A cryptocurrency exchange is a type of digital currency exchange in which digital assets can be purchased, sold, and traded in exchange for fiat currency or other digital assets. They are similar to traditional stock exchanges in terms of the types of transactions and orders that users can execute. Cryptocurrency exchanges have evolved significantly since their initial iterations (which were frequently unregulated) to provide greater security and accessibility while also ensuring legal compliance in accordance with the jurisdictions in which they operate. As the cryptocurrency market expands, more exchanges have emerged that offer competitive trading fees, exchange rates, and user-friendly features in order to attract more users and trading volume.