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Choosing a cryptocurrency exchange

Cryptocurrency Exchanges: A Complete Guide to Trading Safely

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I want to start cryptocurrency trading, but I don't know where to start...

For those of you who have such concerns.

In this article, we will provide a clear explanation of everything from basic knowledge about cryptocurrency exchanges to security measures and recommended exchanges.

What is a cryptocurrency exchange?

A cryptocurrency exchange is an online platform for buying and selling cryptocurrencies such as Bitcoin and Ethereum.

Main functions

  • Buying and selling cryptocurrencies: You can buy and sell various cryptocurrencies using Japanese Yen and other cryptocurrencies.
  • Cryptocurrency holdings: Once you open an account with an exchange, you can safely store the cryptocurrency you purchase.
  • Remittance function: You can send cryptocurrency to other users or to your own wallet.

Transaction Fee

Fees vary depending on the exchange. Make sure you understand the fee structure before you start trading.

Advanced Trading Features

Some exchanges also offer advanced features such as algorithmic trading and leveraged trading.

Understanding cryptocurrency exchanges

Risks of cryptocurrency trading

Cryptocurrency trading involves the following risks:

  • Hacking Risk: There is a risk that exchanges will be hacked and cryptocurrencies stolen.
  • Price Fluctuation Risk: Cryptocurrency prices fluctuate greatly, so losses may occur.

It is important to understand these risks and take appropriate security measures and risk management.

What is the Travel Rule?

The travel rule has also been applied to virtual currency transactions as a measure against crimes such as money laundering.

What the Travel Rule covers

When transferring cryptocurrency in amounts greater than a certain amount, the exchange must share information about the sender and recipient.

Protect your assets with a hardware wallet

Hardware Walletis a device that allows you to store cryptocurrency offline.

Benefit

  • & High security: Your private key is stored offline, reducing the risk of being hacked.
  • Great privacy: There is no need to worry about your private key being leaked to the outside.
  • Robust durability: Since it is a physical device, it prevents data loss due to PC or smartphone failure.

Recommended Hardware Wallet: Ledger Nano S Plus

Ledger Nano S Plus hardware wallet

The Ledger Nano S Plus supports over 5,500 cryptocurrencies and can also safely manage NFTs.

What is a Ledger hardware wallet?

Comparing domestic and overseas exchanges

ItemDomestic exchangeOverseas exchange
Exchange nameCoincheck, GMO Coin, bitbank, BINANCE JAPANBYBIT, MEXC, Bitget, Zoomex, FXGT, Vantage Trading
Major featuresFor beginners, security measures, number of currencies handled, fees, trading tools, support system, etc.Leverage trading, derivative trading, number of currencies handled, fees, trading tools, campaigns, etc.
BenefitSupports Japanese, has an easy-to-use interface, complies with domestic laws and regulations, and gives you peace of mindA wide range of cryptocurrencies, high leverage trading, advanced trading tools, and a global trading platform
DemeritThe number of currencies handled may be smaller than that of overseas exchanges, and the leverage ratio may be lower.Japanese language support may be insufficient, there is a need to comply with overseas laws and regulations, and security risks may be high
Particularly recommended usersBeginners to cryptocurrency trading, users who want to trade in Japanese yen, and users who value securityUsers who want to trade a wide variety of cryptocurrencies, trade with high leverage, or use a global trading platform
Other Each exchange has its own characteristics and strengths, so it is important to choose one that suits your trading style and purpose.When using an overseas exchange, you must check Japan's tax system and legal regulations and conduct transactions at your own risk.

Supplemental

  • The above is a general comparison, please check the official websites of each exchange for the latest information.
  • When choosing an exchange, it is important to comprehensively compare and consider security measures, fees, number of currencies handled, trading tools, support system, etc.

We hope this comparison table will help you choose a cryptocurrency exchange.

Recommended Cryptocurrency Exchanges

Domestic exchange

Coin check

It features an easy-to-use interface even for beginners. The smartphone app is easy to use and security measures are thorough, so you can start trading cryptocurrencies with peace of mind. Although the number of currencies handled is 21, which is fewer than other domestic exchanges, it covers all major cryptocurrencies.

What is Coincheck?

