Steemit Crypto Academy Contest / S1W2 – Reviewing Centralized Exchanges by @sweet.colours

Hello beautiful friends!

,Welcome
We are already in the second week of the Engagement Challenge competition
In this post we will share or talk about centralized exchanges as well as our favorite centralized exchanges.

(Discuss briefly Centralized exchanges and its Benefits to crypto users)

CENTRALIZED EXCHANGES

Centralized exchanges are online exchange platforms
Who serve as third parties
To understand this system, one has to study the working procedures of the local banks in the country
We trust our banks that the money we deposit will be safe with them and can be safely transferred to another person and we can keep an eye on our balance if required and others can also avail services.
The use of cryptocurrencies has been banned by most countries, which has led to significant difficulties in dealing with cryptocurrencies.

Central Exchange allows you to store and trade your cryptocurrency

Due to various restrictions on cryptocurrency, the user gets huge benefits from centralized exchange
These platforms help us to conduct our business more closely with other trading partners.
These platforms are the safest organization to help us find our keys where we've lost them.
Our keys are protected from thieves and hackers
This is how they secure our funds
With the help of centralized exchange, consumers can work and trade in more than one corrupt currency
Centralized exchanges have created facilities for their customers, including facilitating the user to liquidate their assets (convert them into fiat) as well as convert their fiat into assets and make them easy to use.
Working on a centralized exchange is extremely easy. With a little ingenuity and caution you can work safely. Allows users to login to their accounts at any time to view their balance or trade without any restrictions.

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

It is not easy for anyone to make two decisions. Here are some things to look out for when I trade cryptocurrencies.

• Most importantly, I ensure the availability of assets on the platform on which I want to trade
  I keep in mind the volume of assets, the exchange fee deduction
• Customer service is an important part of any exchange

And the customer service of the exchange platform should be easy to understand
The assets of each user are quite valuable. The user has a lot of questions in his mind and in some difficulties he contacts the customer service. Any good exchange platform should not take much time to reply to emails. Timely response proves to be a good service for the customer. They should have reliable service

• Security is the most important thing
  Every user has his assets are more valuable. For this the user needs a strong security. Any exchange platform has to provide a platform safe from hackers. Has this platform set up a secure system? Given?
  The user has a trustworthy security where everyone considers their assets safe which is a sign of a good exchange platform.
• User friendly
  A technology that is convenient for the newcomer and tailored to the needs of the user
  Allow login and logout without any glitches

Review your favorite centralized exchange and explain its unique features

This is my favorite platform which is a central exchange platform. This platform started its service in 2017 in Hong Kong, a city in China but it could not serve for a long time due to strict policies in China. Malta had to relocate. Almost all the corrupt currency can be traded and bought and sold on this platform. It is estimated that more than 500 cryptocurrencies are registered with this Binance platform.

Binance offers its customers services ranging from crypto to crypto trading as well as investing in crypto storage. It is a platform where minimum fees are charged.
۔ Binance provides liquidity to consumers
Binance also has its own BNB local token

Some Unique features of Binance platform

Binary Referral:
A nice feature of this platform is that the platform uses referral system to attract new customers from which the referrer earns money. This money can be obtained without any investment or trade.

• Scan Code: There are QR scan codes on the balance that users can easily log in to mobile for tablet or other devices.
  It doesn't have to be a password every time. QR code comes in handy when user forgets your password or has trouble logging in due to a technical glitch

Quick switch:
Binance allows its users to quickly switch between two versions of the platform, Binance Pro and Binance Lite.
There are more state-of-the-art facilities inside Brother Nice Borough and most traders prefer this option
While Baines Light is easy for the newly joined users and has less facilities
Users can quickly switch using this option

Support:
Binance is available 24/7 to listen to any complaints from its customers and provide any reliable and fast support.

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

This is a good platform with all kinds of features available but it still has some drawbacks. It has very few complications and very few adjustments that make it fun. It has some drawbacks which I have noticed that they are as follows

The verification process on this platform is really tedious. I still remember the time when the verification process on this platform was completed in a week.

This platform cannot be used in some countries, such as the USA before 2022.
now have Binance US

Sometimes this platform charges unnecessary fees which the user does not like at all

After trading coins registered on this platform, they keep some parts which could not be exchanged. I have more than ten or twenty dollars in assets.

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

Favorite Central Exchange does not guarantee that it is free from any problems. Sometimes it works better than other platforms than our favorite platform but still it is not 100% free from problems.
۔ Centralized exchanges are software that doesn't have to worry about technical glitches.

Transaction Fees: Less fees are charged for trading small assets, but when you trade large amounts of assets, the transaction fees are very high.
Security: These centralized exchanges generally protect users' assets from any kind of loss. Some users have a large number of assets. In order to be safe from any risk, the user should not store their assets in the central system for a long time.
The user should carefully read and follow all the terms and conditions from the central system to avoid freezing the assets in the future.

conclusion

Most countries have restrictions on centralized exchanges
But still this platform is providing facilities to many of us customers. Centralized Exchange is offering an ideal service and the user is benefiting a lot from it. Binary Exchange helps the users to trade and make trading decisions. ۔ Centralized exchanges have many advantages but still we have to work cautiously so that we can prevent assets from freezing because there are assets for the consumer and that is all.

All screenshots getting from my mobile binance app