Dex, Cex, Popular Exchanges and Trading Cryptos - Steemit Crypto Academy S5 - Homework Post for Task 7
I'm so excited to partake of this fixed task seven of which has been presented by a professor @imagen, and from the task, a well-developed lecture based on Dex, Cex, Popular Exchanges, and Trading Cryptos was discussed and from that lesson, I will submit the assignments to the homework task following my understanding. I choose question number one and you can see the questions to it below:
1-) 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
It is clear to us that since the usage of cryptocurrency, there many exchanges that have been designed and developed for the trading of crypto coins and other related assets by traders and investors, and from this lesson three among all has been outlined and to fulfill its requirement, I will be discussing briefly on KuCoin before provided the guide in the exchange.
KUCOIN EXCHANGE
KuCoin is recorded to be created in 2017 and is developed as an exchange platform that will allow traders within its blockchain ecosystem to trade their coins or tokens as well as sell or buy their cryptocurrency within its exchange that has been designed with a high-efficiency and top-secured trading space. KuCoin is also said to be an exchange that is designed for the public.
KuCoin exchange is programmed in a way that permits users to create an account directly from the website or application thereby owning a wallet under the exchange with ease. The exchange has also developed its tokens of which are officially related to the exchange and are known as KuCoin Token. At first, for the token to be accessed and owned by the interested users or traders, the exchange platform - KuCoin, made use of the Initial coin Offering (ICO) of which is a method where traders can buy and stock up the tokens before making an official release of such tokens.
The present CEO of KuCoin Echange is known as Johnny Lyu. Before the decision to join the exchange, Johnny Lyu was working in some well-defined companies and had the duty of leading in strategic investment and also served as a developer of business in most of the companies. Johnny Lyu brought up the idea of creating a platform that will enable traders to learn and trade their crypto assets in an eco-friendly and easy access blockchain system of which to the creation of KuCoin Exchange. The exchange platform presently has its headquarters located in the beautiful county of Singapore.
In regards to whether the exchange is decentralized or not, KuCoin is officially known to be a centralized exchange platform backing with the point that it is owned by an individual but the exchange has the plan in the future of being used as a decentralized exchange platform. However, during my research, I discovered something amazing, see below:
“Decentralized solutions will gain increasing popularity. For now, most DEXs can hardly provide a service that is as user-friendly and fast as that of their centralized counterpart. We are excited to partner with Arwen to make this bold move, offering the best of centralized and decentralized trading.”source
From the source above, it shows that under the trading section of KuCoin Exchange, it is been operated in a decentralized and centralized format in line with the recent partnership that has been endorsed in the exchange.
TOURING KUCOIN EXCHANGE
After that quick overview of the exchange history, I will be presenting the method that I utilized to create a new wallet account along with the amazing features that have been programmed for our usage in KuCoin kucoin.com, Let's begin:
- I opened the website of the exchange kucoin.com, the alight page on the web contains options too Log In or Sign Up of which a new user would select the right option. it also has an option to try demo trading which can be done after creating or logging into the account. see screenshot below:
- To sign up, I clicked on the option and it requires a phone, the sent-code, and a new personalized password or an email address, the code, and a password, and since I have already had an account, I will be clicking on Log In. see screenshot below:
- For Logging In, I selected my country call code, filled in my phone number, and my Login password, and clicked login. see the screenshot below:
- Thereafter, I'm asked to tick the box to clarify that am not a robot and was followed by requesting for a verification of which was sent to my number used for the registration process. see screenshot below:
- After a successful login, I now have full access to the amazing features in the exchange which include claiming my welcome gift, my asset wallet, and many more. see screenshot below:
Therefore, am done with the registration in the exchange to own a wallet and as earlier mentioned, I will be outlining the amazing features I found in KuCoin Exchange, let's proceed:
1: The first portion to examine in the exchange is MARKET: This segment has an avenue where coins are placed in a spot, future table, and also has a section that shows New listing of coins that have been added to the exchange. see screenshot below:
From the spot portion, we can see a list of coins that are pairable to USDT, BTC, KCS, NFT, Defi, and other valuable assets in the section. From the future portion, we can also see a list of coins that can be margined with USDT, NFT, and Defi of which can be used by a trader in each trading duration according to its needs. The last image shows a list of coins that have been newly or recently added and the status attached to them.
2: The second portion is Buy Crypto and in this segment, it provides the avenue for traders to buy or sell their crypto assets either through the available means of Fast Buy, P2P, Third-Party. Just as you can see from the side image.
The first under this is known as Fast buy and it allows traders to only buy stable coins like USDT, BTC, ETH and pay with any of their available coins in possession, and such payment in this can be processed easily with the traders' bank ATM cards which are Mastercards or Visa, just as you can see from the side image attached.
