Hello Crypto-Academy Community,
Good evening to everyday to everybody in this noble community, I hope all is well with us. I was much delight in our class lecture by @imagen our professor and I have acquired enough knowledge and skill under Exchanges,Dex, Cex and Trading of Cryptos and I hope my summarized post is welcomed here.

@euclid49

QUESTIONS

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?

Explain in your own words what an Exchange is.

Exchange is the operations that allows a customers to trade their currencies for other assets which includes conventional of fiat money. So here, we can see that the Exchange are digital platform that allow all users to exchange their digital assets either for fiat money or for other cryptocurrency. Exchanges may accept credit cards,debit cards, bank transfer, wire transfer or other forms of payment in exchange for digital cryptocurrencies.

The exchanges can send cryptocurrency to a user's personal cryptocurrency wallet. Some can also convert the digital currency balances into prepaid card which can be used to withdraw funds from the ATM.

Differences between a Wallet and an Exchange

WALLET	EXCHANGE
A Crypto wallet is purposely created to store digital currency. It's a software program basically for keeping and storing a digital asset.	Exchange is the digital platform which allows users to trade their digital currencies for other asset.It is basically design to buy and sell of cryptocurrencies.
A wallet gives a total control to transfer digital currencies in every moment you want.since here you have an access of the passwords, you are able to transfer an amount of fiat to other crypto without any restrictions	But under the exchange platform, a user do not have a full control on the fund in your account because here there's numerous transaction performed on the platform.
Here, when a keys is been lost, your transaction will be also lost forever.Since individual is granted a total control of the wallet,you only have an access to it	But here, a lost of either a private or public password can be retrieved it by a witness blockchain in a period.

Mention the advantages and disadvantages of DEX and CEX.

DECENTRALIZED EXCHANGES

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ADVANTAGES

• Decentralized exchange provides better security for investors. Because here the investor do not hold large amount of funds making them the prime target for hackers.

• Individual investor had a full control over the funds. Here there is no central authorities that can freeze your account under your control so if your exchanges goes down, your funds will be unaffected as you have retrained possession of them

• Individuals privacy is well assured and secured.Under the decentralized exchanges, you are not under any center control. Hence, there is no registration requirement for using the exchanges beyond having a wallet address.

DISADVANTAGES

• Each transaction on the DEX require fees and the faster you want to get it done, the more you have to pay.

• Users cannot create complex orders that rely on the assistance from a third party such as setting up STOP LOSS OR BUY.

CENTRALIZED EXCHANGES

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ADVANTAGES

• CEX has a massive trading volumes as compared to DEX
• The transaction fees required here is less when comparing it to the DEX
• It's has a higher rates of liquidity in it operation and transaction is been performed in a faster speed.

DISADVANTAGES

• Centralised exchanges holds a large volumes of funds from the investors which makes their operation a prime target for hackers. Investors had no way of retrieving their funds and maintain the loss to the day.

• Users do not have complete control over their funds. This can impose many constraints and financial losses on investors.

Have you used an Exchange before? tell us about your experience.

source

The exchange I have sign-up and I'm using currently is POLONIEX. Poloniex is a cryptocurrency exchange that allows user to buy and sell his or her asset such as Tron,Bitcoin,Ethereum, Tether and the rest.. Poloniex ensures that the vast majority of the customer deposits are stored offline and this minimizes risk and exposure to hackers and other threats online.

I first download the Poloniex App from the place store and use my gmail account and password to sign up and did my first transaction this month. The transaction was normal with no abnormalities and challenges. So now I'm able to transfer a steem from my wallet to the Poloniex account successfully and I'm glad to it.

Great thanks to our professor @imagen for an educative course we have studied on wallet, exchanges,DEX,CEX.