In this era, when crypto traders can harness the real power of Blockchain technology from decentralized exchanges, trading on a centralized exchange is a misplaced priority. You see, the problem with centralized exchanges is that, not only do they serve a central authority but also have a single point of failure that can easily be exploited.
Decentralized exchanges (DEX) are a better option because they allow peer-to-peer (p2p) trading of your cryptocurrencies. And since it is open source, you maintain full control of your account and digital assets without the need for a third-party service. Third party services are always costly and hold a higher risk of getting hacked.
So, if you are looking for lower fees, safe and secure ways to trade your cryptocurrencies look no further. In this post we shall explore ten decentralized exchanges which you can use to trade right now:
Shapeshift is one of the most popular DEX in existence. If you are a trader, then you can access it from anywhere in the world except New York City and North Korea.
Shapeshift supports only peer to peer crypto-to-crypto trading. Because liquidity “comes and goes” shapeshift’s token and coin selection tends to vary from week to week.
2. Waves Dex
Waves Dex is a decentralized exchanged created on the waves blockchain. It allows you to trade your BTC/ETH in exchange for waves.
Waves Dex offers you the advantages of a centralized exchange excluding the risks. How it does it is by the existence of a server that matches incoming orders but has no access to your funds.
Waves Dex is cool because it offers you the best of two worlds, centralized and decentralized system.
Changelly also ranks top in popularity in the cryptocurrency world. What makes this platform captivating is its automated system which aggregates the prices of digital assets from the different exchange then lists the average as the going rate for you as a trader on the platform.
Changelly has a straightforward fee model making it easy for you to use. For every trade the platform executes, there is 0.5 percent flat-fee rate charge which remains the same for every cryptocurrency with changelly’s liquidity.
4. Bisq (aka BitSquare)
Bisq is a decentralized exchange requiring no verification; not a name or email ID, making it a genuinely anonymous peer-to-peer network. It uses Tor for security, and their servers and accounts do not hold fiat currency.
If you want to access Bisq, you can do so on platforms like Windows, Linux, and Mac and is currently supporting 126 cryptocurrencies .
Bisq also has an open source P2P system which allows you and anybody else to sell Bitcoin in exchange for fiat currencies and other cryptos.
IDEX, also known as the Decentralized Ethereum Asset Exchange, is among the top decentralized exchanges regarding volume.
This platform incorporates the use of features like TradingView charts together with encrypted wallets. It provides you with a trading experience that is not only fast but user-friendly too. It also utilizes a trading engine that is off-chain and functions with a smart contract that is Ethereum. It allows you to trade efficiently with ERC-20 tokens.
OpenLedger has a decentralized exchanged called OpenLedger Dex designed for high-speed transactions. It is leveraging Bitshare’s grapheme technology to cater for its service.
OpenLedger utilizes user-issuer assets to trade on the exchange and also allows you to convert your cryptocurrencies into smart coins.
Opening an account in OpenLedger is quite easy for you because to start with it does not require any registration or KYC.
KyberNetwork is a DEX that allows for the instant conversion and exchange of digital assets. It provides you with rich payment APIs together with the new contract wallet that will enable you to receive payments through any token payment regardless of where you are. But that’s not all; it also has derivative trading to let you reduce the risk of cryptocurrency price fluctuation.
Ox(ZRX) is one of the strongest DEX projects in the cryptocurrency ecosystem. Being a protocol that is open source, it is able to utilize relayers available to facilitate the ERC-20 tokens exchange on the Ethereum blockchain.
OmiseGO (OMG) currently is the largest ERC20 project by market cap. It is creating a DEX that allows you as a consumer or a business owner to transact in any currency of your choice. OMG Blockchain is not only a decentralized exchange with a digital wallet but also boasts of providing a liquidity mechanism.
CryptoBridge is the new kid in the decentralized exchange ecosystem. Any altcoins pairs can be traded here and it also guarantees total safety. When it comes to your funds, only you can have access to it as long as you have your private keys.
It has a simple login procedure that will require you to select a username only, thereafter a password that is cryptographic will automatically be generated, and your duty will be to keep your password safe.
The decentralized exchanges discussed in this article are just a representation of the many that exist out there. While some of them are at their infant stages, so they are bound to raise some doubts. The truth is there was a time the internet was at its infant stage, and still, it went on to revolutionize the world.
Decentralized exchanges are a game changer because they are; global, fast, trust less, open, transparent, and can guarantee anonymity. So, what’s your favorite decentralized exchange? Let us know your thoughts in the comment section below.