The second under this is known as P2P and it permits its users to sell or buy crypto assets within the exchange of which can be done with stable coins and the exchange token (KCS). It also allows the possibility of a user to adjust payment settings, keep track of their orders and even place an advertisement in it. see the side attached image.
The final on this is known as Third-Party, has the portion to user will utilize to spend their crypto assets to buy other valuable assets in the market, and we see that it has various means to make payment (Mastercard/Visa) along with different payment channel that can be selected at each trader need. see the image attached by the side.
3: The third portion in the exchange is Trade and just as the name implies, the segment centers on the trading of which includes Spot, Margin, and Trading Bot. A trader will select any of the options to trade their crypto assets for a profit with available leverage or tools in the exchange. and as you can see from the made attached, it has an API section that allows VIP traders to enjoy the provided services there. Below is an example of how the trading section in the exchange looks like when you select any of the mentioned portions in it along with the trading bot.
4: The fourth portion in the exchange is Derivatives and this segment centers on Future trading and just like the previous section, it has tools and leverage percentage that can be used by a trader either as a Future lite or Pro. It also has Future bawl that is designed for users to engage in a game section and win wonderful prizes from it, and to access that, a user is expected to complete a profile check and then queue in for the game. see the attached image for the features in this portion. Below, is a screenshot of how the portion Future trading segment looks like.
5: The fifth portion of this exchange is Finance and this segment just as you can see from the image attached has features like Crypto Lending, Pool-X Earn, KCS Bonus, Referral, Mining Pool, and Affiliate. Each of the mentioned aspects has its purpose such as allowing traders to lend out their crypto assets and earn from doing so, as well as investing their assets to a pool and also gaining profit from it. Just as you can see from the image below of how Pool-X Earn is designed.
This fifth portion is also programmed that users can create their affiliate link, distribute it to new users and earn from it. Another aspect of this portion is the possibility of holding KCS tokens, keeping track of them, and earning from them. Simply put, this portion is centered on earnings for interested traders or users.
6: The sixth portion of the exchange is More and the segment contents Lucky Raffling, Kanaria Fairdrop, Spotlight, Promotions, News and Announcement, Support, Blog, Reward Hub, KuCoin Labs.
The mentioned segments have different duties to accomplish and some of them include Lottery forum - Lucky Raffling of which allows traders to stake their funds to earn huge profit from such lucky engagement. Spotlight is designed to display newly launched coins or tokens in the exchange platform as well as trading competitions, the latest news or announcement for KuCoin users or platform, and their investment history. The support center can also be located in this portion for easy access by users seeking help from the platform developers. An example of Lucky Raffling is seen below along with each user's record, and lottery under process.
7: Still on examing the exchange, here is the seventh portion found in the exchange homepage and it is known as Orders. From the name, we can understand that it centers on the history that has been placed by each user in the exchange.
The portion contains Spot, margin, future, and buy crypto orders as well as Spot, margin, and future trading history that has been executed by the user's account in the exchange. Just as you can see from the attached image.
8: The eighth portion of the exchange is Assets. In this segment, the wallet or account of each user can be seen and we can understand that the exchange has designed the wallets into divisions that separate each activity from the other, there are main, trading, and margin accounts of which is summoned with the Assets Overview, just as you can see from the screenshot below.
The portion is also programmed in a way that users can deposit, withdraw and keep track of such processes directly from their wallet along with the Bonus they earn from owning the account. The good design of this portion is the ability to adjust the account to a more personalized format for better functionality.
9: The ninth portion of the exchange has a profile-like cover (40) and contains Users profile, security settings, KYC Verification, API management, and many more. In this segment, users can adjust their profile details for better use, users also are required to complete some verification process in it to gain huge access in trading and transactions. AN example of the portion is seen below.
10: The portion that follows the previous one is a segment that simply permits traders or users to control the language that appears in their account and from the attached you can see that my account is in English and also operates in the United States Dollar (USD).
Therefore, a user can decide to change the currency to suit the possible country currency and can also change the language of the account, if the case may need such.
11: The final portion of this exchange is the Notification box and the quick-scan app download. The notification icon box provided needful information to a user at the right time of which would be read and given attention immediately.
The scan code is designed in a format that users can scan the QR-Code and download the exchange application directly to their phones either as an android or IOS.
it was a fun-fill experience touring KuCoin Exchange and since it was the first time I learned a lot, starting from being able to own a wallet, conducting a spot and future trading section with the exchange, and also earning from owning the exchange token (KCS). Officially, the exchange is a centralized exchange platform until whenever the exchange decides to hover around decentralization of which will be the best for traders and investors.
KuCoin Exchange is among the exchange that is designed with good efficiency and functionality of which has permitted users to trade their crypto assets with a swift transaction that has good management in the security system. Big appreciation goes to you professor @imagen, I enjoyed your lesson.
Special Professor: @dilchamo