Steemit Crypto Academy Contest | S1W2 - Reviewing Centralized Exchanges by @sameer07

Hello Everyone, i hope all members will be fine and enjoying your life happily by the grace of God. I'm @sameer07 and today I'm participating in week 2 contest the name is Reviewing Centralized Exchanges. I hope you enjoying post.

1-Discuss Briefly Centralized Exchanges and it's benefits to Crypto Users.

There are 2 types of exchanges, Centralized and decentralized . As you know that this contest is related to Centralized exchanges and we only talk about Centralized exchanges. Digital exchange controlled by Central Authority is Centralized exchanges. All Cryptocurrencies buy and sell by this exchange. Centralized exchanges
are act as third-party between buyers and sellers.
Here's I will show you examples of Centralized exchanges.

• Binance

• Bittrex

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Benefits of Centralized exchanges to Cryptocurrencies Users

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Centralized exchanges have very high volumes of trading which is lead by high selling, buying at very stable rate.

New investors are offered user friendly environment for easy transactions and trading. In which user can find easier to easier view of live transactions and funding and logged in through web browser.

A secure system will keep us informed of every transaction. The reliability and security during transactions and trading is great advantage for users. The speed of transactions is very great users have no complain about delay.

If we can Lose the password of Centralized exchanges and transaction by any way. We can get back the ownership of account and also ownership of funding. We don't worry about losing password.

2-What Do You Look Out For When Choosing An Exchange To Trade Your Crypto Assets?

Security: Security is one the most important thing an Exchange, because investors don't want their losses of assets through hacking or by scam.

Speed: Transactions speed will encourage more users to use such a exchange, because transactions speed is the also major thing must be needed if there's transaction delay.

Liquidity: High liquidity volume will encourage more users to join that exchange. Highly liquidity volume give more advantage to traders to be profits.

Popularity: l also look out popularity of an Exchange to invest my money in which, how much people use such a exchange. That Cryptocurrencies transactions have good quality that makes a lot of people to use.

Fees: This is another important factor to consider. For users, lower transaction fees in better. If transactions fee is high, it is not in users favour.

3-Review Your Favourite Centralized Exchange and Explain it's Unique Features

Binance Exchange is my favourite exchange. It is an Exchange that has used by many users.

Here's you can see that first page of Binance Exchange in given left pictures. After login in binance we can easily get or after login this page automatically open and users can get this type of interface. In this picture you can see that many features given.

In given right picture, you can see all type of Cryptocurrencies markets, we can easily get any type of market by searching option. User can easily search or find any type of Cryptocurrency which his/her want.

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4-Is There Any Thing About Your Favourite Exchange You Will Like To be Changed? Discuss.

• Mostly, during transaction process, a user can charged unnecessary fee which makes it unfavorable to many users.

• In stock Exchange, Binance is not found, and also they are not transparent when their corporate structure comes.

• Verification of process of Binance is very stressful and hard. I could remember, i tried hard for its verification. It took me 3 to 4 days before verification process was successful.

• Little bit transactions are delayed due to bank issue where reject some banks. If This issue can be stored out, it will be Exchange for perfect

5-What Shortcomings Do You See On Centralized Exchange And How Do You Think User Funds Can Be Protected Since We Don't have Access To Our Wallet Private Key?

High Transactions Fee: Many users have been complaining its high Transactions fee. Trade of volume always reduce by this and reduce liquidity.

Security: Centralized Exchange can be easily hacked and and private keys of users can not be safe. Hacker can intrude into users privacy after holding there keys.

Custody: Centralized exchanges can not give full access to user to their funds. Users can not have their private key with them.

Transparency: Different reports have been coming from different personalities from different countries, on how they suspect some cunning movement on their accounts.

Intermediary/Medium: There are always medium in during transaction which is not more safe for users, and their funds.

How Do You Think User Funds Can Be Protected Since We Don't have Access To Our Wallet Private Key?

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The way to protect users fund, if user do not have access to their private key.
Exchanges can also employ two factors Authentication and Demand Authentication code for the user could approved especially transfers before transactions. This is Excellent Defense.
Exchanges should demand that codes that code would be sent users email and phone number in initiating transfer. Without code transfer
Will be suspended.

Conclusion

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Centralized Exchanges are in world widely Cryptocurrencies. In this post we are discuss about benefits, unique features and also discuss about security and Private key. Centralized exchanges helped us to keep to some of our Cryptocurrencies.

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Now this is end of my post, i would like say thanks Steemit Team for Organising this contest. Thanks for reading and visiting my Blog.

I would like to invite my friends, @alirazaop @ahsanbilal, and @salman121 i hope they must participate in this contest as soon as possible.

Best Regards,
@sameer07