A traditional cryptocurrency exchange works much the same as a stock exchange, with buyers and sellers trading based on the current market price of the cryptocurrency. The exchange acts as the middle-man, usually charging a fee for each transaction. Some will exchange fiat (like AUD or USD) for cryptocurrency, whereas others only exchange between different cryptos.
Brokers buy and sell digital currencies at preset prices, and are sometimes referred to as the over-the-counter (OTC) market. They are usually easier to use and faster than exchanges, but also more expensive. Brokers can also facilitate larger purchases at fixed rates.
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