Hello there, esteem steemians, I greet y'all in this wanderfull community. I hope you are all doing great. I'm here again today, happy to participate in this beautiful contest which is talking about Centralized Exchanges. I'm excited to participate in this contest because of the topic which interest me so much and I will be writing much about Centralized Exchanges specifically the Binance exchange since this is my primary centralized exchange I use in carrying out all my operations. Without waisting time, let's get to work

Understanding What A Centralized Exchange is.

Centralized exchanges are online applications that can be run on the phone or on the web and this platform always enables theirs users to be able to buy or sell cryptocurrencies from FIAT to crypto or crypto to FIAT. This platform also enables theirs users to be able to inter-exchange their crypto currency pairs hence regarded as a marketplace where high level of crypto transactions take place

A Centralized exchange is regarded as a marketplace where there is high level of exchange of cryptocurrencies and non-cryptocurrencies such as FIAT currencies. Users in this platform can buy their crypto currencies using their local currencies such as FCFA, EUR, USD and so many others or they can exchange crypto currencies with other crypto currencies simply by trading. This centralized platform is also regarded as a middle man between both buyers and sellers during exchange.

The middle man here is a person which simply implies that we don't have full control over our money because we don't have access to our private keys. This implies it's this user's that is solely in charge of securing our funds.

One good thing about this platform is that we can't lost our account forever like in the case of a Decentralized platform where of we misplaced our private keys, then we automatically lost our accounts forever because it can be retrived again. But for a centralized platform, of we lost our keys, we can be able to gain back access to our account by recovery through our Identity

Benefits To Crypto Users

• Security Level

The first priority I will always mentioned is it's level of security. It is highly secured as compared to decentralized platform and if should incase it's scammed, the often refund back their users funds so as to gain their trust. However, it's very difficult to hacked onto this system and even if it is hacked, it won't really be of high significant as compared to a Decentralized platform because once it's hacked, they might eventually lost all thier funds to the hackers

• User Friendly

When It comes to understanding, centralized platforms are always very easy to use and understand as compared to decentralized platform. User fines it very easy to understand this platform and even if they don't understand, they are oftenly tutorials showing how to utilize this platform which is really good

• Protect Their Users

One good thing about this platform is how they always protect their users because they always send alert to them not to carry out transaction with unknown users especially to the ones that aren't verified in the platform

• Account Recovery

This is one of the best benefits to users because of a user in anyway misplaces his/her account password, he can recover it back via security identification and account recovery using the ID card they use in verifying the account

Before going in to choosing a Decentralized exchange, I always take the following into consideration so as to have confidence in registering an account there.

1: I will make sure I check it's security level which is very important. That is, I will check to see if the exchange have ever suffered any form of hack. However, at times this hacking can occur. So if that is the case, I will them look at what happened before it was hack and what they have done about it in terms of Security Level so as to avoid similar hacks in future.

2: The second thing I always look out for is the level of liquidity that this platform has. This is because if the platform has high level of liquidity, then it's certain that it also has large volumes of crypto currency pairs

3: I will also check out to see if the platform has large numbers of crypto pairs so that I can be able to exchange all my desired crypto assets . This is very important because they are some centralized platforms that done have all crypto pairs, this often caused problems to their users because they can't exchange their assets since the platform don't have all the crypto pairs

4: Another thing I always look out for is their transaction fee. This is because they are some centralized platforms that has high transaction fees during trading or exchanges. So I always choose the platform that will be offering me low transaction fees during trading

5: Since I'm a trader, I always check to see if the platform offer a good amount of technical trading tools so that I can be using them In carrying out my analysis during my trading days

With no doubt, I will always choose Binance as my favorite and number centralized exchange because of the benefits and high security level it offers to me. So I trust it so much

This exchange platform was launch 5 years ago in 2017 and the CEO of this platform is a Chinese billionaire by name CzBinance. One good thing about this platform is that it also has its own currency which is the BNB which is based mainly on the Binance Blockchain

Binance is regarded as the biggest centralized platform in the crypto world right now because of its unique features it offers to it's users. According to statistics, over 20 billion transactions are carried out every day and has over 500 different pairs of crypto currencies to it's users.

From the above screenshot, you can see that Binance is listed as number 1 in terms of marketplace which tells me how trustworthy this platform is. It is also believe that this platform has over $17 billion of its marketcap which is just an average.

One unique feature of this Binance is that it offers features trading. I love this because I'm a features traders and always utilize this most often. In this features trading, you can be able to adjust your leverage by multiplying your initial income to the amount the platform will borrow you hence making your returns large

This option is very useful to users in this platform because it gives them the opportunity to be able to trade amongs them self and hence make profits in return

Because offers a unique feature called Launch Pad. This feature is very unique because users have confidence in buying new projects or token which haven't been launch in Binance because this launch pad offers it's users opportunities to be able to buy and own their own token at a very cheap discount rate when they are not yet launch publicly

Another unique feature of this platform is how secured it's wallet is. It's not easy to hack this Wallet and ever since I have been using this exchange, I have never lost my fun to hackers. So have confidence as my funds are I'm my wallet.

This platform offers it's users with a variety of operations especially in terms of trading such that users can do future, margin or spot trading which all of this type of trading has its advantages to traders. Another good thing about this platform is how users can earn by stacking if they don't want to trade. It's most recent development is the launching of the NFT marketplace which was launch just few months backward, this is to show how unique and trustworthy this platform is.

Despite the numerous advantages and unique features this Binance exchange offers to it's users, they are still certain things I will wish that they can be changed which I make me very happy

1: The first thing here is the amount it requires during trading. In Binance, before carrying out trading, especially in spot, you most have atleast a minimum of $10 which is not encouraging at all because not all users can offord this high amount at all times. So I wish something should be done about it. They are so many ex

2: I also wish it's fees should be reduced because at times I wander the amount this platform offer to it's users during transactions. It's fees is really high especially to user that are carrying out transaction in smaller amount. It's only when you are carrying out transactions in larger amount that this fees might not be noticed but in smaller amount, it's often notice because it's too high. They are so many platforms that offers low fees to it's users. So I hope Binance exchange adopt this and reduce their fees

3:: The time at which the KYC process takes before notifying it's users during verification process is really not encouraging. I almost gave up sometime ago when I register an account in Binance. On carrying out my KYC procedures, I needed to wait for several hours before recieving a notification message which were all failed messages because of errors. I tried and tried then almost gave up until I had to give it a trial again, then i took my time and presented all the documents in the appropriate way before my account was finally verified

All exchanges always have shortcomings in one way of the other but the most important thing is to know how secured your funds should be safe in this exchanges since we don't have our private keys In this centralised exchanges like we do on decentralized platform. However, it's not that we can lost all our funds in this exchanges because we don't have the private keys, for it's highly secured by the middle men(the platform owners).

Since we don't have access to our private keys in this Binance platform, it has inturn given us the opportunity and the advantage to further secure our accounts with an added layer of security which is also very secured. This later of security is known as 2Factor Authentication. This application is very good because it gives users added advantage to further secure their accounts because anytime when a user login into his/her account, he will need to provide the private keys so as to be able to login successfully. This authentication is unique because they keys changes all the time when you want to login. SP it's practically impossible for hackers to hack into your account

So far, we have seen how centralized exchanges are very easy to use because it is believe that new users fines it very easy to use it. Most of this exchanges also have tutorials that teaches their new users. So it's good for new users to always start with a centralized exchange platform before going to use a Decentralized