- Are you afraid of your cryptocurrencies being stolen on centralized exchanges?
- Are you looking for much safer and secure cryptocurrency exchanges?
If your answer is YES (!) for these questions then I think we have the same concerns.
Centralized cryptocurrency exchanges are good but not the best in terms of safety when used. Moreover, incidences such as Mt. Gox hack and Bitfinex hack are not a news anymore as most of us know about it.
But still, we are actually forced to use these centralized exchanges which fundamentally violates the basic tenants of a decentralized crypto economy.
Yes, forced to use because we don’t have another option as the decentralized cryptocurrency infrastructure and decentralized exchanges are still being built.
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But believe me when it is ready in a full-fledged manner it will be breath a new life itself into the crypto-sphere because then people will be able to participate without worrying about the safety of their funds.
I too have previously shed some light on why decentralized crypto exchanges will be the future. If you wish you can read this full story: Why Are Decentralized Exchanges The Future Of Cryptocurrencies?
So in line with that, it becomes very obvious that we start looking around and find out which are the best-decentralized cryptocurrency exchanges that can be used right now to trade.
5 Best Decentralized Exchanges To Be Used Right Now
1. Waves Dex
Waves Dex provides you the best of the two world’s by providing you control of your funds on the blockchain and accelerates the exchange process by using a centralized matching service.
This way you get the best of both the centralized and decentralized worlds.
WavesDex is a decentralized exchanged 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 182 BTC which I think is decent for a decentralized exchange with 72 cryptocurrencies/crypto assets listed on it.
Note: While you register on Waves Dex don’t ever forget to keep your back phrase safe because that is the only thing that will help you restore your funds.
OpenLedger is a blockchain based company based out of Denmark that provides decentralized solutions for the crypto market.
They have a decentralized exchanged known as OpenLedger Dex which is leveraging BitShare’s graphene technology to cater 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 that you need to take care 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 which I think is decent for a decentralized exchange with 125 cryptocurrencies/crypto assets pairs listed on it.
CryptoBridge is a new entry in the decentralized crypto exchange markets. CryptoBridge is a decentralized exchange running on top of the BitShares Network. It supports decentralized trading on all popular altcoin pairs without a single point of failure. You always hold the private keys to your funds, only you have access to them.
But it certainly has some USPs that makes it different than other centralized exchanges such as:-
- It has native BCO token called as BridgeCoin.
- It allows BCO token staking and 50% revenue share with BCO HODlers.
- It has no single point of failures because of its federated servers.
The login process is quite simple where you just need to select a unique username and a cryptographic password will be generated automatically which you need to note down and keep it safe.
The password will look something like this-P5K19WQQp1WWtWQjXwDA2cmPpoyqJhcCfhqYQt5TFC4tW
The volume at the time of writing on this exchange is 201 BTC which I think is decent for a decentralized exchange with 38 cryptocurrencies/crypto assets pairs listed on it.
To be a truly 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 is decentralized from placing the order, to matching the order, to executing it.
Currently, it supports 126 cryptocurrencies (including BTC) and is available on Windows, Mac, and Linux platforms, but trade volumes are low.
How Bitsqaure work is beyond the scope of this article. But in the future, CoinSutra is going to cover all important aspects of Bitsquare…
Note: Bitsquare was 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:
5. Stellar Dex
Stellar which we all know is a popular cryptocurrency and blockchain project has also come up with its native decentralized exchange.
To get started on using the Stellar network, you must first create a key pair. The key pair consists of two parts:
- Public key: The public key is used to identify the account. It is also known as an 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.
You when you generate the key pairs for Stellar Dex you will be given secret key which will look something like this –SBXNBVE5RNAGP73VGAJPB4A7OW3JHRECICCUCPGCXNI24HVGFVUXOPNU
And 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 in order to activate your account and start trading.
The volume at the time of writing on this exchange is 36 BTC with 6 cryptocurrencies/crypto assets pairs listed on it.
Conclusion – Working Decentralized exchanges
There are some more decentralized exchanges out of which few are still being build and few are still have very low liquidity or are facing security difficulties.
Namely, such exchanges are:
- Bancor liquidity exchange
- Counterparty Exchange
But whatever their current state may be the future is promising for decentralized exchanges because they are destined to improve and innovate if they want to save the cryosphere.
So that’s all from my side in this article.
Now it is time to hear from you: So which Dex are you using? Did I miss any major Dex with good liquidity? What do you think about the future of Dex?
Let me know your thoughts and comments in the comments section below.
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