Crypto Academy Season 4 Beginners' course - Homework Post for Task 7: [Dex, Cex, Popular Exchanges and Trading Cryptos]
This should be the 5th task of season 3 of Steemit Crypto Academy, but because there are slight changes in season 4, this task is made the 7th task of this season.
1-) Choose any of the following exchanges and develop a basic guide on how to use it, indicating whether it is decentralised or centralised.
- Huobi
- KuCoin
- Waves Dex
HUOBI
I chose huobi because the exchange platform is the second largest after binance in terms of trading volume. I will develop a basic understanding of this platform based on what I understand.
How to register a Huobi account
Before we discuss how to use this platform further, I will discuss how to register a new account first.
Visit the Huobi site to register a new account, or you can also download the Huobi app on your Android and iOS smartphones. There are two options for registering a new account, using your email or mobile number.
If we want to use email, then select your country and fill in the address and password, then click register account. Later we will receive a confirmation code sent to our email address, enter the confirmation code to confirm account creation.
In order for us to start trading, we are required to verify basic data and KYC in order to be able to trade P2P. After the data is approved by the Huobi team, then we can start trading on the Huobi exchange platform.
How to use the Huobi platform
I will explain how to use the Huobi platform and how to use Huobi's various features. Actually, this is not difficult because basically the use of the Huobi exchange platform is the same as the exchange platform in general.
There are two ways that can be used to make purchases of crypto assets, the first is to buy quickly by bank transfer, credit card, alipay, and WeChat. Set the currency that we will transfer then select the coins we will receive at Huobi, then select the payment method you want to make.
The second way to buy crypto assets is to take advantage of the P2P feature. We can buy USD or other crypto coins by sending money to advertisers on the Huobi platform, each country has its own advertiser and the price may be slightly different.
The method is quite easy, select one of the ads then set the amount of usdt or other coins you want to buy. Next select the available payment methods and pay, after everything is confirmed we will receive the coins we bought. Please be careful when choosing ads, choose advertisers with good reputations so that unwanted things do not happen such as fraud and others.
Market is a feature where we can see all the coins that have been registered on the Huobi platform, we can also see the trading volume, current price and others as. To make a trade we have to click on the coin that we want to trade, then we will be taken to the spot trading feature.
Spot trading is a feature that can be used to exchange between cryptocurrencies, we can buy btc and sell btc. How to use it is also very easy, we only have to choose the coins we want to exchange. For example, we want to exchange btc to usdt, then click btc and select btc/usdt then sell, we just have to wait until the btc is sold. We can trade manually, on margin, using bots, and OTC.
There are also Finance features that can be used such as bank benefits, we can stake coins to get interest or also get HT coins by doing instructions on the Huobi platform and much more that we can do.
The benefit of this feature is to check the assets we have, we can also make withdrawals or also deposit. Basically all of Huobi's features are the same as most exchange platforms. To make a deposit, we just click on the deposit menu then take the address and make a deposit. To make a withdrawal, click on the withdrawal then fill in the withdrawal address.
Whether Huobi decentralized or centralized ?
From how to register to how to use the Huobi platform, we can conclude that the Huobi trading platform uses a centralized mode. The decentralized platform uses the key during registration, and the key cannot be recovered. Meanwhile, the Huobi platform uses a password which clearly indicates that this platform is a centralized platform.
Another proof that the Huobi trading platform uses a centralized mode is the KYC verification process, this would not happen if the platform was decentralized. Decentralization does not require KYC because we have absolute rights to manage and use our account, while the platform that requires us to do KYC is a centralized platform, this is done to minimize fraud and so that other people who hack our account are constrained when they want to make withdrawals.
These two things are enough to prove that the Huobi trading platform uses centralization in managing assets and platforms, so we have to follow the guidelines and rules applied on the Huobi platform, meaning that we can't fully control and do what we want on the Huobi platform.