Warm Greetings my fellow Steemians. It's such a pleasure for me to take part in a Crypto- academy assignment as I have never really engaged in one before. This knowledge I would be disseminating to y'all is more of a work of research and I will be trying my best to break it down to an amateur's understanding as I was one before making this post. Today I would be telling you guys about centralized exchanges and all that is to be treated about them in this assignment are as follows.

-Centralized Exchanges and it's benefits.

-Things to look out for when choosing an Exchange to trade with.

-My favorite Centralized Exchange and and it's unique features.

-Discussing any changes needed to be made about my favourite centralized exchange.

-Some shortcomings on these centralized exchanges and how to protect funds since there are no wallet private keys available to users.

Centralized exchanges and it's benefits.

Introduction To Centralized Exchanges (CEXs)

What are Centralized exchanges(CEXs)?

Centralized Exchanges are platforms (be it websites or applications) where crypto-currency trading(buying and selling) is facilitated by the use of generally accepted fiat currencies.

Let me break this down to a layman or an amateur. Centralized exchange involves the buying and selling of crypto-currency using acceptable exchange market currency.

For instance Mr A has a Bitcoin and wants to use his Bitcoin to get an Ethereum since the Ethereum market seems to be yield more value by the day. What centralized exchanges would help him to do is to simply;
- Convert Bitcoin to Cash( Dollars, Euros and in some platform our country Naira)
- Use the cash to purchase the Eth coin.

Centralized exchanges simply serve as the middle man or third party between a coin and another. Some centralized exchange platforms in:
- Binance
- Coinbase
- Kucoin
- FTX
- bitFlyer etc.

Benefits Of Centralized exchange

- Interactive and Use friendly
Centralized Exchange are quite easy to learn to operate and even amateurs can still find their way to toggle around this environment because some of the buttons there are self explanatory. CEXs like Roqqu have this feature where one can easily just withdraw money out purchase airtime with no stress so far as the details provided correctly. Apps like binance also helps one in making little analysis and survey, Everything is just simplified you know!!.

- Volume
Due to the nature of the coins used in this exchange market, it makes it possible for one to acquire crypto in large scale and due to the high level of liquidity CEXs, your currency is converted to cash. This makes it possible for one to acquire different kinds of coins listed in larger quantities.

- Security and Reliability
Due to the fact that no user of CEXs trading platform is in control of his private owner key, the platform sees to it that transaction are well observed as they keep modifying and encrypting their firewall. Once there is a trace of breach in security, all transactions are immediately terminated until the issues resolved then things can get back to normal.

Reliability also comes in, in the sense that they try to win the heart of customers in a simple way of trying to resolve issues customers tend to face while using their platform by placing their customer care lines for calling and filling their complains or misfortune.
At times of mistakes during transactions, the money can be reversed once a complaint is put across to them in most advanced apps.

- It is generally more fast and efficient.

Things to look out for when choosing an Exchange to trade with.

Image originally designed by the author using Canva

- Price and transaction Fee
This is the most important factor to consider as a trader who would love to make profits of crypto. The price at which one would buy 1 steem on binance( 0.37$=162 Naira) would never be the same as the price on Coinbase(0.44$=197.76 Naira). So a trader that actually wants to buy more would buy from binance and if he wants to sell would be selling in Coinbase.

Also the transaction fee to be charged is also a very important.
You can't be making little profits of 250$ and be using Coinbase as their transaction fee for withdrawal is higher than that is binance. Coinbase has a trade fee of 0.5% while binance has a trade fee of 0.1%. while for other accumulated fees on binance are 0.5% while that of Coinbase is up to 0.99-2.99% depending on the account value showing that Coinbase would be really efficient for Pro traders who make more profit.

- Features and navigations
It is not a new thing that most mistakes made during trade processes are as a result of under developed features in these trading platforms, this may be as a result of the platform not having a final invoice showing you the amount of coins you want to bu/sell, how much you want to pay and the account to want to pay to. I personally think that any platform that shows all these before confirming payment would have lesser risk of wrong transfer, lesser complaints and thus keeping your customers.

