully available in my Exchange Wallet for trading.