What is the cheapest way to convert currency?

Could you please explain what the most cost-effective method is for converting one currency into another? Are there any specific platforms or tools that offer lower fees or more favorable exchange rates compared to others? Additionally, are there any potential hidden costs or factors that I should be aware of before making a decision? I'm looking for the most affordable way to transfer my funds while minimizing any potential losses due to fees or unfavorable exchange rates.