A decentralized exchange:

Is an exchange where users trade cryptocurrencies without the need of a third party, this exchange is solely based on users who act on their own will without the control of a central authority, in this exchange one can trade 24hrs a day without issues.

in other words, it is an exchange that works in a decentralized way, users needs no requirement for verification to trade as the capitals are safe due to the fact that decentralized exchange are built on block chain which makes it impossible to hack as a result of high security, the charges for transaction are at zero cost.
There are many decentralized exchanges used in trading of assets, examples are uniswap, bancor, kyber etc

While

Centralized exchange:

This is the most common exchange used by traders examples are binance, coinbase and many more, these exchanges is easy to operate maybe because it's quite common or used among traders unlike that of decentralized exchange, users in this category are subject to follow rules and regulations stated by the authority of the exchanges in other not to have issues with the system, the centralized exchange serves as the third party involving during every ongoing transactions, why, because it has a central body monitoring every asset(order book) in the exchange and then fees are charged during transaction from both buyer and seller.

This exchange is controlled by a sever which could be compromised by hackers which can never occur in a decentralized exchange, restriction of trade for few minutes can occur in a centralized exchange due to reasons like upgrade, for example binance has been notifying me of upgrade since days ago, transaction of assets will be on hold for the time of the upgrade.

DECENTRALIZED EXCHANGE	CENTRALIZED EXCHANGE
1. The security level is higher	The security level is lower
2. Third party is not needed	Third party plays a vital role
3. Numbers of users are few	Numbers of users are many
4. Verification is not needed	KYC verification is needed
5. The volume of trading is low	The volume is high in centralized exchange
6. Charges are lesser during transactions	Charges are higher during transactions
7. No trading option of spot, margin and future trading	There are options of spot, margin and future trading

Binanace

source

As per usage, I can say confidently say that it is the most used exchange in the world in this era and personally I use binance because of it's easy interface and reliability, also binance has it own native token named binance coin(bnb) and it can be used as fee in transaction as trader will get lesser trading fee compare to other.

my account on binance

binance is an exchange used to trade crypto currencies by users, the volume of trade in binance is worth $20billion plus and it also list lot of valuable coin for spot trading, binance was launched in July 2017 founded by Changpeng Zhao

Coinbase

The existence of this exchange came to light in 2012, as at today coinbase support more than 30 crypto coin for exchange, it was founded by Brian Armstrong and Fred Ehrsam, coinbase is an American exchange company which is currently the largest in United State in term of trading volume, coinbase is also similar to binance in terms of usage and reliability.
Actually I don't have an account with coin base but I do know that it is an exchange but right now with the knowledge acquired from professor @yousafharookhan lecture I will be opening an account on coinbase with the aim of exchanging crypto since it support famous crypto currency like BTC, ETH, LTC and many more.
Here are the step taken toward creating an account in coinbase
Searched for their web through Google

As i selected the options seen in the first image, I was taken directly to where I can sign up, see in the image below.

This is where the verification started, the arrow indicate where I input my mail, then after

Personal details follows in which I filled the spaces with the information needed and proceeds in creating an account,

Verification of account with respect to your email, after verifying through email

Otp is sent to the number used in creating the account,

Now am close to having an account in coinbase but I won't be buying any crypto right now,

Now I have an account with coinbase, as you can see this is the home page,

Coinbase support different crypto currencies as seen in the image above, i will be downloading the application for easier use and exchange of cryptos

installation of meta mask

So professor I will be installing meta mask through play store

• Search for meta mask on play store and install.

After installing on play store, open the application and you will be directed here,see the image below,

So let's get started.
So meta mask doesn't allow screenshots because of security reasons.

• after getting started

• There are three more options to follow, so I choose to create a wallet since other are irrelevant for me as I am new, other options are for user that already has a wallet with meta mask

• So I created a wallet with a strong password that includes long letters and few figures, but before the creation 12 phrases were given as security and these phrases were later asked to rewrite in order for confirmation.

• Next step is that you already have a wallet.. congratulations to me

• Then you click on start

• Next you see a tab showing you to tour on meta mask, then I agree and then am done.

How to use Uniswap exchange for swapping

• Step 1, use the uniswap link
  Click on the link and it will redirect to a page, see the page below

• Step 2: After then you click on connect wallet,

• Step 3: Three options are going to be available but you will chose the wallet connect so as to connect to the installed meta mask above.

• Step 4: by now you have clicked in the wallet connect,wait for seconds it will initialize and direct you to the next page to connect which you can see above

• Step 5: Am sure you waited a minute as it direct you to the meta mask page, see image above, Now you are connected to meta mask,

• Step 6: Which of the options above in the image will you like to use buy, sell or swap.
  Since this praticle is about swapping

• Step 7: Let say I swap 12ETH to LUNA and then click Get quote.

See in the image above, the amount of LUNA that will be received from swapping Eth, use the swipe analog to the right and complete the swapping ...

Thanks for reading through I hope I have been able to explain in a simple way to help others.

Cc: @yousafharoonkhan
Cc: @steemcurator02
Cc: @stream4u

Written by: @olabillions