Dex, Cex, Popular Exchanges and Trading Cryptos - Steemit Crypto Academy S4 - Homework Post for Task 7
Greetings to all, it is another opportunity to be among those taking part in this task 7 of which has been delivered by professor @imagen, and based on the questions provided in the homework task, I will be attending to question number one from the allotted questions. According to the instructions, the question is found below:
Huobi
KuCoin
Waves Dex
Cryptocurrency is a digital token that serves as a means of exchange in businesses and other financial activity and to enable the smooth flow of transactions or exchange of those crypto coins, a platform that will allow users to trade, invest, swap, sell or buy their digital tokens has been created. Through those numerous exchange platforms, coins can be transacted with ease either as a centralized or a decentralized exchange platform. Therefore, I will be explaining one of the available exchange platforms known as HUOBI EXCHANGE.
Leon Li is the founder of Huobi Global which was invented in the year 2013. Leon Li do work as a computer engineer in an American computer technology company before deciding to develop Huobi as an exchange platform. Huobi Global had its first headquarters located in China of which after some years of operation within the country, the government decided to impose a banned on cryptocurrency within the country which lead to the expansion of Huobi offices to other differents countries like the United States of America, Japan, and South Korea.
Huobi Global is a cryptocurrency exchange platform that allows users to trade, sell/buy, and swap their altcoins and stable cryptocurrencies. Huobi global was programmed in a format that has its coins known as Huobi Token which serves as a reward token offered to users within the ecosystem, the tokens can also be used for the voting process, staking, transaction discounts, and other rewards that occur within the usage of the exchange.
An example of a Huobi token is HUSD which is an underlining token for a stable coin known as US dollars (USD). Huobi Global has its aims to remove boundaries formed between blockchains which are currently leading as one of the companies with the largest digital cryptocurrency exchange platform. Huobi global is also at its best in providing a digital ecosystem that provides space for trading, creation of public chains and blockchains.
Based on the statement made by the founder of Huobi Global - Leon Li, it shows that Huobi global is a centralized exchange platform but is working to operate as a decentralized exchange since the future clasp on it.
To explore the exchange, I will be creating a new account of which I will be outlining the step-by-step below:
STEP 1:
Visit the official website by clicking on this link - huobi.com, then a landing page will appear just like the image below:
Then, a registration process must be taken by clicking on the SignUp icon on the homepage or the dashboard, the registration will require either a valid email address or a phone number. Thereafter, full access will be granted to the exchange.
STEP 2:
After the registration, you will be able to see more features on the dashboard of the webpage of which you can utilize, just as you can see below:
Since the signup process has been taken, let me explain each of the features found in the dashboard/ homepage along with their various usage or purpose.
1: EXCHANGE AND ECOLOGICAL SERVICES OF HUOBI GROUP
This is the first feature which is found in the three horizontal lines at the top left side of the website on the landing page, the feature contains different country exchanges that can be logged into as well as other services that Huobi group can accomplish within its ecosystem.
2: BUY CRYPTO
This is the second feature found on the landing page, where users can locally purchase cryptocurrencies with their fiat currency either through the use of their bank ATM card, bank transfer, or with a more preferable method of purchase known as Peer-to-Peer (P2P) of which has verified merchants.
3: MARKET
This is the third feature on the landing page, this section contains a full list of tradable coins along with top gaining and losing coins within the exchange, it also has numerous sections that are classified where cryptocurrency at placed in its percentage according to each need in the market chart, those sections include Huobi main, new, next, Inno, and pioneer respectively.
4: SPOT TRADING
This is the fourth section on the landing page which is used specifically to trade cryptocurrencies with the implementation of indicators, signals, time frame, volumes, and other necessary accessories during each trading period, this section has three active categories tagged under it with one still under development.
An example of the first category is seen above known as Exchange, the second is Margin, the third is Trading Bot, followed by Brokerage (OTC) of which is under development, the screenshot of the category is seen below:
This is a section where the trading process can be taken with the implementation of leverages, limits, stop-limit, and analysis of a coin market chart which is connected with trading-view.
