What is a bitcoin exchange?

A bitcoin exchange is a digital marketplace where traders can buy and sell bitcoins using different fiat currencies or altcoins. A bitcoin currency exchange is an online platform that acts as an intermediary between buyers and sellers of the cryptocurrency . The currency ticker used for bitcoin is either BTC or XBT.

What are cryptocurrency exchanges?

Cryptocurrency exchanges are online platforms hosted by companies or other entities that make it convenient for users to purchase and sell cryptocurrency. When cryptocurrency was first introduced, you had to manually enter a command in a terminal to send a coin to someone.

What currency ticker is used for bitcoin?

The currency ticker used for bitcoin is either BTC or XBT. A bitcoin exchange acts as the intermediary between a seller and a buyer or, to use cryptocurrency language, between a "maker" and a "taker." A bitcoin exchange works like a brokerage, and you can deposit money via bank transfer, wire, and other common means of deposit.

Do bitcoin exchanges charge currency conversion fees?

In addition to transaction fees and funds transfer fees, traders may also be subject to currency conversion fees, depending on the currencies that are accepted by the bitcoin exchange. If a user transfers Canadian dollars to an exchange that only deals in U.S. dollars, the bank or the exchange will convert the CAD to USD for a fee.