By CryptoShrink.io on The Capital
We are all paranoid about losing our cryptocurrencies to theft on centralized exchanges.
Aren’t we?
That fear makes us look for safer and secure cryptocurrency exchanges.
Now, we all know that centralized cryptocurrency exchanges are good but not the best when it comes to safety. Moreover, incidents such as Mt. Gox hack and Bitfinex hack imbibe more fear.
Despite all, we are forced to use centralized exchanges which fundamentally violate the basic tenants of a decentralized crypto economy.
Yes, forced to use because we don’t have many options considering the decentralized cryptocurrency infrastructure, and exchanges are still being built.
That said, when the decentralized infrastructure is ready in a full-fledged manner, it will breathe a new life into the cryptosphere. People will be able to participate without worrying about the safety of their funds.
What more do we crypto enthusiasts need!
I have shed some light on why decentralized crypto exchanges will be the future.
In line with that, it becomes pronounced that we start looking for the best-decentralized cryptocurrency exchanges that can be used to trade in today’s day and time.
Here is a list of Best Decentralized exchanges:
- Uniswap
- DeversiFi
- Bancor
- Changehero
- KyberSwap
- BisQ
- WavesDEX
- RadarRelay
- Stellarterm
Note: Use Dex.ag to compare the best price among all these exchanges.
9 Best Decentralized Exchanges To Be Used Right Now
1. Changehero
Changehero is a popular DEX that will let you instantly exchange cryptocurrency without needing KYC or AML. The best part is, you don’t have to know who is on the other side and everything is done instantly. If your goal is to anonymously exchange your coins and need something instant and powerful, Changehero is what you need.
Getting started is fast and easy and just follow the steps to get started:
- Head over to Changhero
- Select the coins that you wish to exchange
- Provide your wallet address
- Changehero takes care of coin exchange and deposits it to your provided address.
This all done instantly and without any intervention.
2. Waves Dex
Waves Dex or the Waves decentralized exchange is the product of Waves cryptocurrency and blockchain about which we have talked in detail on CoinSutra. You can read more about it here.
The Waves exchange provides you with the best of the two worlds by handing you the control of your funds on the blockchain. It also accelerates the exchange process by using a centralized matching service.
This way you get the best of both the centralized and decentralized worlds.
As mentioned earlier, Waves is a decentralized exchange built on the Waves blockchain. It allows users to trade their BTC/ETH, etc., in exchange for Waves (or any other asset token issued on the Waves platform).
The volume at the time of writing on this exchange is 187 BTC which is a decent number for a decentralized exchange with 72 cryptocurrencies/crypto assets listed on it.
Note: Keep your back phrase safe because that is the only thing that will help you restore your funds.
3. OpenLedger Dex [Bitshares]
OpenLedger is a blockchain-based company based out of Denmark that provides decentralized solutions for the crypto market.
They have a decentralized exchange known as OpenLedger Dex which leverages BitShare’s graphene technology to cater to its services.
Opening an account on OpenLedger is quite easy as it doesn’t require any registration or KYC to start with. The only thing you need to take care of is your login password and username because that is the only thing which can help you in case something goes wrong.
Your password will look something like this: P5K1qu91RAGxbc2xnH9sKvhCb31ocokr1XEKLmVXfBQFP
The volume at the time of writing on this exchange is 320 BTC.
4. OasisDex (Shutting down)
OasisDEX is another decentralized exchange by MakerDao that allows you to buy cryptocurrencies.
However, considering the exchange is in the alpha testing phase, it is not highly recommended to trade on. But, you will find a good volume on it for 3 cryptocurrency pairs namely ETH/DAI, MKR/ETH, MKR/DAI.
To access this exchange, you will need an account on MetMask because it is an Ethereum DApp.
5. Radar Relay
Radar Relay is a decentralized exchange that allows you to trade Ethereum tokens without the interference of any middleman.
To use Radar Relay, you will need a MetaMask wallet with ETH cryptocurrency on it to pay for the Gas fees, etc.
The exchange is in the beta phase currently but has sufficient volume to get your hands dirty. Also, you control your funds and the only thing that you need to take care of while using this exchange is the recovery phrase of your MetMask Wallet.
You can also use this exchange with your Ledger Nano S wallet which is a much safer option.
The volume at the time of writing on this exchange is 3 BTC with more than 40 cryptocurrencies/crypto assets pairs listed on it.
6. BarterDex
Because it uses the technology of atomic swaps, you can say BarterDex is the most advanced decentralized exchange out there.
The UI, however, is not great. Hopefully, it will get better with time. BarterDex, a product of the Komodo platform, recently crossed 60,000 atomic swaps on its exchange!
Also, the new version of their GUI wallet which will be available on Windows, Mac, and Linux is under development and is expected to be much faster and user-friendly.
But for advanced users, the old GUI version is available on Github here.
So if you are a tech nerd, go ahead with your first atomic swap using BarterDex.
7. Bisq
Bitsquare is a peer-to-peer marketplace for cryptocurrencies like Bitcoins. It is a fully decentralized exchange which requires no name, email ID, or verification.
To be a genuinely anonymous peer-to-peer network, it uses Tor and doesn’t hold fiat or bitcoins on their servers or in their account. Every aspect of this exchange, from placing the order, to matching the order, or executing it, is decentralized.
Currently, it supports 126 cryptocurrencies (including BTC) and is available on Windows, Mac, and Linux platforms, but trade volumes are low.
How Bitsqaure works are beyond the scope of this article. But in the future, CoinSutra is going to cover all essential aspects of Bitsquare.
Note: Bitsquare rebranded to Bisq due to copyright issues.
The volume at the time of writing on this exchange is 4 BTC with 11 cryptocurrencies/crypto assets pairs listed on it.
Here is Bitsquare’s introductory video:
8. Stellar Dex
We have all heard of Stellar. It is a popular cryptocurrency and blockchain project.
The news here is, Stellar has also come up with its decentralized exchange.
To get started on using the Stellar network, you must first create a key pair which consists of two parts:
- Public key: The public key is used to identify the account. This public key is used for receiving funds.
- Secret key: The secret key is used to access your account and make transactions. Keep this code safe and secure. Anyone with this key will be able to access your funds on the Stellar Dex.
When you generate the key pairs for Stellar Dex, you will be given a secret key which will look something like this: SBXNBVE5RNAGP73VGAJPB4A7OW3JHRECICCUCPGCXNI24HVGFVUXOPNU
When you log in to the Dex using this key, you will be shown a public key where you will be required to deposit 20 lumens to activate your account and start trading.
The volume at the time of writing on this exchange is 55 BTC with 6 cryptocurrencies/crypto assets pairs listed on it.
Conclusion: Top Decentralized exchanges (Crypto Dex)
There are some more decentralized exchanges out there but they are either being built or have very low liquidity or are facing security difficulties.
For example:
- Bancor Liquidity Exchange
- EtherDelta [didn’t cover it due to its recent breach]
- district0x
- Airswaps [Under development]
However, irrespective of their current state, the future of decentralized exchanges looks promising.
Now it is time to hear from you: Which Dex do you use? Did I miss any major Dex with good liquidity? What do you think about the future of Dex?
Source:
https://cryptoshrink.io/blog/285-best-decentralized-exchanges
