Firstly, you have to understand what decentralization and centralization is all about.

Decentralization

Decentralization is a system of management in which the physical location of facilities and the degree to which the decision making, authority and responsibilities are dispersed and allocated through out the organization.

A decentralized crypto currency, like Bitcoin, its anonymous, peer to peer exchange makes it revolutionary. That said, Bitcoin is the first completely decentralized digital. Some popular decentralized crypto exchange: Etherdelta, Airswap and WavesDex.

Centralization

Centralization is a system of management in which major decisions are made by the high level management ,that is the top level management .In the form of crypto world, cryptocurrency is centralized and its an exchange platform where you as a trader can buy and sell digital assets.

In this process you have to trust a third party (middleman) to monitor the transactions and secure the assets on behalf of the buyer and seller.Some popular centralized crypto exchange: Kraken, Binance and Bittrex.

As a trader you should what decentralized and centralized exchanges is all about and know what is the main difference between the two.

There are many differences between the two which are:

Custody:

In decentralization system, traders don’t need to give up the controls to transact, it is non-custodian. Centralized system serves as a custodian for your funds, it requires you to give control of your private keys and it offers trust and security. The controls are given to the third party.

Privacy:

Decentralized exchange is not responsible for funds, as it traders don’t need to reveal their private keys because the wallets are held externally. Centralized exchange needs its users to give absolute control to its platform.

Security:

Decentralized exchange platform is safe and secured from hackers because its impossible to have multiple users losing their funds. Centralized exchange can be hacked by hackers through the use of third party to access your funds and you are likely to lose all your deposits.

Popularity:

presently, centralized exchanges are more popular than centralized exchange because the latter entered the market after centralized exchange. Decentralized exchange have more advantages over the centralized exchange in terms of wallets and accounts, they are far behind in popularity. The popularity of centralized exchange is because they have more liquidity.

Fees:

Decentralized exchange have zero charges on their users while the centralized exchange charges their users for any services carried out.

Binance

Binance is one of the best exchange platform which is used by traders world wide in a realistic way. The volume and liquidity involved in binance is very high.

The binance exchange platform outspaces other cryptocurrency exchanges. And it’s trading fee is lower than many other exchange platforms and also known for its high speed trade execution.

As a trader using binance platform, the fee structure are as incentive high volume. Binance is an exchange where traders trade cryptocurrencies. It provides its users with a crypto wallet where they can store their digital currencies.

If you are new to binance, I can assure you that the exchange platform is good amd simple for you and it offers a lot of features to keep traders happy. The binance platform is a global market place and had built a multiple and widely accepted payments channels with fiat currencies.

Okex

Okex is another centralized exchange platform and have played an important role in the importance of Defi projects. Okex platform provides for a spot and futures cryptocurrency and was founded by Star Xu in China.

The platform headquarters is located in malta. Okex is seen as one of the very few exchange platforms available for cryptocurrency futures trading. Okex is a well backed exchange with global ambitions.

There are few cryptocurrency exchange that offers the kind of trading platform with its trading platform and functionalities for traders in the traditional market like Okex does.

Okex is a safe and reliable platform for you to trade a wide variety of altcoins and major cryptos such as Bitcoin, Ethereum and Ripple (XRP). Okex provides a wallet for its users and can be accessed from either a computer or a mobile device.

Guide on how to use the metamask

Metamask is a blockchain wallet that provides essential utility for newcomers, crypto gamers and token traders. Below is a guide on how to use the metamask platform.

First of all go to your browser and visit the metamask official website and click the Get chrome extension to install metamask.

Then click the Add to Chrome in the upper right of your browser.

Lastly click the “Add extension” to complete the installation.

When you see the fox logo on the upper right fo your browser then you will know it has been successfully installed.

Using the metamask is as simple as it looks and user friendly.

The first thing you will have to do on the metamask is to install a wallet to hold your cryptocurrency.

First click on the metamask logo (which is the fox 🦊 logo) in the upper right of your browser.

Read the terms and conditions, after reading the terms and conditions, NB: you have to understand what you are getting into and have full understanding of its platform.

You can now agree to the 3 pages terms and conditions.

The next thing for you is to set a strong password, one you can easily remember and click ‘Create’ to create your wallet

Onto the next step, you will see a set of words usually 12 words or more for your vault, click ‘save seeds words as file’ and copy the words file that has successfully downloaded to a safe place.

Make sure to save if in a secure file because you will need it to access your wallet or vault.

The last thing for you to do now is to click ‘I have copied it somewhere safe’ and you will be redirected to your metamask wallet.

Look around within the network and so you can understand how the Ethereum blockchain works.

How to use Uniswap exchange?

Today, I want to show you how you can use UniSwap exchange. Uniswap is a leading decetralized exchange. Majority of crypto trading takes place on centralized platforms like Binance and Coinbase.

Getting started with Uniswap is simple and straightforward, And you will need is to to have an ERC-20 supported wallet setup like MetaMask.(I already explained how you can set up a metamask account).

Once you have the wallet, you need to add ether to it in order to trade on Uniswap and pay for gas(Ethereum transaction fees) and its payments differentiate in price depending on how many traders are using the network.

Most wallet services usually give you three options when making payments through the Ethereum blockchain: slow, medium or fast. Slow is the cheapest, fast is expensive and medium is somewhere maybe in between.

This is determined by how quickly your transaction is processed by the Ethereum network miners.Firstly,

Head to https://uniswap.org, then Click “Use Uniswap” in the top right-hand corner.

After redirecting you on the landing page, click the “Connect wallet” in the top right-hand corner and select the wallet you have.

Then, Log into your wallet and allow it to connect to Uniswap.5.

On the screen you have been directed to, it will give you an option to swap tokens directly using the drop-down options next to the “from” and “to” sections.

Select which token you’d like to swap, enter the amount and click “swap.” After that, a window of the transaction will appear and you will need to confirm the transaction on your ERC-20 wallet.

You have to wait for the transaction to be added to the Ethereum blockchain.

If you want to check it’s progress, you can do so by copying and pasting the transaction Into this link https://etherscan.io/.

@yousafharoonkhan