A Cryptocurrency Exchange is a platform where traders from various locations can buy and sell cryptocurrencies.
Users can place bids and sell different currencies available in the platform and hence making it a market place for Crypto Traders.
* What are Trading Pairs?
Trading Pairs are two different cryptocurrencies that can be traded against each other. For instance, with the pair LTC/BTC we can buy LTC using BTC and sell LTC to acquire BTC.