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Dear lovely people,
I am happy to be part of this week's lesson. I thank professor @yousafharoonkhan for giving us this excellent lecture on Decentralized and Centralized Exchanges.
In his lecture, Professor @yousafharoonkhan talked a lot about using uniswap and some best Cryptocurrency Exchanges of 2021.
After going through the lecture and researching this week's topic, I have decided to review what I have learned in my homework task.

Write the definition of Decentralized and Centralized Exchange in your own words. (definition should cover exchanges, not system) only explain in your own words, after understanding the exchanges

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• Decentralized Exchanges(DEX) refer to trading platforms that involve trading between two parties without the involvement of any third party during the process of the trade. This transaction is a direct peer-to-peer which generally takes place on the blockchain network and is very secure. The trading terms and conditions are laid by both parties involved.

• Centralized Exchanges(CEX), on the other hand, refers to the trading platforms where a middleman is needed for the transaction to be completed. The third-party sets the terms and conditions involved in the trading.

Explain in your own words the difference between decentralization and centralization exchanges (answer should related exchanges, not overall system. (answer must be written in own words, copy-paste or from other source copy will be not accepted)

Aspects	Decentralized Exchange	Centralized Exchange
Managing body	It is managed by a distributed system(Blockchain network)Owned by Centralized authority	a central body manages it
Security	Ther is a high level of security	There is a low level of security
Verification Process	No unique documents are needed for transactions	Special documents are needed for transactions to be done
Transaction fees	There usually is low transaction fees	There is generally high transaction fees
User-friendly	Very complicated to use. Users need technical expertise to use	Very easy to use, no unique expertise needed.
Trading Volume	Low trading volume as compared to CEX	High trading volume as compared to DEX

write about any two best-centralized exchanges of 2021. why are they best in front of you? (Show screenshot of your verified profile to verify that you are really using them, or also share any one trade that you made in the last 24 hours )

As the days by, so as the number of crypto exchanges also increase. As of this year, 2021, there are many best-centralized exchanges in the market, but I will talk about Binance Exchange and Poloniex exchange for the sake of this illustration.

• Binance Exchange.

source

The Binance exchange was launched in late 2017 with the main focus of trading in altcoin. There are over 50 different digital coins and stable coins available on Binance for trading; Binance also offers over 100 different trading pairs between different digital coins. Some fiat-crypto pairs are also available, but most of these pairs are between cryptocurrencies. Binance is best for traders who want to invest in various altcoins.

Binance Exchange is one of the Leading Exchanges in the world. As of 26th April 2021, Binance leads the global exchange platform, making it the leading exchange in daily trading volume. Deposits can only be made in U.S. Dollars by global users through SWIFT. Users can also directly trade a selected number of cryptocurrencies using their credit or debit card. Euro and some other fiat deposits are also allowed.

Binance exchange has one of the lowest transaction fees, 0.1% fee for the taker side and 0.1% fee for the maker side. When using Binance BNB, the trading fees are reduced by 25%.

• Below is my verified Binance account,

• Below is the last transactions I did in my Binance account

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• Ploniex Exchange

source

Poloniex is one of the exchanges that started trading a purely crypto-to-crypto exchange, which later included cryptocurrency staking, margin trading, crypto futures, and trading crypto lending.
Poloniex happens to be the first cryptocurrency exchange to register a $1 billion daily trading volume.
The company changed its registration jurisdiction to Seychelles under Polo Digital Assets, but its headquarters remain in Wilmington, Delaware.

Poloniex is available in most countries across the globe except a few countries, i.e., Iran and North Korea.

Below is my verified Poloniex account.

Install Metamask, and share step by step screenshot (Practical step by step )

• MetaMask

MetaMask is a digital wallet that can be used to interact with Decentralized Applications (Dapps).
Metamask comes in the form of an extension, which should be installed on your PC browser.
Below are some of the steps to follow to install the extension on your PC.

For the sake of this illustration, I am using the Google Chrome browser.

• Search in google metamask extension Chrome browser

• Click on the link of metamask extension

• Click on "Add to chrome."

• Click on "Add extension," it will some time to install

• This page will be shown after successful installation, then click on "Get started."

*Click on "Create a wallet to continue."

• Click on "I Agree" to accept the terms and conditions.

• Enter your particulars to create your new wallet

• Click on that to reveal your secrete words; these words should be kept safe for future use. You can also decide to do that later

• This section is for you to confirm the secrete words you have been asked to copy to somewhere safe

• This message should be shown after a successful registration

• This is where you can see your account

How to use Uniswap exchange, and Swap/buy or swap/sell any coin (practical step by step )

UniSwap is a decentralized exchange built on the top of Ethereum Blockchain.
It can be used to swap token ERC20 to ERC20 or ETH to any ERC20 tokens.

Steps to follow to do any swapping using Uniswap

• Before any swapping is done on Uniswap, one needs to login to https://app.uniswap.org/#/swap

• Click on "Connect wallet."

• Select the wallet to connect; I am connecting my created Metamask wallet

*My wallet has successfully connected, and my ETH account balance is showing

• Select a token that you want to swap, I will be swapping BAL, so I select BAL token

• Enter the amount of ETH you want to swap and hit the swap button. The amount of BAL I will receive and the price impact will be shown.

Conclusion

I thank professor @yousafharoonkhan for this lecture on the different types of exchanges and their advantages and disadvantages.
The decentralized exchange has its advantages, likewise Centralized exchange, which both have their setbacks.
It is a pleasure learning from you.

All the screenshots were taken by me

Thank you for reviewing my work