Crypto Academy Season 4 Beginners' course - Homework Post for Task 7: Dex, Cex, Popular Exchanges and Trading Cryptos
Hi Steemians Hope all is going Well. After completing my 6th TASK. Lets Today write the seventh homework for professor @imagen which is related to DEX and CEX, and how to use Exchanges. i hope i can define better.
3-) Explain in your own words what an Exchange is. ?
Differences between a Wallet and an Exchange. ?
Mention the advantages and disadvantages of DEX and CEX. ?
Have you used an Exchange before? tell us about your experience.
1:- Explain in your own words what an Exchange is. ?
A exchange is what happens any time two or more people traders or investors trade goods or services. Like swapping, Money exchange, P2P Trade, or Invest in Any blockchain. In marketing theory, every exchange is supposed to produce "utility," which means the value of what you trade is less than the value of what you receive from the trade. like a third person we trade on his behave. without wasting our time we get profit or Assist that we want to buy. Exchange also support us to help find best rate that a trader wants and also notify the investor what is the best time and best way to invest in lower fees. Also we have two types of exchange in the crypto world. That’s is the centralized and decentralized exchange.
| S.N | Exchanges | MarketCap | 24h Volume |
|---|---|---|---|
| 1 | Binance | $28,479,735,354 | +34.9% |
| 2 | Coinbase | $5,951,557,436 | +54.19% |
| 3 | KuCoin | $3,789,876,005 | +45.44% |
| 4 | Huobi Global | $4,823,804,344 | +35.94% |
| 5 | FTX | $2,955,327,014 | +54.69% |
1:- CENTRALIZED EXCHANGE
Lots of type Exchanges there users do not have a fully control over their assets in Exchange Wallets, before any activity they ask for third parties interfare. user always depends on approval from third parity In the centralized exchange. This type of exchange check activities and also could make error in user transitions. and centralized exchanges check your privacy to avoiding to scam transactions to save them. Coin-base CEX, GDAX and Kraken CEX. are the TOP.
2:- DECENTRALIZED EXCHANGE
This type of Exchanges support users to make transactions securely and safely, there users do have a fully control over their assets in Exchange Wallets, They don't need to ask for any Third party for any activity. i strongly recomend this type of exchanges for any activity or buying crypto , because user have full control to make any decision. with Fast and simple methods like Barterdex DEX ,Block-net DEX are the Top.
2:- Differences between a Wallet and an Exchange. ?
| S.N | WALLET | EXCHANGE |
|---|---|---|
| 1 | Storing there Crypto assist | Exchange using in trading of cryptocurrency |
| 2 | In Wallet User fully control over their assets | In Exchange users are not having a fully control over their assets. |
| 3 | The wallet cannot be used in trading | Exchange can be used in trading. |
| 4 | The wallet is used for receiving and storing cryptos to exchange | The exchange is used in transferring all crypto to wallets to store our assists. |
| 5 | Wallet Trade in Crypto | Trade with Crypto and Fiat. |
| 6 | The Wallets are More Decentralized | The Exchanges are Less Decentralized |
3:- Mention the advantages and disadvantages of DEX and CEX. ?
- Anyone can use and easy to understand with out any trouble.
- Anyone can swap in few steps fiats to Crypto, or Crypto exchange with another crypto .
- just need your Email and OTP to entering in Account
- In the centralized exchange all transactions is very quick with safely.
- Centralized Exchanges have simple Homepage to understanding any newbie.
- Centralized Exchanges give you Support to recovering your account.
- In the centralized exchange user must be verify himself with his personal details for interning in CEX.
- In centralized exchanges have expensive Swapping more then DEX.
- In centralized exchange have not advance trading Interface.
- Centralized exchanges is not secure and his user can lose his crypto assets any day anytime .
- In Centralized exchanges any small breakdown will be affect the whole platform that could stuck your transaction.
In Decentralized Exchanges users are not strictly required to validate their personal details in small level trading.
Decentralized Exchanges provide fast and secure payout without any KYC .
Decentralized Exchanges have full features like SPOT and MARGIN TRADING.
DEX have low fees to swapping any assist as compared to the centralized exchange.
DEX have not third party interfare so its most secure and less expensive, because third parties get their commission.
In Decentralized Exchanges all users can use DEX without any limitations.
Disadvantages of Decentralized Exchanges. In Decentralized Exchanges Cancellation of any order is expensive.
Decentralized Exchange platforms are not user-friendly .
Decentralized Exchange are not easy to understand for any newbie he could lost his assist.
If user lost his Private keys user can not recover back his Account DEX have not this option.
4:- Have you used an Exchange before? Share your experience. ?
There are Hundreds of Exchanges with different features stop lose and auto buying ,user could make his own decisions. Binance DEX is favorite with P2P Feature.
Today i am going to share my experience about Poloniex Exchange This is the steemit friendly. just need to signup with email and set strong password your account is created no need KYC. in this exchange we'll make a trade with USDT / SHIB in just few step
Capture by Nabeeel
Lets start spot trading make a pair usdt/shiba with high speed transaction.
we have 150597.2146253 in just 10 Second
Capture by Nabeeel
Conclusion
An Exchange is a place any user could buy and sale there assists and goods for profit. Exchanges have two forms decentralized and Decentralized every form have their own advantages. we also learn about Wallet and exchanges which one is best platform for a newbie.
i also spend my all liquid steem for getting mark of #club5050 last time is missed
Thank you Professor @imagen @dilchamo
All Design and Borders created by nabeeel
#club5050 😀