A crypto exchange, or cryptocurrency exchange, is a platform or service that allows individuals to buy, sell, and trade cryptocurrencies. It functions similarly to a traditional stock exchange where users can trade various cryptocurrencies for other digital assets or traditional fiat currencies like the US dollar or Euro.

Crypto exchanges provide an online marketplace where buyers and sellers can connect to exchange cryptocurrencies at prevailing market prices. These exchanges act as intermediaries, matching buyers and sellers and facilitating the transactions. They typically offer order books that display buy and sell orders, allowing users to place market or limit orders based on their desired price.

Crypto exchanges vary in terms of features, trading pairs, fees, and user experience. Some exchanges support a wide range of cryptocurrencies, while others may have a more limited selection. Additionally, exchanges can differ regarding security measures, user verification requirements, and the availability of advanced trading features like margin trading or futures contracts.

It's important to note that due to the decentralized nature of cryptocurrencies, exchanges can operate in different jurisdictions and adhere to varying regulatory frameworks. Users must conduct research and choose reputable and secure exchanges that prioritize the safety of user funds and provide transparent operations.