This is an important factor to consider because a newbie would never like the exchange platforms that have complex functions. This is the reason why most newbies starts with one exchange platforms and ends up using another simpler and self explanatory one. For me, I feel that apps like binance has customers more average users because of it's "Easy-to-toggle Navigations".

**- Customer service efficiency is also important as the rate at which you reply you customers and help resolve the issue no matter how silly it seems is also a key to keeping users on your platform.

My favorite Centralized Exchange and and it's unique features.

Image originally screenshoted by the Author of this post on roqqu*

Well, my favorite CEXs platform is undoubtedly roqqu. The reason for saying so is that simple, It's founder is a Nigerian. No one other than Mr Uchenna Nnodum. And this CEXs was founded in the year 2018 and has it's headquarters at Lagos, Nigeria.
The platform allows users to purchase Blockchain- digitalized tokens through different merchant traders who merged with this platform developers and these merchants are always available for the exchange process.

What I love about this platform is the fact that he brought in new Features and More self explanatory icons like options for buying airtime, withdrawal, Balances. This buying airtime option was personally what attracted me because he considered the fact that you just not withdraw the money before purchasing an airtime in your bank app, Genius right?!!.
They also have really nice rates when it comes to withdraw and previous the was no transaction fee but currently it's transfer fee is less than 200 Naira.

Discussing any changes needed to be made about my favourite centralized exchange.

- It's User Interface(IU)

Despite all the wonderful I would not compare it's to that of binance but I would say that binance have made their interface and structures that of global standard. I just think roqqu should keep upgrading their firewall so as to tighten up their their security level since they would be expecting more members in the nearest future

- It's User Experience (UX)

It's of no doubt that the structuring of this platform still somewhat eye- catching, easy to navigate. All the same I still wish the managerial team and computer technicians could think outside the box if he wants his trading platform to at least be developed up to global standard of use.
Enhancing the platforms, addition of more navigations like the marginal trade and listing of more tokens could help bring out the aesthetical essence of the platform enchaning we the user's experience.

Some shortcomings on these centralized exchanges.

- Unnecessary Transaction charges
This case scenario often makes me wonder why the Centralized Exchanged were allowed to exist in the first place. These platforms deduct their charges in every transaction and thus reducing the value of money that should have procured at least a little to increase the token's amount.

Unlike the Decentralized Exchanges (DEXs) that don't operate using fiat currencies (cash). This can actually be a great shortcoming to the CEXs.

- Security and privacy issues
Due to the fact that the active private key is not readily available for each account created, Centralized Exchanges have become a target of notorious hackers as your tokens are not totally safe. There have been cases where hacked CEX platforms were never gotten back and this leads to permanent eradication of such exchange platforms.

- National Laws and policies

It is not surprising that while some nations want to grow, others don't.
A country on mine that placed a law against the use of crypto-currency last year, just about when it was about to become a legal means of payment. This law has only affected the Centralized platform and the government at a point last year began checking for these law breakers who still trade with these CEXs.

how to protect funds since there are no wallet private keys available to users.

Now the question is simple, How do we protect our funds??. And I think I may have just the answer.
Make sure that that as you've also made proper research before choosing a CEXs to trade on, it is best that you also make proper research before choosing a proper Decentralized Exchanges (DEXs) for storing your tokens as no one knows when calamity might befall them, We just always have to nap out a plan B if such happens.

Loosing it all simply because you're only used to binance or any other CEXs is as a result of ignorance and it would just be really be a waste. There are some verified Decentralized Exchange platforms I know and would be listing below:
- Barterdex
- Blocknet
- io
- Airswap

Participating in this contest had made me more literate about crypto currency, I want to really appreciate the hosts and this community for such an enlightening and brainstorming assignment. It made me realize now that although Centralized Exchange are dominating the crypto world I still see the need for the Decentralized platforms to be put to use for back if not for any other reasons.
Thank You.