KuCoin Exchange - Steemit Crypto Academy Season 4 - Homework Post for Task 7
QUESTION 1
Choose any of the following exchanges and develop a basic guide on how to use it, indicate whether it is decentralized or centralized. Huobi, kucoin, waves dex.
The Kucoin Exchange
I will be using the Kucoin exchange to develop the basic user guide and explaining how to use it. But before I begin let’s get some background about the exchange.
Backgound of the Kucoin Exchange
The Kucoin exchange is a centralized Exchange that was launch in the year 2017 and month September. It is known to be a global cryptocurrency exchangethat transacts numerous numerous digital assets as well as cryptocurrencies.
It was founded by Kent Li under the company type of making profits.
Developing Basic User Experience
I will begin by downloading the #Kucoin Exchange from the App store and installing as shown in the processes below.
Now I have access the major features of the exchange. The kucoin has 5 major features just as most centralized exchanges do. These are;
- Home
- Markets
- Trades
- Futures
- Assets
I will access each of these one after the other as shown below.
Home
On the home tab, it is the landing page once we log into the site. One the home tab, we can see the various top gainers and the top lossers in the market. Also, on the home feature we can see the various sub features such as the; deposit, the referalls option, the new listing coins, the kucoin wins, staking, KCS bonus.
Markets
The next major feature is the markets. This is where we can perform our buying and selling of assets. In the market, it is divided into two sub features which are the Spot and the Futures.
As seen above, we can add our own favourite coins usng the search bar or better still we can find the pairs we want to trade from the usd$, the btc, kcs, DeFi, NFT, metaverse, polkadot, EFT, or spot index.
I will be using the ksc as an example as i will be selecting the xrp/ksc pair in the next feature.
Trade
The next core feature is the trade. After checking and selling a particular crypto pair in the market, for you be able to take a trade, ehat you need do is move to the trade feature to place that trade. As explained in the screenshots below, I have already selected the xrp.kcs pair and place on the candlestick chart, I will then provide the screenshot on how to place the buy and the sell orders as shown below,
Futures
This is the part where we can trade on leverage. With the futures traders can place trades larger than their initial deposit which is done based on a margin. The future trading is particular useful for experience and professional traders and not starters.
Assets
The assets is just like the wallet on other exchanges. This is where we can deposit can deposit are preferred asset or fiat for investment or trading purpose. The asset feature also allows us to transfer deposits to other accounts such as the future wallet. We can see in the screenshot below the various assets we can deposit.
Conclusion
To conclude here I have provide a complete inside of the kucoin centralized exchange from the downloading, installing and account creation.
I have also explore the 5 main core feature of the exchange which are the home, the market, trade, futures and asset.
All screenshots are my analysis on Kucoin Exchange unless otherwise stated