**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

**2-) Can cryptocurrencies and exchanges be regulated? How do regulations affect the crypto world? Name some countries with regulations.** **3-) 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.** ![cryptoexchange.jpg](https://cdn.steemitimages.com/DQmayKUoX1Uh2uPDPnc4c74ncYdaBvwbWSJceN6DFHyUzwS/cryptoexchange.jpg) Picture from Photoshop ![lines.jpg](https://cdn.steemitimages.com/DQmXg1WjZp9dUFSUELg8AgSJaRk7rQJJ5pHbEpm9L8cWGHp/lines.jpg) **Explain in your own words what an Exchange is:** Exchange in my own understanding simply means simply where things are traded for each other. Example you can bring your money and they will give a biscuit, in these situation an exchange have occurred. Exchange happens everywhere and every time. For Man for live proper, he needs something that someone owns, so he has to give that person something, so he can get that thing. In the ancient time, it was called Trade by barter, in this situation, goods are being given for goods. An example is that, I need some tomatoes to cook but I have enough onions, So I can take some of my onions and meet someone that has tomatoes, Gives some of my onion to the person, so he can give me some of his tomatoes. This method was used in the early times, Until the introduction of money. Now Exchange is being synonymous to trading. You bring your money and I will give you my goods or render a service to you. It mostly occurs in the market places. In the crypto world, Exchange occurs where commodities, securities, derivatives and some many other financial instruments are being traded. A genuine exchange must be orderly, fair and should avoid any form of malicious behavior. Nearly Everybody engage in daily exchange , even company engage in crypto exchange to raise capital. We should not for forget that some exchange happens physically and some happen electronically. Sometimes exchange maybe referred as share exchange. Share Exchange happens in nearly all the countries in the world. The most dominating is the New York Stock exchange, the Tokyo stock exchange, the Nasdaq, the London stock exchange. ![lines.jpg](https://cdn.steemitimages.com/DQmXg1WjZp9dUFSUELg8AgSJaRk7rQJJ5pHbEpm9L8cWGHp/lines.jpg) **Differences between a Wallet and an Exchange.** If you are buying or selling a bitcoin, Ethereum, dogecoin, lite coin etc., both the Wallet and the an exchange is very important. These tools are essential in the cryptocurrency trading. But they are both different in their separate ways, the difference includes:

A wallet is synonymous to your physical wallet or your pocket, mostly it has zip which can represent a private keys that only give you the access to unlock it while Exchange are market places where cryptocurrencies are been change for another cryptocurrency. By either buying or selling at a particular market price.
Some Examples of a Wallet include Myetherwallet.com, blockchain.com, jaxx.io, wavesplatform.com, exodus.io while example of some exchange includes Poloniex.com, coinbase.com, bittrex.com, binance.com etc.
Wallet are mostly used for storage of cryptocurrency due to its strong security and good privacy that it offers to its user.coins are usually safe in wallets and nothing can take them out from he wallet neither terms and conditions or exchange rules while an exchange is used to trade cryptocurrency of different kinds and also hold your coin for the price to hold high or come low
A wallet uses a decentralized system, you are in full control of the your coins in the wallet, you can do anything with it any time of the day while a Exchange uses Centralized system, where you are not in control of the price of the coins and the support team can take your password from you, which shows that they have your password too.

![lines.jpg](https://cdn.steemitimages.com/DQmXg1WjZp9dUFSUELg8AgSJaRk7rQJJ5pHbEpm9L8cWGHp/lines.jpg) **Mention the advantages and disadvantages of DEX and CEX** CEX which is Centralized cryptocurrency exchanges are online platforms that used to trade cryptocurrency like Binance, coinbase, Gemini. So quickly let’s look at some advantages and disadvantages of CEX **Advantages of CEX**

It has an easily comprehendible interface for beginner and also the all the procedures are easily memorized too
It has different trading options and many cryptocurrencies are available too.
The amount of trading that goes on in CEX is very high and this led to a very high liquidity
Most payment during exchange are done easily and very fast too
The CEX algorithms can process many transactions in a split seconds
Using CEX, you can withdraw and deposits your fiat currency.( paper money)

**Disadvantages of CEX**

The exchange are being used to store the crypto assets.
The wallet that is being integrated to the exchange, makes the user not to have full control of the Coins.
Third party providers, Regulators, and some legal regulations take control of the central exchange
Extensive data of their customers, is being required by the operators to protect the the money for hackers

![lines.jpg](https://cdn.steemitimages.com/DQmXg1WjZp9dUFSUELg8AgSJaRk7rQJJ5pHbEpm9L8cWGHp/lines.jpg) **Decentralized Exchange** DEX simply means Decentralized Exchange is a cryptocurrency exchange which operates in a decentralized manner without any form of central authority. In DEX there is no requirement of a third party to store your funds and you have access to retain your private keys at all times some examples includes Pancakeswap, Sushiswap, uniswap etc. **Advantages of DEX**

Government has no control over DEX users
Every is in full control of their private keys and also their Crypto assets.
Your identity is not needed to be part of it. Identity such as KYC, Personal document etc., what is needed is only your personal address on the block-chain.
The trading is usually of low cost and there is very large number of trading pairs in DEX.
There is a very high security which can minimize hackers attacker and other malicious behavior

**Disadvantages of DEX**

Trading are usually slower compared to the CEX
DEX have low trading volume which has led to a very low liquidity
DEX only allows cryptocurrency exchanges and transactions which means that there is no fait currency available
Traders in the DEX are very few compared to CEX
The Interface is still Very difficult and confusing for beginner to understand

![lines.jpg](https://cdn.steemitimages.com/DQmXg1WjZp9dUFSUELg8AgSJaRk7rQJJ5pHbEpm9L8cWGHp/lines.jpg) **Have you used an Exchange before? tell us about your experience.** Yes, I have used exchange before, I used Exchange on the platform of Binance. It was very nice and smooth, there was really high liquidity, which makes the market to be moving fast and it was a sign that there are a lot of people present in the market. And also there are many trading pairs options, As a beginner I learnt a lot about different pair, I saw different kinds of cryptocurrencies, before I have only being limited with the knowledge of Bitcoin and Ethereum. Using that Platform gave me, an idea that there are lots more that I can dive into And finally, they have a very low trading few, that can allow beginners like have access to the platform and the risk is very low .So I will use to the platform continuously and even tell me friends about it too. ![lines.jpg](https://cdn.steemitimages.com/DQmXg1WjZp9dUFSUELg8AgSJaRk7rQJJ5pHbEpm9L8cWGHp/lines.jpg) **Conclusion** In conclusion, Exchange are marketplace where crypto assets and other financial instruments is being traded. Exchange can be done physically or electronically. Exchange is basically divided into two which are the Decentralized Exchange (DEX) and the Centralized Exchange (CEX). The both are good and have some disadvantages depending on the choice of the user. Examples of some exchange platforms include Binance, Huobi, coinbase etc. Cryptocurrency wallets are using to store your crypto assets using the help of a private key that only you have the access to, which makes it a Decentralized system. With the help of the Exchange platforms which makes trading cryptocurrencies easier and the wallet which helps us store our crypto assets, it is good stuff to try because I use them, and I'm currently gaining from them. You also should try both of them in your crypto journey enjoyable.