We are all paranoid about losing our cryptocurrencies to theft on centralized exchanges.
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.
- 7 Best Cryptocurrency Exchanges In The World To Buy Any Altcoins
- Best Bitcoin Exchanges In The World For Trading Bitcoins
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.
You can read the full story here: Why Are Decentralized Exchanges The Future Of Cryptocurrencies?
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:
9 Best Decentralized Exchanges To Be Used Right Now
1Inchexchang is a popular aggregator of decentralized exchanges. It offers swap feature, limit order feature and also yield farming feature. You can connect your wallet on 1inchexchange, and start using platform without needing to provide any kind of personal info.
1Inch also secure $2.8 million recently from top investors. The platform uses a mechanism called Chi token to reduce the cost of ETH Gas which is over the roof currently. The platform is one of the most popular dex’s right now, and something you should be using. 1Inch also offers a mobile app, which makes it easier for anyone to swap tokens with the comfort of a smartphone.
Uniswop is the most popular decentralized exchange on the Ethereum ecosystem. Here is a video that explains everything you need to know about Uniswap. Using Uniswap, you can convert any ERC20 token to any other ERC20 token. Due to the huge popularity of Uniswap, it has also become the first choice of place for many new Ethereum based project launchpads. Read: Uniswap exchange – Everything a beginner need to know
On Uniswap you can also make money by becoming a liquidity provider. This is a great way to earn passive income from your crypto holding.
Raydium is part of Solana ecosystem, and can be used to swap Solana ecosystem tokens in a decentralized manner. You can connect your favorite Solana wallet, and from here on you can start swapping your tokens.
You can also become a liquidity provider, and earn the transaction fees from every swap in your pool. This is a great way to earn passive income. You can also stake Raydium token (RAY) on Raydium governance to earn a handsome staking reward. You can get the RAY token on FTX exchange.
Pancake swap is the most popular project on the Binance smart chain, which offers many great features. You can swap tokens, you can become a liquidity provider, and you can also stake your LP tokens to farm new tokens.
Pancakeswap also offers a native token called “CAKE” which has a lot of utility, and the value has appreciated a lot in recent time.
Changelly 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, Changelly is what you need.
Getting started is fast and easy and just follow the steps to get started:
- Head over to Changelly
- Select the coins that you wish to exchange
- Provide your wallet address
- Changelly takes care of coin exchange and deposits it to your provided address.
This all done instantly and without any intervention.
6. Waves Dex
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.
7. 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.
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.
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 is 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:
10. 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.
- Bancor Liquidity Exchange
- EtherDelta [didn’t cover it due to its recent breach]
- 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?
Let me know your thoughts and comments in the comments section below.
Here are some more articles from CoinSutra for you:
- 7 Best Cryptocurrency Exchanges In The World To Buy Any Altcoins
- Komodo Cryptocurrency: Everything Beginners Need to Know
- Best Bitcoin Exchanges in the World For Trading Bitcoins
- What Is Atomic Swap and Why It Matters? [Must Know]
Harsh Agrawal is the Crypto exchange and bots expert for CoinSutra. He founded CoinSutra in 2016, and one of the industry’s most regarded professional blogger in the fin-tech space.
An award-winning blogger with a track record of 10+ years. He has a background in both finance and technology and holds professional qualifications in Information technology.
An international speaker and author who loves blockchain and crypto world.
After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.
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