Hi friends, In this Today lecture from @yousafharoonkhan I clearly understand the difference between DEX and CEX Exchanges along with also learn how to use Metamask.

I regularly using Metamask and Trustwallet for my regular trading needs. But I am very comfortable using Trustwallet through Mobile because here GAS FEE automatically shows average cost based on present gas ⛽ station price.

But in Metamask we can choose of Gas fee low, medium and High transaction cost as per our wish.

Question Number 1:-

Write the definition of Decentralized and Centralized Exchange in your own words.

It is very important to understand Decentralized and Centralized exchanges. Otherwise, we get 😖 confused by those.

Decentralized Exchanges :-

This also one type of exchange platforms but here we don't have any third party approval for completing our transaction. We get complete access power on our account.

No one not possible to do anything without our permission. Here transactions finished in Peer to Peer. At the same time, we are responsible for any activities here.

Here all most the coins in different pairs available, we can exchange from any coin to any coin very easily, just clicking the swap button is enough for completing our Trade.

Centralized Exchanges

Here also we trade anything as per our wish. But final authority holds in that Exchange Admin. He can do anything without our permission.

Here on trusting Third Party, we invest our founds here. Some risk involved here.

In Centralized Exchanges we don't have complete access to our wallet, here we need to follow some rules of that particular Exchange otherwise we need to face some issues here.

Question Number 2:-

Explain in your own words the difference between decentralization and centralization exchanges.

Both Centralized and Decentralized Exchanges we use for exchanging one asset to others assets or crypto to Fiat, Fiat to crypto.

But we having some differences between those Exchanges. Here I give more details about what differences we having between both platforms.

Control:-

In Decentralized Exchanges, we get complete access and Control on our wallet. There is no way to enter the third person in between our activities.

But in centralized exchanges, we don't have control over our wallet. Based on thirst worthy of Exchanges we need to invest here. Exchange Admin having full access to our accounts. Some risky involved here.

Security

In Decentralized exchanges, there is no chance of hacking our accounts until we reveal our keys to a third party.

So keep your keys always safe and secure those correctly.

In Centralized exchanges, there are high chances of getting hacking our accounts. So don't keep huge funds in Exchange wallets.

Popularity

At present Decentralized Exchanges not getting that's much popularity as Centralized Exchanges. But slowly people start using DEXs on seeing their security and less Fee for tradings here.

In my opinion, we see good growth in Decentralized Exchanges.

FEE

In Centralized Exchanges Fee, we need to pay our activities based on that Exchange Rules.

But in Decentralized Exchanges, we need to pay only GAS FEE along with some liquidity providing a fee only. No other charges here.

On comparison to Centralized Exchanges in Decentralized Exchanges, those fee is very less.

For Example in the Pancake swap, we get below 0.4$ for every Transaction. In Centralized Exchanges, those fee is a little bit higher.

Features

In Centralized Exchanges, we get a lot of features and different trading pairs too.

Here we can place limit orders, Stop loss, staking, savings and many more features we get.

But In Decentralized Exchanges, we getting very limited features only. Here no stop loss, not possible to withdraw fiat directly to our Bank accounts. Like those features not available in Decentralized Exchanges.

KYC

For Using Centralized Exchanges we need to provide our KYC documents and need to prove our Identity here.

But in Decentralized Exchanges no need for any KYC for doing any activity here.

Liquidity

In Centralized Exchanges, they always provide needed liquidity for our trading needs. We don't get any liquidity related issues here.

But decentralized Exchanges always this liquidity issues. Some times our swaps get failed due to a lack of liquidity.

Scam Projects

In Centralized Exchanges coins, we can get 100% trusty and without checking about project contract address we can invest here. Here no need to check that project is legit and a scam one. On closing our eyes we can invest here.

But coming to Decentralized Exchanges here we get multiple coins with the same name, so always using a contract address for buying that particular coin.

Here anyone can provide liquidity at the same time removing those also very easy.

So be careful in investing any coin in Decentralized Exchanges.

Speed

In centralized Exchanges for finishing our trade, it took only milliseconds.

But Decentralized Exchanges take some minutes. Here validator needs to approve our Transaction so it takes time.

Recovery Of Wallets

In Centralized Exchanges, if you forget your password and Google Authenticator also we can possible retrieve our account back but it takes some time and need to provide our documents again.

But in Decentralized Exchanges on using our private key we can retrieve our wallet within few minutes. But if you lost those private key, there is no chance to retrieve again.

We lost your all founds permanently so keep those keys always an insecure way.

Those are the main difference between Centralized and Decentralized Exchanges.

Question Number 3:-

write about any 2 best-centralised exchanges of 2021. why are they best in front of you?

My favourite 2 centralized exchanges are Binance and Kucoin.

Why I choose Binance:-

Binance is World No 1 Exchange. Here we having a lot of additional features like staking, savings, Defi staking also available. Another most popular Binance Launchpad is also available. Here on staking our BNB in sale time, we get new tokens.

