# Hi Traders!

Greeting to all hope, hope you all are well and good and enjoy happy moments of life. I am also good Alhamdullillah. My best wishes and prayers are always with you.

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I am really glad to see that you @crypto-academy announce this engagement challenge for everyone on steemit. here is the [link](https://steemit.com/hive-108451/@crypto-academy/steemit-crypto-academy-contest-season-1-week-2-reviewing-centralized-exchanges) to that engagement post. Today, I will take part in which contest. I hope you guys like it too. So let's move toward the review. ![image.png](https://cdn.steemitimages.com/DQmeabSjgqFAYVffFiia1FhTDq6jVvxvXqG6heqH1myuaqh/image.png) **^{[](https://www.canva.com/join/jzq-skp-wfg)Designed In Canva}** # Q.No.01 >Discuss briefly Centralized exchanges and their Benefits to crypto users. We have two types of exchanges, one is a centralized exchange and the other is a decentralized exchange. According to this contest, we have to describe the centralized exchange. What is used for? This allows us to buy and sell our corrupt currency. This is a very simple way we can buy and sell any currency. As we have Binance for example it is a very easy way to buy and sell your currency. # Advantages The advantage of this is that it has the option of p2p through which we can buy our currency or else we can sell it. So our money goes into our bank account, it goes into our jazz cash account. The biggest advantage of this exchange is that when we create our account on it, it is necessary to enter our phone number and email address here to create our account, then the advantage of this email address is that if the account is lost, we have lost its password, etc., then we can renew it only with the verification of our emails. One of the biggest advantages of centralized exchange is that no one can do such a transaction here, only a person who is verified here can do the transaction because whenever a transaction has to be done, it has to be verified. So there is no fraud system here. ![crypto divider.png](https://cdn.steemitimages.com/DQmdrhaqUzyFuppcpZucfNfKPfMaFe2cHHGjvhyj931q9oM/crypto%20divider.png) # Q.No.02 >What do you look out for when choosing an exchange to trade your crypto assets? When working on a centralized exchange I have to take care of a few things so that I do not encounter any kind of loss. First of all, I see that no one is deducting any fee for any kind of transaction. If he is deducting the fee, is he in his right or is he harming us? Also, I see that there is no security issue of any kind because if there is any security issue then our transaction may fail, and also our currency may be lost then to prevent any kind of currency from being lost. We have to take care of this thing. If we don't take care of security, we will lose our currency. If we lose our currency, we will lose a lot of money, so I stay away from this thing. In addition to being a trader, I also test his character so that by looking at his character one can know how he has been working in the past and what kind of reviews people have on him to let us know his thing. It depends on whether it is safe or not. ![crypto divider.png](https://cdn.steemitimages.com/DQmdrhaqUzyFuppcpZucfNfKPfMaFe2cHHGjvhyj931q9oM/crypto%20divider.png) # Q.No.03 >Review your favorite centralized exchange and explain its unique features My favorite exchange centralized is the Binance on which I often trade so it is very easy to run which is very easy to run and everyone can run it easily I will give you a review about it below. It is run by many people for example if you look at which steemit most people take their payment through it because it is an easy way and every currency is being traded here so people here use more. Here you will find a lot of people who pay with different methods for example in Pakistan people use jazz cash then people have the option of jazz cash in it and bank transfer The option is normal because everyone must have a bank account, so this is a great thing here. If anyone in Pakistan does not have a bank account, he can withdraw his money through Jazz Cash. # Favorite Centralized Exchange Binance --- ![image.png](https://cdn.steemitimages.com/DQmQmdcCdXHSgzFKGjWMGLbtYV8nE9kzXeXTMew5s9yMiUS/image.png) ^{[S](https://shetcoiner.com/wp-content/uploads/2021/07/Diffrence-Binance-chain-binance-smart-chain.webp)..[L](https://creativecommons.org/licenses/by-nc/4.0/)} First of all, you are looking at this main page which is the main page of Binance. There are some options on it which I will tell you below by which you will know what is included in it. ![image.png](https://cdn.steemitimages.com/DQmdYYibLV4ebZt431K3QZ6DsCyhS2YXGQoJecStiPT7Bfb/image.png) | ![image.png](https://cdn.steemitimages.com/DQmZvPcgosohhZCCdqgX6ZAxFihq49u4k6eedW5RsGFguRp/image.png) --- | --- Home is visible on the left side at the bottom. This home button has opened in front of you. This is the whole home page. You can see your currency by going to the market option in front of it. Which currency do you prefer? The currency that you see most often, you can put in the Favorites option and you can come here and search for any currency. There is a trade option right next to it. By going to this trade option we can buy and sell our currency and check the rate of any currency. The next option is futures trading. Here we can do futures trading. This is trading where we get a chance to take a hundred percent risk. Here