Steemit Crypto Academy Contest / S1W2 – Reviewing Centralized Exchanges by @doyoy

With the crypto space growing up daily and with the demand in the massive adoption of the crypto space, it is no more a news that there is high demand in the acceptance of the Crypto space and this quite the foretell told about the crypto space about a system that will spring forth and dominate the crypto space

Today I am hear to talk about centralised exchange, the inter relations between the users and also my favourite centralised exchange as you journey along in this post below

Discuss briefly Centralized exchanges and its Benefits to crypto users.

Like I said earlier, with the massive attention given to the crypto space as day goes by and with the massive adoption the crypto space is witnessing, this is creating a wide bracket to the crypto users and also bringing a more positive signal to the Crypto space that the future is still bright wide ahead.

In no time there is a high demand of new exchanges coming up. An exchange is a bridge that create a path way for the crypto users to fully interact with the crypto space. And with the invention of different exchange running different project on different vision, we have witness a rise in both the centralised and decentralised exchange available in the crypto space

In the decentralised exchange and the decentralised exchange. Examples of decentralised exchange is the IDEX and example of the centralised exchange is the Binance, the kucoin, the hotibit and many more.

In centralised exchange, the crypto users is given more freedom to control their funds by themselves compared to the decentralised exchange. Though the the source code for the centralised exchange is quite not open as compared to the decentralised exchange but there ar still notable benefits the centralised exchange offer to the crypto users which I will be listing below

BENEFITS OF CENTRALISED EXCHANGE TO THE CRYPTO USERS

(1). Reliability and Security

I will say this comes first out of all the benefits the Centralized exchanges offer to the crypto user and this is top notch needed in the crypto space. No crypto user will want to put his fund in an exchange that is not trusted or can't secured their funds from hackers and this is one of the aspect that the Centralized exchanges comes up

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Centralized exchanges compared to the decentralised exchange makes it possible for the crypto user funds to be secured and reliable. Your funds is quite safe from hackers as there are a lot of security patch on it which will make it hard for the hacker to be difficult to hack the Centralized exchanges compared to the decentralised exchange

(2). Friendly interface

One benefits of the Centralized exchanges I noticed that it served to the user is that it helps to make the exchange interface friendly much more. There was a lot of attention and work given to the Centralized exchanges that

(3). Large liquidity for crypto user trading taste

Another benefit I noticed the Centralized exchanges provide for the crypto user is there is high liquidity in terms of trading pair which can really be a valuable tool for the crypto user

High liquidity make way to the crypto user to explore the world of trading fully on Centralized exchanges

(4). Easy access to account activity

One of the benefit the Centralized exchanges also provide is easy access to the account activity by the user. There is a free bridge that exist between the crypto user to the Centralized exchanges which allow the Crypto user to interact freely in the Crypto space

What do you look out for when choosing an exchange to trade your crypto assest?

With a rapid rate in the increase of new exchanges both centralised and decentralised exchange, there is also rate in the fraud exchanges that is coming up nowadays.

It is essential as a crypto user you should make sure you actually pick a centralised exchange that will provide a valuable experience in your crypto trading Journey all through and this are some of the things I look for when choosing an exchange to trade my crypto asset

(1). The trust Score

That is very needed and utmost priority to check the trust score of the Centralized exchanges I will be trading in. The trust score will go a long way in determining whether they can actually be trusted, whether they can be reliable, whether they can be secured and with all the needed experience for my crypto trading Journey.

You don't want to trade in a exchange where their trust Score is actually low, this implies they can't really be trusted

(2). The Security

This is the second aspect I look for in the Crypto exchange I will want to trade in. Providing utmost security to my funds will be one of the major aspect I will always look out for irrespective of how it may be and look like.

And this will go a long way. The Centralized exchanges where their security is of high level and which will be difficult for hackers to get into their system to defraud people of my fraud is needed

(3). Their User Interface

Interacting with a centralised exchange where by there is simple and basic understanding interface for me to interact in their system will be of utmost priority.

