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A cryptocurrency exchange is a platform that allows users to buy, sell, and trade different cryptocurrencies. It offers a variety of trading pairs, which are the different currencies that can be traded on the platform. These pairs can include major tokens such as Bitcoin and Ethereum, as well as smaller, lesser-known coins. Some exchanges also allow users to trade cryptocurrencies for fiat currencies, such as US dollars or euros.

Cryptocurrency exchanges can be centralized (CEX), decentralized (DEX) and hybrid. Some of the most popular crypto exchanges are Binance, Coinbase or Kraken. These exchanges generally charge a small fee on transactions, and some of them also offer additional services like margin trading and staking.