INTRODUCTION

Good day everyone, I am very glad to be involve in the tasks by prof @imagen and I will be doing my best in answering questions below.

Explain in your own words what an Exchange is.

Source

Exchange according to the English Dictionary has to do with the act n which an individual give out one thing to get another thing in return or when it comes to money, it is the changing of money in to it equivalent value in another country currency.
Exchange in cryptocurrency, it is the platform on which a digital currency is being given out to get a fiat currency or another thing in return, it os also the interchanging of digital currency in return of physical currency. It is also a platform in which trader of cryptocurrency make use in trading of their coin(buying and selling ).
We can say that it is the Exchange website in which a trader can easily login and exchange it digital currency while passing through the necessary procedure and the digital currency is alway being save in the traders wallet meaning without any fund in the wallet the trader will not be able to perform exchange.
We have 2 types of exchange which are the
Centralized Exchange which has to with an exchange in which there is a third party involvement whenever a transaction is about to or will be done while the second type of exchange which is decentralized exchange has to do with the one in which there is no third party involvement when any transaction is to be performed.
The following are examples of both the centralized and decentralized exchange are poloniex, binance, coinbase, olamax exchange
and uniswap ,justswap

Differences between a Wallet and an Exchange.

Exchange	wallet
1) Exchange- This is a platform in which the traders come in and do trading such as buying and selling of digital currency or assets he may want. Here you can also swap, substituted one digital currency to another or fiat currency	Wallet - Unlike exchange in wallet it is here that the individual save the asset he owned and from the wallet can make exchange whenever he fills like.
2) Exchange - there is always a third party involved which mean it is not the individual that control the account but rather a third party is involved and all transactions done are being monitored	Wallet- you have full control in your wallet and may choose to do transaction whenever you want without any third party involve.
3) Exchange - it is the exchange site or application that gives the user private and public keys	Wallet- it is you that set you own personal password
4) Exchange- There is always an issue of less security since it is being monitored and there is no trust here	Wallet- There is a very strong security system here making it less prone to hacking.

advantages of Dex

• There is a very tight security system that is involve here making it attack free because when the security is tight the users trust level will eventually be ok.
• In as much, as there is no third party involved here it is the user that controls the account and transactions can be done at is will.
• whenever the transaction is being done here the rate at which the charge is alway low

disadvantage of Dex

• With low charges, the speed rate at which it take for a transaction to be successful is always slow due to so many steps that are involved.
• should the user mistake or misplaced the password such account is gone with everything and the user has it self to blame.
• Traders are always discourage to use this type die to the long procedure.
• A lay man can not work on this type of exchange because it is very complicated and need someone that is knowledgeable in digital currency or cryptocurrency.

Advantages of CEX

• when we talk about Dex I explained that there is no third party involvement but here, there is a third party that regularize how trader makes use of their own fund
• Alot of traders in the market are familiar with this method of exchange and it is less stressful
• Should incase the user losses or misplaced the account it can be easily recovered with the help of third party which will confirm from the KYC if the person is not an impersonator.

Disadvantages of Cex

• They involvement of third party involvement will bring about less trust because the third party make scam you
• We have less security here making the trust level hard
• Individual transaction is being monitored which makes the system no privacy.
• when a transaction is performed here the charging rate is high.
  
  
  

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

Actually, yes I have had experience with both the binance and the olamax exchange that is very popular in my country using the olamax exchange at first was a scary sue to the fact that before I join I was only aware of poloniex but I later started hearing olamax exchange but aince I start using it has really been a wonderful experience
Here I can sell my steem and sbd even tron and I will be paid instantly the proce of steem always appear there for you to confirm incase you encounter any problem you can also call or chat them and there are always helpful.
When buying you will be ask to put you steem username and the amount you wish to buy after that you confirm again once transaction is successful your steemit account will be boosted.

When it comes to selling or widrawing you will put your account number, name and select bank to use after that you will be given a memo key in which you will go to steem wallet insert it in a space that will be provided for memo and once the transaction is successful your bank account will be boosted.

CONCLUSION

Knowing about exchange and wallet is one of the basic thing that a trader should have knowledge on so that he know how to differentiate and the advantages involved.
I must say the class was really brainstorming
Thank you.

Cc :
@dilchamo, l will appreciate your correction.