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A Bitcoin exchange platform is an online platform where traders buy and sell bitcoins with the help of different fiat currencies and other cryptocurrencies.

The aspects behind the operation of a Bitcoin exchange

• Market order or limit order will be inputted for buying and selling Bitcoins
  
  
• Choosing the market order option enables traders to get the best available price 
  
  
• Selecting the limit order option helps traders to price coins below the current ask or above the current bid according to buying or selling motive 
  
  
• Buyer or seller who sets the limit price is a maker
  
  
• A trader who places a market order that is immediately filled is a taker 
  
  
• Transaction fees depend upon the volume of transactions and type of exchange
  
  
• Different payment methods would be available for the transfer of funds 
  
  
• Currency conversion fees may be charged by exchanges depending upon their location and their in-built liquidity
  
  
• Wallets used for storing coins and authorizing payments are also chargeable 
  
  
  

These are the key things to keep in mind to know the functioning of a Bitcoin exchange.