Hello Streamians,
"Assalamualaikum" I hope everyone is well, Alhamdulillah, I am also well in your prayers by the infinite grace of Allah. Welcome to Steemit Crypto Academy and I thank Professor @imagen -Beginner`s course homework task 5 for something I learned. The subject that the professor has presented to us is a world of Dex, Cex, popular exchanges and crypto trading for Discussion.

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.

Explain in your own words what an Exchange is.

Exchange:

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Exchange is a platform that is a means of converting currency users from one particular currency to another. For example, if you want, you can use TRX or you can convert from TRX to Steam again and you can convert whatever you want to any other currency through Exchange. An exchange platform is a way for a business to move from one currency to another with a small charge. They allow their members to profile here through an exchange on an exchange platform and thus assign those profiles or account wallets or memos. And this allows users to exchange their currencies for a small fee. Each exchange account also has a wallet to hold assets for a short period of time.

Differences between wallets and exchanges:

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SL NO	Wallets	Exchanges
1	This is an application that allows cryptocurrency users to secure their assets.	Exchange is a platform where cryptocurrency users exchange their currency from one currency to another for a small fee.
2	Wallet users can take full responsibility for protecting their assets by issuing seed phrases.	Exchange platforms have minimal control over your assets.
3	Wallets are used to store coins or tokens. Can be used to store resources for a long time.	You can use the exchange platform to save your assets for a short period of time.
4	It is a decentralized system due to which it has no central leadership.	The Exchange Platform is a centralized platform due to which it has a specific center and that central authority can monitor all your activities.
5	This is a completely secure platform because there is no chance of your wallet being hacked if you do not want to reveal your keys.	Exchange platforms are not completely secure and secure because there have been many reports of hacking of top exchanges over the years.
6	It is completely safe as it is decentralized so you can use your wallet independently	It is not safe as it is centralized so you can`t use your exchange independently.

Ultimately the transfer procedure is the same in both cases, where each exchange or wallet allows you to transfer your cryptocurrency through a code.

Advantages and Disadvantages of DEX and CEX

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Advantage of DEX:

• DEX's transaction fee is lower than CEX's
• Decentralized exchanges do not disclose a high level of privacy and name. User account details are never published.
• Users' private keys are never backed up on the platform, so there are no cases of account hacking except in cases where the average user reveals his private keys.
• DEX offers a peer-to-peer exchange so there is no third-party involvement. And it is not involved in price and volume market manipulation.
• The registration process of DEX is very simple as it does not require any verification of KYC.

Disadvantage of DEX:

• Fiat currencies are not accepted for DEX digital currency trading
• It is very difficult to especially for beginners.
• It lacks the liquidity of low trading volume DEX simply because it is used which is the CEX of most digital currency transactions.
• This allows for a few cryptocurrencies to be exchanged.
• Once it is hacked for any reason, it can no longer be easily recovered.
• It executes transactions very slowly
• Every user must take care of their keys and passwords offline until they lose their crypt assets.

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Advantage of CEX:

• This is a very easy exchange for new users.
• The transaction speed of this exchange is very fast.
• It has high liquidity due to its high trading volume
• CEX Platform Backup Users' Personal Information In case of a forgotten password, the user can easily recover it.
• Here it is difficult for fraudsters to manage freely because CEX transactions are monitored.

Disadvantage of CEX:

• In many cases, the registration, verification, and authentication processes of CEX are very difficult.
• CEX has no privacy between buyer and seller because its transactions involve a third party.
• Once it is hacked, all the users here are harmed.
• Here the exchange is associated with manipulation of volume and other features to make customers attractive.
• Compared to DEX, the transaction fee of CEX is higher.

Have you used an Exchange before? tell us about your experience.

Of course, I have used an exchange before that called Binance Exchange. When I first came to this steemit world I had no idea about it. It's been about five months since I arrived at Estimates. And the more I spend time here, the more I learn new things that I never imagined. I came here through one of my friends and I have learned a lot from him and I thank him through this post. I haven't used Binance Exchange for a long time. However, in the few days that I have used the Binary Exchange, I have found that in a very short period of time we can exchange our coins as well as send them from one place to another in a very short time. I was shocked to see it is a great platform to transact in such a short time.
The first transaction I made on this Binance Exchange was TRX from my Estimated Account I transferred to the Binance Account. I saw then that in a short time my transaction was successful. And with that experience, I am more convinced about one and since then I would say that I really grew up in the crypto world and at the same time, I also realized that it is an open world for learning.

Conclusion: What I came to understand through this Hummer task is that there are two types of exchanges in a currency world, centralized and decentralized exchange. Here I learned more about the different types of exchanges and their differences as well as the proposals between them which is their method of operation and the other one which is used for business besides Binance. Lastly, I would like to say that we need to know more about these exchanges and get to know them better so that it will help us to choose the one that is most convenient for us. So we should be well versed in the exchanges by knowing the advantages and disadvantages.

Thanks for reading my homework task.