does this mean that Bancor is Token for exchange or token exchanger?

Bancor is a protocol for token exchange, which is based on a new model where the price discovery is not based on the agreement between two parties, rather, it is based on an equilibrium-seeking model in which every purchase of a token increases its price, and every sale of a token decreases it. The price equilibrium point is the price-point in which the amount of buys and sales of the token are balanced. You can read more in our
draft whitepaper (link)A very interesting and innovative solution, for the first time I encounter such an approach, I look forward to the implementation of Bancor protocol and the launch of the decentralized exchange running on it.