Steemit Crypto Academy Contest / S1W2 – Reviewing Centralized Exchanges by @emmy7924
Greetings to you my fellow Steemians. Today I welcome you to my Season1 Week2 Crypto Academy Contest. In this contest, I will be discussing about centralized exchanges so without wasting time let's get started.
Discuss briefly Centralized exchanges and its Benefits to crypto users.
As days keep going on that is how cryptocurrency is becoming more popular and more and as the popularity kept rising that is how more Investors and traders are entering the crypto market to either buy or sell crypto.
To this a lot of companies has come up with they own trading platforms to provides Investors/traders with features/tools that they can use and trade they cryptocurrency at they own convenieness time.
To this a lot of crypto users that are just entering the crypto market new are often confused if they are to start they crypto Investment in a centralized exchange or decentralized exchange. Well this is what we are going to be looking at what centralized exchanges is all about and it's benefits to crypto users.
Centralized exchanges are private company (i.e non-governmental) that facilitate cryptocurrency trading for users. In a very simple understanding, centralized exchanges are the type of crypto exchanges that provides an enabling ground for facilitating trading in cryptos. Centralized exchange provides crypto users a platform wherein they can buy cryptocurrency using theyir local currency (fiat). Also crypto users can as well convert one type of cryptocurrency for example BTC for another like ETH, USDT or BNB.
Centralized exchanges are mostly licensed company that have offices in different locations, employees, third-party company and others. There are several types of centralized exchanges which I will only mentioned top four and one popular exchange in my country. So let's take a look at these top 4 centralized exchange now. There names are; Binance, Coinbase, Roqqu wallet and many others.
Majorities of crypto users love making use of a centralized exchange than decentralized due to the benefits that they get from a centralized exchange which we are going to look into now.
Benefits of Centralized exchanges to crypto users
There so many benefits that crypto users get from using a centralized exchanges which we are going to be looking at now.
Security: centralized exchanges provide crypto users with security on their asset and with this users are assure that they assets are safe.
Ability to Trade: Users enjoy the benefits of trading differnent cryptocurrency on a centralized exchanges and there can sell they crypto for fiat currency and also buy crypto using they fiat currency.
Access to features: crypto users benefits from the features that is provided in a centralized exchange. In a centralized exchange, there are so many features that allow crypto trade to trade they assets on a go.
Like in Binance crypto users can invest in Binance Launchpool and launchpad, flexible savings and fixed savings and earn rewards. Whereas in Roqqu wallet crypto users can convert they assets to fiat,also use they asset to pay for utility bills and many others.
What do you look out for when choosing an exchange to trade your crypto assest?
There are few things that I do look out for before choosing an exchange that I will trade my cryptocurrency and some of things are details below.
Transactions Fees: This is the first thing that I do look out for when choosing an exchange. I usually check how the exchange do charge for transactions. If they charges are on every transactions that is carryingout in the exchange or only when crypto users want to buy or sell that they charge fees are most of the things that I do consider first.
Prices: Another thing that I also look out for is the rate at which the exchange is selling the cryptocurrency that I want to invest on. Info check out if they price rate is okay or is something that they are using to confuse Investors.
Review of the Exchange: review of an exchange is another thing that I do look out for when choosing an exchange to trade my cryptocurrency. I normally go on Playstore to know how the exchange is being rated by users, how good the exchange is. Are users complaining about the exchanges.
Exchange Reputation: reputation is another thing that I look at for. I usually, browse about an exchange to know the year the exchange was launched, the founder and partnership and equally the white paper of the exchange which help me to be sure that the exchange is not run by a criminal.s
Referral Bonus: I also look out referral bonus know if they is benefits that is giving to user user refer another users into the exchange.
Review your favorite centralized exchange and explain its unique features
My favorite centralized exchange is Roqqu wallet and I have been using it for a long time now. Roqqu wallet is one of the top centralized exchange in Nigeria and Africa as a whole and I take it to be my favorite centralized exchange since because I can easily buy and sell Steem together with the services that I enjoy and unique features of the exchange which I will be showing you now.
Deposit: With Roqqu deposit I can easily fund my Roqqu wallet using either bank transfer, Visa card or wallet peer to peer (P2P) method and buy Steem or any coin of my choice that is traded on the exchange.
Buy/Sell: Roqqu buy allow crypto users to buy crypto from their fiat balance. Whereas the sell allows crypto users to sell they crypto for fiat currency which they can withdraw to they account or use the money and buy another cryptocurrency.
Withdraw: this is one of the most lovely and unique features of Roqqu wallet that allow crypto users to either withdraw they fiat currency to they E-wallet, 🏦 Bank, Airtime Recharge, Buy Data, Bill Subscription and TV Subscription are the in-built features of withdraw that is on Roqqu wallet.
Transfer: With Roqqu transfer I can easily transfer my funds to another Roqqu user as easy as ABC. It allow crypto users to fund the wallet of another user.
Is there anything about your favorite exchange you will like to be changed? Discuss.
Yes there is something about Roqqu wallet that I will like to be changed. In Roqqu wallet bank withdrawal limit is 10,000Naira (50 Steem) which do takes about 24hours before the money will arrived the user bank account which
- The withdrawal limit is too high
- The time interval for the money too arrived the bank account of the user is too long.
Additionally, as for the Peer to Peer withdrawal something when trying to withdraw your money to your E-wallet you will be seeing word like "No pair found to match you". All this is sometime not good and is fustrating users that are urgently in need of money. These are all what I would like Roqqu wallet to changed.
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?
Eversince that I began using Roqqu wallet, the shortcomings that I know fully well about Roqqu wallet was that of the year in early 2021 that the Central Bank of Nigeria (CBN) order banks to stop facilitating cryptocurrency transactions. However, some nay crypto exchange was affected and because of the order that was imposed Roqqu wallet had to stopped users from depositing and withdrawing fund since the third party that was incharge of Roqqu deposit and withdraw had to stopped they providing services to users.
For over 2months plus Roqqu wallet was running up and down trying to come up with a solutions since majority of its users was seriously pressuring the exchange of they money. Roqqu came up with peer to peer trade which makes a lot of their users to lost they fund to scammers that claimed to be Roqqu agent.
Aside that Roqqu services became so poor in such a way that once you send your crypto from Roqqu to another wallet if you're luckily enough you will receive it but if you're not you will not see it and no matter how many times that you message or chat them you might still not received it.
Roqqu was faced with a lot of criticism in every of there social media platform as users were deeply angried for losing they hard earn money to scammers.
Now base on all what I have seen in Roqqu exchange. I think that some of the things that is a shortcomings in a centralized exchanges are;
Centralized exchanges are been affected with government rules and regulations.
Bankcrytpucy is another shortcomings. This is when government has imposed they rules on crypto sometimes they will go further and Block the account of centralized exchanges.
Centralized exchanges always the type of exchanges that hackers normally target since there security system is weak.
How to overcome
- One of the way to over this is to add additional security layout like using of two factors authentication code.
Conclusion;
Centralized exchanges is the type of exchange that I love using and Roqqu wallet is my favorite centralized exchange. Thank you for reading...
Thanks for reading. God Bless 🙏 You*.
Hello friend you have made a nice Entry by reviewing Roqqu wallet. Keep it up.