A Bitcoin exchange is a platform that allows users to buy, sell, and trade Bitcoin and other cryptocurrencies. These exchanges act as intermediaries between buyers and sellers, facilitating the exchange of cryptocurrencies for fiat currencies or other digital currencies. They usually charge a fee for their services. There are different types of exchanges, including centralized, decentralized, and hybrid exchanges, and each type has its own advantages and disadvantages. It’s important to consider the fees, security, selection of trading pairs, and reputation when choosing an exchange.