This section also performs the same duty with the aforementioned areas but deals more on griding trades which will enable a trader to carry out the needed algorithms at each trading period.
This section is currently undergoing system maintenance of which has made it unable to perform any activity but will be worked on soon by the developers.
This SPOT TRADING section is where the exchange and trade, as well as the buy and sell of available owned tokens and coins, are tradable and used to perform transactions, the section also permits traders to analyze coin market charts with the use of various options like stop-limit, market order as well as indicators, volumes, and time frame.
With those mediums, the trading process can be carried out smoothly and decisions, whether to buy or sell, can be taken by the trader, all thanks to the amazing features under this SPOT TRADING section that vast and useful at all times.
5: DERIVATIVES
This section consists of multiple categories which include, coin-margined futures, coin-margined swaps, D-Warrants, and USDT-margined Swaps. Each of those categories found, do aid traders to perform trading activities such as contract trading, coins market future analysis along with the API access document for users, coin swap, and other trading predictions and evaluations. Each of them when clicked on directs you to its page for better operation and usage by a trader. Other features like performing a spot or margin trading can be done through this section.
6: FINANCE
This section consists of five features which include, staking, primepool, Huobi Earn, ETH 2.0, and crypto Loans. The first features allow traders to stake their coins or reward tokens in a liquidity or stake pool within a duration of time and possibly earn rewards (H-tokens) from doing so. Traders with the use of this feature in the exchange can also earn are eligible to earn Ethereums which are stored in the ETH2.0 section.
This section also allows traders and investors to request loans in cryptocurrencies of which are possibly offered when granted. This FINANCE section can be said to be one of the services offered to users of this exchange in a decentralized programmed format of which has much to offer.
7: BALANCES
This section has other features in it that provide the necessary information or details needed in an account and those features that can be seen in the section includes, asset overview, exchange account, margin account, derivative account, fiat account, quant, Huobi earn account, warrant account, my point cards, pool account, collateral account, and buy with a credit card. As soon as an account is created in Huobi Global exchange, the user is privileged and have access to utilize the various account tagged to his profile for deposit, transfer, balance check, and any other monetary check related to the account.
The BALANCES section also allows users to purchase cryptocurrencies with the use of their bank credit cards as well as their point cards. The section is designed in a way that all transactions conducted in each trading category, can be seen in the appropriately tagged account by the traders or users at any given time. For example, if a transaction is performed in the stake or primepool, such details can only be found in the pool account of this feature.
8: ORDERS
This section has interesting features which include exchange & margin orders, fiat orders, derivative orders, bot lists, and loan orders and these features are areas where the history of orders placed by a trader is recorded and can be trackable for a proper trading duration. The sections also display a detailed list of orders that have been made as a loan, through a bot list or Huobi earns of which is programmed in a format that can be accessible to the user or trader.
9: USER'S BLOCK
This section is an area where the created account can undergo some setting process to fit in with the user's choice of the work environment. For better functionality, it is required that a user will complete the identification and account set up to permit, the user to transact and operate freely within the exchange.
The feature also provides the user the opportunity to set up his fiat, invite friends with the use of his referral codes of which has a backing reward for such, along with a management process in API, all for the good of the user's operation in the platform. It also has coupon features, free settings, and a quick sign-out area of which can be accessed by the owner of the account created. Above all, this feature centers on the security of any account of which can be adjusted according to one's need.
Sincerely, Huobi global is one of the best exchanges that is steadily balanced within the cryptocurrencies market of which offers its users the opportunity to place their funds and trade a huge variation of tradable coins within its ecosystem. Huobi exchange is programmed with a high classified feature that enables users to track the record of their transactions and analyze market charts as well as be able to mint their reward tokens.
Just as it has been mentioned, Huobi global is officially a centralized exchange platform and currently maintains a high reputation within the cryptocurrency exchange ecosystem, and this has been as a result of an advanced regulation that backs the exchange. Thank you professor @imagen for that intense discussion on the lectures, I hope to learn more from you.
cc: @dilchamo
I appreciate your work, more knowledge and wisdom to your assignment
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