Cryptocurrency already faces a lot of stigma from the unaware crowd. The people that support the concept of cryptos know about the entire principle and process behind cryptocurrencies and their trading. The reliability of transaction that a Blockchain provides is unmatchable. Cryptocurrencies, starting from Bitcoin, were established on the idea of having a decentralised system of maintenance of ledgers and transactions.
The centralised system is fundamentally flawed. By entrusting a single central entity with all the data and any transfer of this data, we’re at a risk of data loss and the data is prone to cyber threats. This is the core reason behind the advent of cryptocurrencies and the blockchain principle. To have a decentralised system, a system spread across and managed by all the involved users, that’s the crypto way to go.
Cryptocurrency trading, as we all already know, takes place on exchanges. Multiple such crypto exchanges are available for your trading needs. Each one of them has different features and trading experience. But what really counts is whether the Exchange is centralised or decentralised.
Centralisation in crypto exchanges totally goes against the whole idea behind cryptocurrencies. Cryptocurrencies are made to bring a decentralised transaction experience to the users, and get rid of any central entity. Thus, more the decentralisation, more the reliability and trust in the system.
There is an array of decentralised exchanges (DEX) out there. Decentralised exchanges can prove to be great big disruptors in the market. The prove to be highly beneficial in multiple aspects. In this article we list and discuss some of these Decentralised crypto exchanges that you should know about.
-
1 IDEX
Idex is a popular name in the sector of decentralised crypto exchanges. This exchange platform launched in September 2017. Idex supports over 200 tokens, based on the ERC-20 tokens. For starters, the user interface of Idex is simple and intuitive, and it makes the trading experience for its users smoother and more convenient.
It regulates heavy traffic as compared to other DEXs. The transactions are kept in a properly readable ledger. Security is maintained by the platform too by taking necessary measures. The Idex experience is an amazing overall experience when it comes to pure crypto trading.
You need note that not all cryptocurrencies are available on this exchange. The fee charged by Idex on the trades is relatively lower than similar exchanges. Idex has an active community which is a huge plus for beginners.
They are active on multiple online communication channels like Reddit and Telegram. Most of the user queries are addressed there, and users can indulge in discussions on any related topics. A chat box is also active on the website for the visitors.
-
2 Bancor
Bancor is actually quite a unique decentralized exchange that is in its own class. It is in essence a blockchain protocol that is designed to bring liquidity to tokens that are lacking a consistent supply and demand in conventional exchanges. Unlike exchanges, it allows the direct conversion of different tokens. Bancor offers a network which is built upon smart contracts and a novel class of cryptocurrencies known as "Smart Tokens". Smart tokens make it possible for direct internal conversion of different ERC-20 tokens. It has one of the highest trading volume of all Decentralized Exchanges out there.
-
3 OpenLedger Dex
OpenLedger DEX is a decentralised exchange to trade cryptocurrency and tokens. It has over 50 supported tokens, and is constantly growing its database to accept more and more cryptos. The user base is large, and rightfully so due to the smartly encrypted and decentralized trading platform that is OpenLedger.One can even send cryptocurrencies from other exchanges with the OpenLegder Wallet and then trade with the same.
With a minimal trading fee of 0.2%, OpenLedger is a profitable choice too. There is no fee for fiat deposits above $50, for any deposit below that, you will have to pay a deposit fee of 2%. Their platform handles over 100,000 transactions per second, thus high performance reliability is assured. To add to all of this, the support team is available around the clock on email or messenger apps.
-
4 Waves Dex
Waves Dex bets on always making sure its tech is up-to-date. The Waves DEX is popular for its fast and fluidic UI coupled. The constant updates is another big reason for traders to use Waves. With newer versions releasing quite frequently, this DEX is an outstanding one to use.
The Waves Dex platform averages more than $6 Million USD of volume to show for real liquidity. The UI is as fast and easy to use like anything. This experience will be a really fluidic one. You can find over 60+ trading pairs and new ones are constantly being added. You can trade on the go as they have a mobile app.
The exchange has received bad press as there have been accusations that fake coins are being listed. However, none of the claims have been proved so far. As this is a new cryptocurrency exchange, we advise you to wait before you invest your money into this.
-
5 Radar Relay
Radar Relay is not so much an exchange as it a “relay.” It leverages the blockchain technology to show for decentralisation and the 0x protocol to trade Ethereum based tokens.You aren’t required to sign up or deposit any tokens. The transactions can be handled directly from a wallet to another. Besides, It also supports both Ledger Nano S as well as MetaMask .Radar Relay also comes in the form of API integration.
-
6 Oasis Dex
Oasis Dex is a decentralized exchange created by MakerDao. This exchange is in alpha testing phase and not recommended for trade as much as other exchanges.With the smooth GUI and easy integration, it aims to do much more than that. Even through the Alpha testing, it has shown a considerably good performance.
Even though the exchange is relatively new, the interface is easy and beginner friendly. As the exchange is new, you cannot expect high volumes of trade. However, this also means that the volatility will be lesser than other exchanges.
-
7 BarterDex
BarterDEXis a fairly new decentralized exchanges . Unlike other decentralized exchanges, it is powered by Komodo’s atomic swap technology which makes it very interesting. Atomic swaps enable peer to peer cryptotrading directly from one blockchain to another with higher security and lower transaction fees than traditional trades. Despite the fact it is still in its beta-phase, we believe in its potential given time. At this time of writing, they have powered 114352 successful atomic swaps.
Conclusion
All the options in the list of Decentralised Crypto Exchanges have their own specific unique propositions and cater to different preferences and likings. This list is by no means exhaustive and we recognized the fact that there are plenty of great decentralized exchanges out there which is not covered by the article. Do you know any decentralized exchanges that you have personally had good experience with? Fee free to share it with us in the comment section below!
Read Further:
- What Is Atomic Swap? A Beginner’s Guide and Introduction
- A Beginner’s Guide: How to Choose a Great Cryptocurrency to Invest In
- Top 4 Best Decentralized Cloud Storage Networks (DSN)
The post Top 7 Best Decentralized Exchanges You Should Check Out appeared first on Cryptoverze.