_{Different Features In Binance}

Easy to use. Even beginner also understand very well. Having mobile-friendly UI.

For My P2P needs here I getting a lot of ways and also getting the secure transaction.

For any issues here we get a solution by contacting the support team.

By personal here I stake my coins and do regular trading also. For my complete p2p needs I use Binance more.

One more important thing is very less trading fee compare to other Exchanges.

Here is my trading history in Binance.

_{My Trade History In Binance}

Why I choose Kucoin:-

Kucoin Exchange one of the popular exchanges. Here we get vide variety of coins with different pairs. Those not available anywhere.

For hiding kucoin native coin KCS we get some rewards in form of kcs. This feature I like a lot. For every small amount of different assets, we can convert to KCS coin, Just like Binance also we have this feature.

_{My Rewards For Holding KCS coins}

Here Trading Bot services also available. For new users, this very helps full. Just for selecting our needed coin and our investment is enough. Then after Bot will place buy and sell orders according to market conditions. For this, we need to pay less fee.

_{Trading Bot Services In Kucoin}

When we need to stop, we can stop. These services I like a lot.

One more interesting feature is for everyday check-in we get some candies here, using this we can get some vouchers those are very useful on reducing trading fee in Margin and Future Tradings.

_{My Collection Of Check-In Candies}

For P2P needs also Kucoin is a good choice.

Here also we get regular Tradings like Spot, Margin and Future. It also having Mobile friendly UI.

Here is my recent Trading history in Kucoin.

_{My Trading History In Kucoin}

Question Number 4:-

Install Metamask, and share step by step screenshot.

A lot of people having confused about using Metamask on Mobile. They think it having Browser Extension only not having applications for Mobile. But it's not true, because Metamask available to both Android and IOS users. It works smoothly in mobile also.

I give simple steps for Mobile users, Just follow them.

First, we need to install Metsmask on our Mobile. So just go Applestore or Playstore.

Install Metamask on your Devices.

Here I already Downloaded Metamask On my Android Device.

After installing you get this screen for welcoming to Metamask.

Now click on Get Started You get this.

Now click on Create a new wallet, now you get this screen.

Here set your password for your metamask wallet. For security purpose, they Metamask offering this feature.

After giving your new password, then tick to accept Metamask Terms &Conditions.

Then click on the Create Password tab. Now you get this screen.

Again it gives a window for seed phrase needs, Just click on the start button.

The seed phrase is very important in creating Decentralized wallets. If you lost this phrase, there is no way to access your wallet, so be careful about securing those.

For revealing your wallet seed phrase again it asks your password, so just give your password then click on the start tab.

Now it gives some instructions on who we safe that phrase and the importance of its role. After reading just click on the view tab.

Now it shows 12-word phrase, now wrote down those in a paper, then click on the continue tab.

Now here again select those in a previous order, That's it now you successfully create your Metamask Wallet.

By following the above steps anyone creates a Metamask wallet in our Mobile Applications very easily.

Question Number 5 :-

How to use Uniswap exchange , and Swap/buy or swap/sell any coin (practicle step by step )

For this just go your Metamask and load some ETH for buying and keep some for the gas fee.

Now go to coin market, then search for Uniswap DEX, and copy their address. Because in Google if you search about Uniswap there you get a lot of websites, so possible get rekt so must go coin market cap, then copy uniswap link there.

After copying the official Uniswap website link, now go to your Metamask.

Now click on three links, you see in the left corner of your account.

After clicking you get like this window. Here select Browser Tab.

In the search bar paste your uniswap platform official link. Now you get like this window.

Now here you can swap from any coin to any coin, but before swap must copy their contract address from coinmarketcap or coingeko.

For Example, here I want to swap ETH to DGCL.

So now again I go to coin market Cal, search DGCL, then copy its contract address.

After copying the DGCL Contract address again I go Uniswap , here click on select coin, just click it.

Now you get like this window.

Here enter the contract address of DGCL, then you get risk working. Just click the Import tab, now successfully we add DGCL for swap.

Now here I entered how much ETH I need to swap DGCL, after clicking just click on the Swap tab.

After clicking you get like this tab, about the Gas fee and needed details.

After checking all, your Trade gets success within few minutes.

We can also adjust the Gas Fee on selecting Slow, Medium, and Fast Transactions Fee.

Now I successfully finish my Transaction so my DGCL added to my Wallet.

Like that we swap from one coin to another coin very easily.

Conclusion:-

Through this lecture, I understand the difference between Decentralized and Centralized Exchanges. Along with I understand the Importance of securing the seed phrase of Decentralized wallets.

Through Metamask we use any Decentralized Exchanges like Uniswap very easily. We can access 1inch, balancer and many more platforms too. For this no need to leave our wallet.

Thanks for giving a wonderful lecture to us.

Hope I finish my Home Work Task Correctly. If any wrong I made pls verify me.

Thanks for Reading My Post.