Coin check

BINANCE JAPAN

This is the Japanese subsidiary of Binance, one of the world's largest cryptocurrency exchanges. It handles a wide variety of cryptocurrencies and offers advanced trading tools and security measures.

What is Binance Japan?

GMO coin

This is a highly reliable exchange operated by the GMO Internet Group. Its low transaction fees, especially its free sales commission, are attractive. It handles 23 different cryptocurrencies, making it one of the largest in Japan, and offers a wide range of altcoins as well as major currencies such as Bitcoin and Ethereum.

What is GMO Coin?

bitbank

There are many altcoins available, and you can trade over 30 different cryptocurrencies. It supports the Lightning Network, and the fees for sending Bitcoin are low. Another attractive feature is the extensive range of features for traders, including chart analysis tools.

Overseas exchange

BYBIT

It supports Japanese and is an overseas exchange that is easy for Japanese users to use. It allows leverage trading of up to 100 times and focuses on derivative trading. Another attractive feature is that it offers a wide range of campaigns and bonuses.

What is BYBIT?

BYBIT overseas cryptocurrency exchange

MEXC

It is one of the largest cryptocurrency exchanges in Asia, and handles over 300 types of cryptocurrencies. It has low fees and a wide range of trading tools. It also issues its own token, "MX," and by holding MX, you can receive various benefits.

What is MEXC?

MEXC overseas cryptocurrency exchange

bitget

It is a cryptocurrency exchange used by users all over the world. It allows leverage trading of up to 125 times and offers a variety of trading methods such as futures trading and copy trading. It also has a rich social trading function, allowing you to refer to other users' trades and share your own trades.

What is BITGET?

bitgets

zoomex

This is a cryptocurrency exchange that places emphasis on security. It has implemented advanced security measures such as cold wallets and multi-factor authentication. It also supports multiple languages, including Japanese, so users from all over the world can use it with peace of mind.

What is ZOOMEX?

Zoomex

FXGTMore

This is an overseas FX broker that offers leverage of up to 1000 times. You can trade not only virtual currencies, but also various financial products such as FX and CFDs. Japanese support is also provided, so Japanese users can use it with confidence.

What is FXGT?

FXGTMore

Vantage Trading

This is a cryptocurrency trading service provided by Vantage, which is famous for FX and CFD trading. Leverage trading of up to 1000 times is possible, and you can use high-performance trading platforms such as MT4 and MT5. In addition, Japanese support is also provided, so Japanese users can use it with confidence.

Vantage Trading

Cryptocurrency Exchanges:Detailed Comparison

ExchangeNumber of currencies handledmaximum leverageTransaction FeeJapanese support
Coin check21 typex2Sales outlet: 0.5% Exchange: Maker 0.15% / Taker 0.25%
GMO coin23 brandsx10Exchange: Free Exchange: Maker -0.01% / Taker 0.05%
bitbank30 or morex2Maker -0.02% / Taker 0.12%
OK343 typex100Maker 0.08% / Taker 0.10%
bybit130 or morex100Spot: 0.1% Derivatives: Taker 0.06% / Maker 0.01%
MEXC600 or morex125Spot: 0.2%
FXGTMore19 typex1000Free
zoomex170 or morex100Maker ~0.02% / Taker ~0.06%
bitgetAbout 390 typesx100Spot: Free Futures: Taker 0.051% / Maker 0.017%
Vantage TradingVirtual currency and stocksUp to 1000 timesVaries depending on broker used, asset class, nature of services offered, etc.

Points to consider when choosing a cryptocurrency exchange

  • Security measures: Make sure that security measures such as two-factor authentication and cold wallets are in place.
  • Number of currencies handled: Make sure the cryptocurrency you want to trade is supported.
  • Fees: Check the trading fees and deposit/withdrawal fees.
  • Japanese support: Check if you can get support in Japanese.
  • ease of use: It is better if the trading screen is easy to see and operate.
  • reputation: Check out the reviews from other users.
How to Choose a Cryptocurrency Exchange

Summary

In this article, we have compiled all the information you need to know when choosing a cryptocurrency exchange.

Choose the exchange that's right for you and start trading cryptocurrencies safely!

Learn more about cryptocurrencies

For cryptocurrency-related stock data, calculation tools, and the latest news,