What is the difference between a crypto exchange and a brokerage?

A cryptocurrency exchange is a location where you may meet and swap cryptocurrencies with another individual. The exchange platform (for example, Binance) operates as a go-between, connecting you (your offer or request) with the other person (the seller or buyer). However, there is no "other person" with a brokerage - you come and swap your crypto coins or fiat money with the platform in question, with no interference from a third party. However, when it comes to bitcoin exchange rankings, both of these types of organizations (exchanges and brokerages) are frequently overlooked.