Greetings to all.
How's everything going on. Hope you're all doing well. I'm glad to meet you again, today I'll be Reviewing Centralized Exchanges.

Discuss briefly Centralized exchanges and its Benefits to crypto users.

An exchange is a place in the cryptographic field where we make various buying and selling transactions, maintaining or exchanging cryptocurrencies. It is a platform where you can exchange different types of cryptocurrencies and you can also exchange fiat currencies for cryptocurrencies.

Centralized Exchange is an online platform that allows us to buy and sell cryptocurrency assets, we can do this through fiat currencies, the same cryptocurrencies as well as exchange these cryptocurrency pairs. Central exchange has become very popular where users can freely operate through cryptocurrencies. We collect and send, we buy and exchange, we convert our assets like crypto currencies into fiat. Centralized Exchange is responsible for storing your coins and there are some very reliable exchanges at the moment because they have worked safely.

Benefits of centralized exchange

• First and foremost benefit is that users can transfer our cryptocurrency among other people through P2P mode.

• It is a practical and secure way to transfer or receive cryptocurrencies.

• The tremendous liquidity in centralized exchanges allows transactions such as returns or deposits very quickly, even when we buy or sell a secret asset.

• Almost instant payment method it takes almost nothing to work within this type of exchange.

• Most central exchanges deal with cryptocurrencies that are verified.

• Last but not the least benefit is that consumers do not have access to their accounts, ie its the company or exchange house that has access to private keys, the company is the mediator to manage the assets.

Source

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

There are several factors likely :

• The first and foremost factor I look for testimonials from other users on various social media handles and Play Store where I find apps.

• To look at the history of previous years, checking that it has not been violated and if it has, the company has responded.

• In terms of fees, its rate will not be profitable as the fee is too high for a small investor.

• It should also consider whether the exchange insures its customers' funds in the event of loss of assets in certain circumstances.

• We should look at the fees charged for each trade through the exchange as compared to other trades.

• Its easy access and handling, due to the fact that on many occasions operations are lost due to the complexity of entering and operating.

• The exchange must have enough corrupt assets or fiat to meet the demands of consumers.

• Crypto assets need to be examined while comparing one exchange offer with another. In addition, there is a pair of these assets.

• Last but not the least as a crypto trader, you should rely on a exchange platform that has been around for a long time. You should look for conversions that have been around longer than others and have been trusted throughout the history of their existence.

Source

Review your favorite centralized exchange and explain its unique features.

There are certain exchanges available that are very good. However, one of my favorite central exchange is Binance. I feel very secure using this platform and I have never had any problem using it. Binance is one of the world's best cryptocurrency exchanges and has the largest volume of daily crypto transactions on its platform.Binance was founded in China by Changping Xiao and Yihi, but in September 2017, due to Chinese government regulations on cryptocurrency trading, it had to relocate its headquarters to the Cayman Islands.

Some of its unique features

• The first and foremost feature is it offers relatively low transaction fees for any cryptocurrency pairing or withdrawal on the platform.

• It has strong security of network services as all transactions are done securely. Security is a top priority in Binance. It protects our personal information.

• Binance has a very efficient customer service, prompt answers to our questions.

• Binance is one of the world's leading central exchanges, having a complete list of cryptocurrencies and tokens on the market.

• It has easy to use short term strategy, unlimited liquidity, competitive premium prices.

• Last but not the least positive features of Binance is that it has an application for phones and it does not work only on the website, as it does in other exchanges.
  
  Source

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

So far I am satisfied with the service offered by Binance Exchange, I haven't had any problem and I have not seen any negative thing in the exchange. There is one thing I want to change about Binance Exchange is its KYC authentication pattern. The process of verification is very stressful and time consuming. As we know KYC is important to both the exchange and the customer. These are high-level security measures in case of fraudulent activities, but many users find it a bit stressful. Another thing that needs to be changed in Binance is the minimum of trade. I think it would be easier if the amount was less than 10 USDT.

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?

The main drawback of centralized exchange is centralization because our transactions have to go through central authority, consumers do not have full control over their cryptocurrency, they have no because access to the private keys of their wallet. As private keys are a basic spirit that plays in your favor because you have complete control over your assets, but if you lose it and you have no backup, then you lose access to your wallet.

The best way to protect consumer funds is for consumers to save their funds on decentralized exchanges / vaults.

Funds stored on centralized exchanges are left in the trust of the exchange as the user's private keys are in the trust in this exchange and any hack attack on the exchange will make the user's private keys insecure which would result in loss of funds.

It is advisable to enable 2FA so that one can verify the transaction in more than one way. If someone's password is compromised, 2FA will be available to protect someone from the unfortunate loss of cryptocurrencies. The user will download the 2FA app and whenever a transaction occurs, a code will be sent to the verifier to ensure additional security.

Conclusion

Cryptocurrency exchanges are fundamental because anyone new to cryptocurrency must first find an exchange. Central exchange is the center of the cryptocurrency market. The entire responsibility for our assets is in the hands of Centralized Exchange, there is no way to change the way they provide security, we just need to know where we are going to keep our funds.