Their User Interface will help to provide my trading experience on the platform easy and simple for me to go and will not make things complex

(4). Their Number of Coins available

This is also very important I look out in Crypto exchange. Checking the numbers of coin they have on their exchange will go a long way. High number of coin so provide for me high variety to choose which coin to trade with and with better entry point

Review your favorite centralized exchange and explain its unique features

There are a lot of Centralized exchanges out there with different uniqueness and attractability to the crypto user and different crypto user have different favorite for their Centralized exchanges which they really work with daily.

My favourite CENTRALISED EXCHANGE IS BINANCE EXCHANGE.

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Actually this might seem to be a popular favourite for many crypto users because of the standout of the Binance exchange and quit e for some time, there are some uniqueness that draw me to the exchange which I will like to list some of their unique features below

(1). Easy Trading Features

I believe this is the first unique features I found in Binance trading exchange.

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The ability to trade simple on the exchange makes it top notch and my favourite. It has a very simple Interface that even a novice in the trading world can vividly understand and start their trading journey without not been able to deal with complex way of understanding it

(2). P2P Trading

I remember vividly, I was actually looking for a platform that can help me to sell my token with less stress and avoiding me to deal with the headache of scammers in merchant. I was introducing to the Binance P2P features which actually cut my attention

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They design their P2P Trading in a way it becomes quite easy for you to interact and move around the system and try to exchange your token among merchant and also avoiding the scammers in merchant. The system of the P2P Trading features makes it difficult for scammers or fraudsters to be present and so you are sure your fund is save and also you are rest assured your fund is saved.

(3). Futures trading features

Though this feature might actually seems to be popular among other Centralized exchanges but trust me the Binance futures trading features stand out among the rest I have interact with so far.

Futures trading features makes you borrow some money through leverage from the system pool of liquidity and allow you to trade. So far it has been one of my favourite features because I get engaged in the future trading features more.

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Also the fact that you can even try out the binary option on the Binance Centralized Exchange makes it captivating for many binary lovers like me

(4). The referral Program features

This also features might not actually look distinct but trust me it is one of the unique features I saw that actually captivate me.

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Seeing a centralised exchange like Binance offering close to 20% bonus on referal only is quite so high compared to other Centralized exchanges out there which I have interacted with. So far I can say the bonus on the referal program concerning the Binance exchange is the highest I have seen so far

Is there anything about your favorite exchange you will like to be changed? Discuss.

Well I will say even though one can say a centralised exchange is top notch, there might still be some defect which they can still be able to work upon which are these below

(1). Making the Verification process a little bit more easy.

Though a lot of people might counterfeit me on this but that is actually true. As a novice in Binance, you will really need to work so much on your verification process before been finally verified on Binance

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This I strongly believe the verification process can still be a little bit simple and easier to go through and at the same time still maintain the need for the security it is designed for

(2). Adding more coins for P2P transaction

Looking at the P2P Trading features, there are limited coins which you can trade to your fiat with which I believe the Binance system can add more coin

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Adding more coin to the system will actually make the system effective band give the P2P merchant a more variety to trade Thier coin to fiat with I strongly believe

What shortcomings do you see on centralized exchanges and how do you think user funds can be protected since we don’t have access to our wallet private keys?

Well to an extent even though one has talked about the positive side of Centralized exchanges, I still believe there are still a lot of short comings they still need to work upon below.

Rate of hackers on the system

Everyone trusted the centralised exchange and believe they are top notch and so there is high demand on them. Same way the hackers are targeting the system and so the Centralized exchanges must deal with this short coming.

Recently there is rapid rate in the hacking news about Centralized exchanges been hacked and the a lot of people funds suddenly disappeared because of the hacking process. I believe Centralized exchanges generally can work on increasing their security more knowing fully well they are targeted more by hackers than the decentralised exchange

how do you think user funds can be protected since we don’t have access to our wallet private keys?

How users form can be protected can only be generating strong password for the user. By generating strong password to the Crypto users, it will be difficult for hackers to get in and move funds without the permission of the crypto users