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This is another wonderful steemit engagement contest, that is of beneficial to every one on steemit. Because this involved every one on steemit and no body is restricted from participating.

With the motivation of this contest I have decide to participate in it. This contest is mainly talking about Centralized Exchanges.

Review On Centralized Exchanges

• Exchange
  Exchange is the arena of potential and actual transacting of a particular product with the same value in return, vice versa.

Exchange is just like a place or location where active and inactive transact product which are equivalent to the quantity brought out for transaction.

• Centralized
  This are collection of powers into one authority, which is controlled by a single authority or entity.

This single authority is very exclusive, beacuse with that they authority, no operation will be approved.

So through this we can know what is a Centralized Exchanges in a block chain.

A Centralized Exchanges is a unified body of authority, which controls every transaction done on the Platform (Blockchain) and are based on cryptocurrency.

A Centralized Exchanges only approve any transaction done on there block, because it is like a traditional assets, where users relied on the hands of the single authority.

This means that is controls the affairs of other user in the same block. Without the single entity, transaction can not be done and approved.

The Centralized Exchanges have a private key and only one authority can have access to the private keys. Which means that everything is done on the Blockchain is been trusted on the hand of a single authority.

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Benefits Of Centralized Exchanges To Crypto Users

• Speed
  Every transaction done on Centralized Exchanges respond quick to it's operations. It makes it easy for crypto users to complete there accessment in crypto currency fast and quick.

• Security
  Centralized Exchanges is far better in terms of hacking free. This means that some Centralized Exchanges like binance have low hacking of it's Exchanges.

This is why before registering to any Centralized Exchanges, you must provide your personal information and proof of address like binance.

• Transparency
  Any transaction done on Centralized Exchanges have recorded data, which means that no recorded data can be hidden.

Every transaction done on Centralized Exchanges can be traced, together with the transaction information, address and data.

• Uses Of FIAT
  FIAT are currency issued by government as a medium of exchange both in a country and as crypto currency. This are done through bank transfer, debit and credit card e.t.c.

In a Centralized Exchanges FIAT are allowed to take place, both for buying, selling, and a medium of crypto currency.

• Liquidity
  In a Centralized Exchanges liquidity are used in currency trading. Which means that cryptocurrency can be converted to different asset of currency.

What Do I Look Out For When Choosing An Exchange To Trade My Crypto Assets?

• Speed
  Due to my time schedule, I will not like anything to waste my time. So I go on speed, as what I choose whenever it reaches the time for exchange transaction on crypto asset. This will only enable me to do other task, beacuse whenever there is quick response in exchange transaction, I can do other work at ease. So I go on Centralized Exchanges.

• Security
  I only preferred any exchange with better secured transaction. This will enable me not to lost my fund and will lead to less hacking of my account. This will also allow me to see my account operation, through tracing and recording of data. So I go on Centralized Exchanges.

This are the two things I choose before engaging in any Exchanges used for crypto assets. There might be other thing that I choose before choosing any exchange, but this two are what I desired to choose before transaction my crypto assets.

Review About My Favorite Centralized Exchanges And Its Unique Features

My Favorite Centralized Exchange is Binance. Binance is an online Centralized Exchanges for trading of crypto currency and FIAT. I have used this Centralized Exchange about some months. This Centralized Exchange is the world used online Centralized Exchange. It has high security and transaction down there are fast, quick and reliable. Till date now binance have 140 country in which it rendered service to and binance is ease for use. There are unique features which made me to like the Centralized Exchange known as binance.

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Binance Unique Features
Binance is very secured, in the sense that before any crypto user can register an account, the user must complete his personal information, KYC and proof of address.

This is one feature that made binance to be the best Centralized Crypto Exchange, because through this verification, binance can acknowledge users, who wants to only join but don't want to trade.

Binance provides transparency in transaction and data are not hidden in binance. This means that in binance you can see hot currency, currency which users have loosed, currency users had gained and that will make a crypto user to know which currency to trade with.

Binance follows the market rules"customers first". This means that binance attend to any problem it's user find hard to solve. Binance respond to report from it users and feedback from its customer.

Is There Anything About My Favorite Exchange That I Will Like To Be Changed??

Yes!

Even though I preffered binance to any Centralized Exchange. But still there is only one thing, that I will like binance to change. It's to reduce the policy of registering account. Before someone can registered to binance you might pass many difficulties in verification process.

Even me, I find some difficulties in registering to binance account, the will ask you to input you verification and if your details are not correct, your verification is failed. Even today many crypto users are still struggling to verify thier account but to no avail.

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?

Centralized Exchanges still have the potential aspect of places where problems are seen. This need to be also highlighted, beacuse this might made the system to change and will upgrade to a better system.

• Mainly security can fails in a Centralized Exchanges and this would make many users to loose there funds. So this aspect need to be protected well, to avoid the loosing of users funds. But although binance is trying, beacuse once in history, binance has been hacked and may users loose there fund. But still binance also compasate it's users and that is why binance is still secured tight till now.

• Single authority which is know as Centralized Exchanges makes it sometimes uncomfortable for users to access there funds. The help to control funds and can easily restrict a user who is find misbehaving in the Exchanges. This Is sometime a big blow to crypto users and this should also be reduced on how users are restricted, even though the are trying to create a tight security.

• Verification process should be reduce a little, inorder to create more room for people to register. This is one of the things that many Centralized Exchanges do before registering and this cause many tough time before a user can have an account, although not all users experienced it.

Although our fund might be protected, in terms of stroring funds and currency, users should endeavor to use Decentralized Exchange wallet. This can make it possible for a user to be free from hacking of fund.

But in terms of staking of coins, we should use Centralized Exchanges. Because fees charges are not too much and would bring a better amount of reward.

But note that even Decentralized Exchange fund can be loosen, If the user exposes his private keys to other user.

Conclusion

We have come to an end of our lessons. We should use a trusted Centralized Exchanges for staking of coins like binance. We should also used Decentralized Exchange to store currency. But we should know that, when will abide to rules and regulations of the exchange system, we can have a better system control of our fund.

Binance is one of the top most used online Centralized Exchange and will should endure the KYC verification involved in it. Then, we can said that Centralized and Decentralized Exchange are good for us when will decide well.

Let's keep on writting about crypto currency and also exploring new features done on any exchange system.

Proof Of My Centralized Exchange