A cryptocurrency exchange is a platform that allows users to buy, sell, and trade various types of cryptocurrencies. These exchanges can be centralized, where a company manages the transactions, or decentralized, where users trade directly with one another. They provide a marketplace for users to exchange their digital assets for other cryptocurrencies or traditional currencies like USD or EUR. Users typically create an account on an exchange, deposit funds, and then place orders to trade. Exchanges often charge fees for transactions and may offer additional features like wallets for storing cryptocurrencies. Popular exchanges include Coinbase, Binance, and Kraken.