What is the process of exchange?

Could you please elaborate on the process of exchange in the realm of cryptocurrency and finance? How does one typically go about exchanging one digital asset for another, or converting cryptocurrency into fiat currency? Are there any specific platforms or intermediaries involved in facilitating these transactions, and what steps do users typically need to take to ensure a smooth and secure exchange process? Additionally, are there any potential risks or challenges that one should be aware of when engaging in exchange activities?