Salamu alaykum. It is yet another master class from prof @yousafharoonkhan, i really enjoyed the lecture and i will like to make my submission on the assignment given.

Decetralized and Centralized Exchange

Decentralized Exchange

Decentralized exchange I an exchange market that allows peer-to-peer trading without the involvement of a third party.
In decentralized exchange, traders are able to perform trades without an intermediary or "middle man". Everyone has the freedom to open a trade without any restrictions or approval from the third party which is why is being termed as a decentralized exchange or Dex.

Centralized Exchange

Whereas on the other hand Centralized exchange is an exchange of a trade between two traders and a third party who acts as a bewteener between the parties involved in the trade. On behalf of the seller and the buyer , the third party manages the transaction and secure the assets. Centralized exchange in contrast to decentralized exchange, places a premium on regulation and openness to ensure security.

Differences between Centralized and Decentralized Exchange

• Control: In centralized exchange, the exchange operator thus the third party holds the bulk of control over your account.
  Whereas in decentralized exchange on the other hand gives you full control over your account.

• Easeness of Account: In centralized exchange, setting up an account is time consuming in the sense that you must carry personal and sensitive documents to the third party.
  Whereas opening an account in a decentralized exchange is simple and straightforward to do without presenting sensitive documents or sensitive information.

• Regulation: Exchanges that are centralized are easier to manage than that are not decentralized. In centralized exchange, licenses are required to commence operation and they must abide the laws of the country of origin.
  Whereas In decentralized exchange they are not controlled, all what you need to do is to sit at the comfort of your home and get the necessary platform needed to perform your trade. Due to the difficulty nature of controlling decentralized exchange, some countries are fighting it serious, and example is that of the Nigerian government putting sanctions on decentralized exchange trades of cryotocurrency assets.

• Transaction Fees: There is a high cost of transaction fees in centralized exchange, due to these exorbitant fees, traders make minimal profits whilst brokers and middle men enjoy chunk of the earnings from the trader.
  Whereas in the decentralized exchange transactional fees are extremely low and there by giving traders the opportunity to earn more profits.

• Features: Centralized exchange is simple and easy to use, due to this traders are able to make fast trading and short term trades.
  Whereas Decentralized exchange is cumbersome/difficult to use as a newbie in the sense that, a traders has to use months or days to familiarize once self with the features of the centralized platform and practice in order to master the features to be able to trade with ease without any difficulty.

Two Best Centralized Exchange of 2021

Binance

Binance is a popular cryotocurrency exchange that has grown in popularity over the years, particularly in the year 2021. Binance is a cryptocurrency exchange that was established in 2017. As one of the most famous cryptocurrency exchanges, Binance offers 45-digit coins, including Bitcoin, which is the mother of all coins, Ethereum, the second-largest cryptocurrency, litcoin, stellar, and, of course, Binance coin. It's fascinating to learn that the term "Binance" was coined by combining the terms "Binary" and "Finance." Binance has a 24-hour trading volume of more than $20 billion, and it lists a large number of virtual coins and provides a wide range of possible trading options. Binance's trading platform includes a P2P feature that allows traders to easily and quickly exchange tokens for cash. The main reason I choose Binance as my top trading exchange is that it is one of the most dependable and stable cryptocurrency exchanges available. They deliberately protect themselves from cyber threats, which is my interest of study.

My verified account

Transactions i did on binance

Poloniex

Poloniex is a cryptocurrency exchange where you can buy and sell cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and others. Poloniex was birthed in 2013, but later got hacked in 2014, so many damages occurered the hack as abou 12% of their customers lost chunk of their bitcoin holdings.
Poloniex is a centralized cryptocurrency exchange that welcomes both new and seasoned traders. I choose poloniex as my second best exchange is lending to traders, making it a convenient platform to trade.

How to Install Metamask

• Visit to coingecko.com

• Click On DeFi from the menu bar
  

Click on Decentralized Exchange (DEX)

• Click on UniSwap (v2)

• Locate and click on About UniSwap (v2)

• Click on the website link provided in the about UniSwap (v2) which leads you to app.uniswap.org

• Click on connect Wallet from the Opened UniSwap (v2) link

• After clicking on the connect wallets a drop down option appears, locate and Click on install metamask.
  

• Click on your preferred option. In my case, i was using my phone to do the practical, so i used the android version.
  

• It then directed me to install the metamask apk version on google play store.
  

• After downloading the app, i launched it and i went through the registration process. And on the process of registering i tried taking screenshot of the process but it did not allow me to do that due to security reasons provided by the developers.

• On the process of registering i got to a point where i saw secure your wallet- By saving "seed phrase provided. I was provided 12 seed phrases which i wrote them down.
• Next was to confirm the seed phrase provided. Which i confirmed and clicked Complete
• Next was, a Congratulatory message on my successfully protected Wallet and i clicked on done.

First page after successful signup, i was able to take screenshot.

How to Swap/buy or swap/sell any coin using uniSwap

• Click on swap
  

• Next is to click on start swapping to get to the next stage

• At this stage, you type the amount you want swap in ETH, i my case i used 2 ETH
• Next is to select your preferred token which i used BNT
• Finally click on Get quotes.
  

After clicking on Get quotes

• The equivallence amount i will get after swapping in BNT.