When starting your cryptocurrency investment journey, one of the first challenges you'll encounter is distinguishing between brokerage services (販売所) and exchange platforms (取引所). Both allow you to buy/sell assets like Bitcoin, but their mechanisms and user experiences differ significantly.
This guide breaks down the pros/cons of each, tailored for beginners in 2025.
Key Differences Between Brokerages and Exchanges
1. Counterparty Structure
- Brokerage: You trade directly with the service provider (e.g., SBI VC Trade, Coincheck).
- Exchange: Peer-to-peer (P2P) trading facilitated by an order book.
2. Order Types
| Brokerage | Exchange |
|-----------------------------|-----------------------------|
| Market orders only (usually)| Limit/stop orders available |
| Instant execution | Slower matching process |
Pros and Cons of Brokerages
✅ Advantages
- Simplicity: Ideal for beginners with one-click purchases.
- Fast settlements: Immediate transactions.
- Wider coin selection: Often supports niche tokens.
❌ Drawbacks
- Higher spreads: Costs embedded in buy/sell prices.
- Limited order types: No advanced trading strategies.
👉 Example: Coincheck’s brokerage service suits long-term holders with its "Buy & HODL" approach.
Pros and Cons of Exchanges
✅ Advantages
- Lower fees: Competitive spreads for active traders.
- Leverage trading: Up to 2x margin in Japan (regulated).
- Advanced orders: Limit/stop-loss functionalities.
❌ Drawbacks
- Liquidity risks: Low-volume coins may not fill orders.
- Steeper learning curve: Requires understanding order books.
👉 Top-rated exchanges like bitbank offer P2P trading with tight spreads.
FAQs
Q1: Which is safer—brokerage or exchange?
Both are regulated in Japan, but brokerages simplify custody for beginners.
Q2: Can I use both services?
Yes! Many platforms (e.g., SBI VC Trade) offer dual modes.
Q3: How do spreads impact profits?
Brokerages charge wider spreads, making frequent trades costlier.
Recommended Platforms for Beginners
- Coincheck: User-friendly app with staking options.
- SBI VC Trade: Low-fee brokerage + exchange combo.
- bitbank: Best for P2P trading enthusiasts.
Note: Always verify fees and security measures before investing. Prices fluctuate—trade responsibly!
👉 Explore trusted exchanges to start your crypto journey today.