Crypto Academy Season 4 Beginners' course - Homework Post for Task 7: Dex, Cex, Popular Exchanges and Trading Cryptos @wiltord
edited from this source
So i will be answering question one which says:
1-) Choose any of the following exchanges and develop a basic guide on how to use it, indicating whether it is decentralized or centralized. Huobi orKuCoin or Waves Dex?
- firstly i will start by saying The main difference between a decentralized app and a centralized one is that it doesn't have a central decision-making node. The back-end code of traditional, centralized apps runs on a centralized server. In contrast, a dApp back-end code runs on a decentralized network.
from the question i choose #kucoin so i will be talking about #kucoin which is available on the google play-store so i downloaded
KuCoin allows you to purchase, sell, and store a wide scope of digital forms of money. It has a web interface just as a famous versatile digital currency application. You can purchase KuCoin's local token (KCS) to lessen expenses and procure rewards.
The record confirmation measure is discretionary, so individuals can exchange crypto with simply an email address. In any case, as talked about above, assuming you need to utilize its high level provisions, you'll need to check your record. Also, Americans can't do this because of U.S. crypto guidelines.
KuCoin offers both custodial and noncustodial administrations. That implies you can either store your crypto resources straightforwardly on the KuCoin trade, or interface an outsider wallet straightforwardly and exchange from that point. This is an extraordinary choice for the individuals who like to keep control of their crypto.
KuCoin additionally offers some more uncommon provisions, like exchanging bots, influence, and edge.
kucoin has a lot of functionalities after you download from google play-store we carry carry out various activities which i will explain below as classified in the app as ASSETS,TRADE,FINANCE,BONUS and OTHERS but before we need to signup with our email to get an account
ASSETS
under assets we have the P2P,BANKCARD,DEPOSIT,WITHDRAW and TRANSFER.<
P2P
here we can buy digital assets on kucoin P2P fiat trade on app
- step 1: open kucoin and login into your account by filling in your email address or phone number and password to log in, if your knew you sign to proceed
- step 2:After login in tap,"buy crypto" or trade then go to" Fiat"
- step 3:select or choose your buyer and enter the amount then tap on "Buy now"
- step 4:choose your payment methods an confirm by taping "make payments done "then wait for the seller to confirm an release the token to your account
if your done with the transaction an you have not seen your coins in your account you will need to contact the online support
BANKCARD
- here i shows the types of coin you may wish to buy.
- also the various payement methods available.
- payement channel
DEPOSIT And WITHDRAW
shows any coin you may want to deposit and shows how to withdraw your coins if you wish to
TRANSFER
transfer tokens to various accounts from trading to main accounts an vice versa and to others
You will finish by confirming by taping "confirm"
TRADE
under trade we have SPOT TRADING,MARGIN TRADING,LEVERAGE TOKENS,TRADING BOT, FUTURE TRADING
SPOT TRADING
A Spot Market is a market where you can trade assets with other traders in real-time. As the name suggests, transactions are settled immediately or "on the spot" as soon as the buying/selling order is filled. As a buyer, you can purchase an asset with fiat or another cryptocurrency from a seller. source
so here at in this app spot trading can be done either buying on selling your coins .
MARGIN TRADING
Margin Trading allows you to make spot purchases and sales of cryptocurrencies.
LEVERAGE TOKENS
A leveraged token allows you to take a leveraged position in a cryptocurrency, meaning your earnings or losses are multiplied.
TRADING BOT
here you can create your trading robot by your self in which you assume to all the benefits and risk.
FUTURE TRADING
you can also also enable future trading and claim a welcome package.
FINANCE
under finance there is STAKING AND CRYPTO LENDING
STAKING
Staking cryptocurrencies is a process that involves committing your crypto assets to support a blockchain network and confirm transactions. so basically it is buying and holding.to gain profit here in this app so basically we can do it here
CRYTO LENDING
Crypto lending refers to a type of Decentralized Finance that allows investors to lend their cryptocurrencies to different borrowers. so here we can lend to make interest and also borrow to pay back later in what ever coin we choose as long as it is available on the app.
Bonus and others
there also exist bonus packages like candies,kucoins bonus,rewardhub earn while we use the app just the matter of using it we acquire these bonuses
also exist others like the cryto-friday ,kucoins,futures bonus ,Red envelope ,market ticker,and help center were you
from the wide range of things looking from the above features we see that kucoin boost of the following advantages:
Wide scope of coins
KuCoin has a lot more extensive choice of digital forms of money than you'll get at many trades or financiers. Assuming you need to stretch out into less famous coins, KuCoin merits a look.
Procure interest on your crypto
Marking is somewhat similar to procuring stock profits - certain digital forms of money utilize marked coins to assist with approving the organization and keep it secure. The premium you'll procure by advancing out your crypto is more than you'd get with a customary investment account, however it changes by coin and request. KuCoin says you can procure 8% to 12% by and large. This cash funds KuCoin's edge exchanging.
The organization says banks will consistently be reimbursed in full, either from the borrower's security or from a KuCoin edge protection store.
Progressed highlights
KuCoin has a ton of additional components, however you'll have to consider cautiously concerning whether you need to utilize them. For instance, edge exchanging permits you to use your position, which is basically getting the means to purchase more crypto. Exchanging bots can consequently purchase and sell your cryptographic forms of money so you don't need to be online all an opportunity to follow the market. Be that as it may, crypto bots are not as evolved as robo-counsels.
Disadvantages
How ever kucion involves filling out personal information and uploading your photo ID to help authorities combat money laundering. The United States has strict regulations for cryptocurrency exchanges, and KuCoin is not licensed to operate in the states. S, you may be tempted to use KuCoin without completing the KYC verification. Second, KuCoin doesn't offer the same support to unverified accounts in the case of hacking, fraud, or theft.
Since there are a number of excellent cryptocurrency exchanges that are licensed in the U.s. it makes sense to check them out before signing up with KuCoin.
Limited payment methods
KuCoin does let you buy cryptocurrency with fiat money, but you'll need to do it through a third-party app. You can pay by credit or debit card, Apple Pay, and Google Pay, but you can't deposit money by bank transfer. Other exchanges let you deposit money and then choose how and when you want to spend it.
Not for new traders
If you're new to cryptocurrency, KuCoin's site is not easy to use. KuCoin has some educational resources, but I'd like to see a lot more, especially given the number of coins you can buy.