Cryptocurrency exchanges are online platforms where traders can buy and sell cryptocurrencies. They work similar to traditional stock exchanges, but instead of trading in stocks and commodities, users trade in cryptocurrencies. Cryptocurrency exchanges can offer a variety of services, such as allowing users to deposit fiat (real world) currency or other cryptocurrencies, setting up limit orders or market orders, providing charting tools and discounts for high-volume trades. Prices on a cryptocurrency exchange are determined by how much buyers are willing to pay and how much sellers are willing to accept. When a user places an order, it is matched against other orders on the exchange until the order is fulfilled. If the order cannot be matched, it will remain active on the exchange until it is either filled or canceled by the user.