we take a lot of risks. And at the same time, the next option is our wallets. In a wallet, we can see which currencies we have what is the rate at which currencies are running and how many of them we have. ![crypto divider.png](https://cdn.steemitimages.com/DQmdrhaqUzyFuppcpZucfNfKPfMaFe2cHHGjvhyj931q9oM/crypto%20divider.png) By going to these options you can deposit any of your currencies and besides you can have someone join your reference there are many more options through which you can know how much earnings you have. Beyond that, you have the peacock option that if you click on it you will have a lot more likes through which you can get all the information about your account if you know how to run it. If so, you can see what activities are happening on your Account | ![image.png](https://cdn.steemitimages.com/DQmZnztQbyEKjTHX1AyBnWMKqp5pUwgqXzTFpq5kMF2NNFw/image.png) | - | Here too you get to see some options and by going to the option you can check your account. First, you have to show your profile picture then by clicking there you can do all the settings of your account. There is also a search option where you can search for any currency as well as a scan option. You can scan your account and run it on your laptop and PC and so on. Through this we get a lot of information and our account keeps running. | ![image.png](https://cdn.steemitimages.com/DQmZRGtdRFf1WNT41HeTPAePadRZ6ygDf5hjEfvBkUAb29E/image.png) | - | ![crypto divider.png](https://cdn.steemitimages.com/DQmdrhaqUzyFuppcpZucfNfKPfMaFe2cHHGjvhyj931q9oM/crypto%20divider.png) # Features I Like The Most In Binance One of the best features here is that we can run our account from both sides. Here we have a binanace lite account and here we have pro account. There is a big difference between these two and it is very easy to run here. You can see that we can run two things together. | ![image.png](https://cdn.steemitimages.com/DQmZAXrUyS4a3LgmrrDdc6kdvUu7CtDEXSrEHhPUUgVqvmp/image.png) | - | The security system is very good. On security you get about four to five options. For verification, you can verify all these options and also verify one of the options. This is a very good feature. | ![image.png](https://cdn.steemitimages.com/DQmPpHm7DV8Zyw38STrudF8eLHP9SxWWw3BwceLMTX68aoq/image.png) | - | And here you can also do your auto investment. Here is a period of some days during which you have to invest your currency and in these days you get profit, so this is a great job. We set our own limits and leave. Our profit comes out by itself. And here you can see how I invested here I invested point currency and I got its profit so you can also take advantage of it here. ![image.png](https://cdn.steemitimages.com/DQmV71dvJZmFahnJp3nbHnTRPK6JKAiNFGLcfeHHp4REsUy/image.png) | ![image.png](https://cdn.steemitimages.com/DQmawW6tgHHfo58rfzxtUBSSCBR7F7NeHJfSuXtm1fL82xt/image.png) --- | --- One of its major features is that we can buy and sell any of our currencies here, Here you can sell currency and buy currency. There are different types of traders sitting here who come to our work. | ![image.png](https://cdn.steemitimages.com/DQmUUFQ11cHPDdroJzmXU6v3V88EvwxzLrGTZrgDd7bueyf/image.png) | - | ![crypto divider.png](https://cdn.steemitimages.com/DQmdrhaqUzyFuppcpZucfNfKPfMaFe2cHHGjvhyj931q9oM/crypto%20divider.png) # Q.No.04 >Is there anything about your favorite exchange you will like to be changed? Discuss. Here we can withdraw Pakistani 800 rupees, so I do not think it is right. I want us to get the minimum amount from the minimum so that the beginners do not have much payment, they would have resorted to someone else to withdraw their payment. If so, I want them to come here and take their own payment, no matter how small the payment. The benefit of this is that they will get their payment and they will have experience and thus they will be able to continue their trading here. ![crypto divider.png](https://cdn.steemitimages.com/DQmdrhaqUzyFuppcpZucfNfKPfMaFe2cHHGjvhyj931q9oM/crypto%20divider.png) # Q.No.05 >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? If you look, they don't see any flaws because this is a perfect exchange where we can exchange our currency. If we need to change here then we have to change our security system because if the security this happens then we will not waste any of our currency and there will not be any kind of fraud system here. The coming new generation will not lose their payment and they will avoid it The security of these exchanges is already much better but the new users come here and do some negligence due to which they lose their currency. The instructions that work should be given to them will not harm them and they can easily trade here and take advantage of it. ![crypto divider.png](https://cdn.steemitimages.com/DQmdrhaqUzyFuppcpZucfNfKPfMaFe2cHHGjvhyj931q9oM/crypto%20divider.png) # Conclusion In the end, I really thank all who watched and reviewed my post. In this post, I share information about a centralized exchange called Binance. I hope you guys understand very well. Binance is a great exchanger to busy or sell cryptocurrency. If you want to trade in safe hand then must join the binance. Binance has a mobile application and a desktop application. You use binance everywhere. All pictures are taken from my Binance account to clear the queries. Screenshot from mobile and edit in the mobile editor. Some pictures are taken from the internet with full sources. Thanks

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