01)Choose any of the following exchanges and develop a basic guide on how to use it, indicating whether it is decentralized or centralized.

Huobi

KuCoin

Waves Dex

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02)Can cryptocurrencies and exchanges be regulated? How do regulations affect the crypto world? Name some countries with regulations.

03)Explain in your own words what an Exchange is. Differences between a Wallet and an Exchange. Mention the advantages and disadvantages of DEX and CEX. Have you used an Exchange before? tell us about your experience.

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I would like to choose question number 03 to answer for the homework Task 5.

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An online platform or medium that is used to trade cryptocurrencies and to swap crypto and fiat.

This platform offers us to exchange our cryptos with another type of cryptos by trading. Here this platform, Exchange act as an intermediary between buyers and sellers.

Here we find four types of human power work on.

1) Buyers

2) Sellers

3) Investors

4) Helpers who engage with system maintenance

I will brief you about the above 4 types now👇.

Those who awaiting to buy cryptos in the exchange.

Most buyers are induced to buy cryptocurrencies when the market falls down.

Those who are waiting to sell their cryptos in the exchange.

Those who bought cryptos when the market falls down, tempt to sell them when the market rises up. Hence, sometimes buyer and seller can be the same person.

People who detain their crypto assets or fiat assets for a certain period of time.

Those who are devoted to the maintenance process of exchange. They are responsible to regulate the safety and security of the exchange.

These exchanges have two types that offer the same objectives. They are,

1) Centralized Exchange (CEX)

2) Decentralized Exchange (DEX)

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Even though they bring about the same objectives, their functions, management, and mode of operation differ.

Either a company or an individual who governs total control over the transactions which happen on the platform.
works like conventional exchanges.

In here, there is no intermediary for the transaction. Anybody can do trading with cryptocurrencies. This offers ultimate solution to the conventional exchanges.

First I would like to say I use this centralized exchange platform since a few years ago. At the moment, Binance is the biggest exchange platform. I will share my experience in this awesome platform step by step with you. You can follow the below steps to log in very easily and if you need any help in this regard, I will help you anytime.

Since I am already a member of this platform I just only need to log in by entering email and password. But if you are a newcomer, you can create an account very easily. I would like to recommend completing the KYC verification in this entry stage.

After entering the email and password, click Log In. next you will receive a security verification dialog box. You just need to slide to complete the puzzle.

After completing this task you will receive below dialog box. Since I have activated the 2-factor authentication feature, I have to click the "Get code" to receive the phone verification code to my mobile.

After receiving the code, you can enter it and Log In to the Binance platform.

This is the main page of this trading platform👇.

You can click on the MARKET tab to get an idea about the available cryptocurrencies.

If you need to purchase some tokens from this platform, you should have USDT tokens in your wallet. If you do not have them in your wallet, you have a simple method to purchase USDT tokens from 3rd party.

We called this process as P2P transactions. You can click the TRADE tab and then click the P2P from the drop-down list.

After clicking P2P, you will receive the below dialog box.

Here, you can find lots of USDT sellers very easily. You can choose anyone from these sellers to purchase USDT. Please make sure to find a trustworthy seller as there are lots of cheaters.

You can check the seller ratings before you pay them. After a few minutes later, you will receive your USDT tokens and now you are free to purchase crypto-token on this platform.

This is the end of my homework task 05 and finally, I would like to give my gratitude to professor @imagen for giving us this valuable lecture. Frankly, I was able to gather perfect knowledge on this regard.

GOOD LUCK AND HAVE A NICE DAY!!

• My achievement 01 post: here.
• My achievement 02 post: here.
• My achievement 03 post: here.
• My achievement 04 post: here.

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