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What are Centralized Exchanges? & How to Use them

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For most digital currency investors and traders, the most common means of transacting cryptocurrency is through the centralized exchanges.

These exchanges are online platforms used to buy and sell cryptocurrencies.
A centralized exchange is a platform whereby the ownership of the coins is completely held by the exchange where the exchange has its own order book.

In this, every order is recorded and validated.
To ensure correctness, data is exchanged internally via servers dedicated for that main purpose and goes through centralized security processes.

As a rule, centralized exchanges operate under regulatory supervision and have extensive know-your-customer(KYC) policies.

Centralized exchanges actively crackdown on fraudsters following applicable laws to prevent money laundering.

A centralized structure allows for a user-friendly platform that makes buying and managing digital currencies particularly easy.
Crypto traders or investors looking to enter the space, a centralized exchange is still the most common means of doing so.

I will be listing a few centralized exchanges and what they can be used for.

KUCOIN

KuCoin is an international crypto exchange that currently supports the trading of 250 digital assets.
Exchange opened for cryptocurrency trading in September 2017 and it is located in Seychelles.

The kucoin exchange sternly emphasizes on the quality of the projects listed based on a research department that scours the blockchain industry for quality projects.

KuCoin provides an exchange service for users to conduct digital asset transactions securely and efficiently.
KuCoin aims to provide long-lasting, increased value .Currently, it has 8million global registered users in over 100 countries. 670 Billion accumulated trading volume and 850 Million accumulated numbers of trade.

KuCoin has its own cryptocurrency, KuCoin Shares (KCS), which has been now rebranded to KuCoin Token. Kucoin provides services which include;

  • Spot trade.
  • Margin trade
  • Contract (futures)
  • Pool-X, lending
  • Trading bot services

HOW TO USE KUCOIN

  1. Login to the kucoin website: https://www.kucoin.com and signup as a new user using your email or phone number.
  2. Fund your wallet.
  3. Transfer your fund to any of the kucoin services you want to make use of ( Spot ,margin, Contract, Pool-X, Trading not)
  4. Start Trading..

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GATE.IO

Gate is a fast And secure digital asset exchange founded in 2013. Gate.io has strived to provide its users with the best trading experience in the last 8 years.

In terms of trading volume, Gate.io is one of the top 10 crypto exchanges in the world listing crypto assets that are great in quality and have a high rate of return.

Gate.io protects your funds with both centralized and decentralized methods. It is also the first exchange to invest millions in security and law funds to add extra protection for your assets.

As one of the earliest and largest cryptocurrency exchanges, Gate.io always complies strictly with regulations and has never allowed for market manipulation, as it is continuously committed to being open, transparent, and cooperative.

HOW TO USE GATE.IO

1. To get started, you may simply create your account with your email or phone number by signing up in to https://www.gate.io
2. Gate.io provides a range of security features to increase your account security and protect your assets. A strong and unique password and fund password are the minimum.
3. Enabling 2- factor authenticator and SMS based verification add you further protections. And there are other security settings to protect you from potential risks.
4. Fund your wallet to start using.

BYBIT

Founded in March 2018, Bybit is one of the fastest growing cryptocurrency derivatives exchanges, with more than 1.6 million registered users.

Built on customer-centric values, it endeavors to provide a professional, smart and innovative trading experience for retail and professional clients around the world.

Bybit is committed to creating a fair, transparent and efficient trading environment, and offers 24/7 multi-language customer support to provide assistance in a timely manner.

Its services include;

  • Spot trading .
  • Futures trading.
  • Perpetual trading.

How To Use BYBIT

  1. Download and sign up for an account by logging in to the website :https://www.bybit.com you will notice a “Signup” button.
    As soon as you click it, you’ll see a form. Enter your email address and password, you will receive a confirmation. After confirming, you are good to go!
  2. It is very important to always be security conscious . Set up your email, SMS and 2-factor authentication.
  3. Fund your account using your address . Bybit has done a good job of simplifying the user experience, as the top navigation bar contains everything you’ll need to utilize your account, including trading as well as monitoring your assets and current market prices.

Centralized exchanges (CEX) enables the buying and selling of cryptocurrency, using fiat currencies such as the US dollar, or between digital assets, like BTC and ETH.

They act as trusted intermediaries in trades, and mostly act as real owners by storing and protecting your funds.

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