So you have tried central cryptogeld exchanges like Coinbase and Binance, and now you are looking to branch out further. Did you try a decentralized exchange yet? Decentralized exchanges are very common in the world of cryptocurrency. Otherwise known as DEX, a decentralized exchange makes easier for users to trade peer-to-peer (P2P) without ever trusting their digital assets to services outside of their network.
This lack of relying on third-party services was what led to the rise in the popularity of decentralized exchanges. This essentially means that customers’ funds are not placed on hold by outside companies before transactions are concluded. In a decentralized exchange, decentralized coins are used to trade or exchanged for other currencies in the cryptomarket. The transfer occurs between users in an automated process.
Centralized Vs Decentralized Exchange Platforms
The decentralized form of trading is better when compared to the centralized exchange in the sense that it doesn’t go against one of the core principles of the cryptocurrency concept which is the blockchain technology. The primary motive of this technology is to remove the centralized control of funds or transaction processes. The trading of every individual is anonymous and hosting is done by a distributed network.
Decentralized exchanges are also less prone to hacks, not subjected to government interference and funds can be withdrawn to a user’s personal wallet without limitation. Here are some of the top decentralized crypto coins.
Popular Decentralized Exchange Platforms
Here are a few popular decentralized exchange platforms to check out;
The wave dex is a decentralized exchange built on the waves blockchain. It allows users to trade their BTC or ETH in exchange for wave tokens or any other asset tokens issued on the wave platform. The trade volume currently sits at 324.22btc ($1370728 USD).
This exchange platform provides users with an anonymous account that is not connected to any email or other identifying data that could be prone to future hacks. Users are also provided with a password that protects their account when working in a specific device or browser. It uses a decentralized matching system to source for transactions to suit their exchange plans. The wave dex exchange platform has 72 assets (coins) cryptocurrencies listed on its network.
The Stellar Dex is an exchange platform in the stellar coin and blockchain network. It is an open source client for the stellar network used to send, receive and trade assets. The assets supported include XLM, SLT, USD, TERN, ETH, MOBI etc. And in total it can support 63 crypto assets.
The developer of the stellar wallet, LOBSTR is now the leading developers of the stellar coin. They developed the stellar wallet platform to run on both the iOS and Android operating systems.
This dashboard offers users a list of supported assets in the stellar exchange system where they can easily compare coin prices, their dollar equivalent, their trade volume and changes in value in real time cryptomarket. They can even see pair coins and view their buy/sell offers to make a trade.
The Radar Relay is an exchange wallet that uses the Ox protocol to move tokens between wallets. The ox protocol (project) is known for the development and powering of decentralized trade networks and digital assets including exchange for the growing Ethereum-based tokens.
The Radar Relay trade network is a bridge that allows users to run Ethereum Dapp in their browser without running the full ethereum node. The system is highly liquid through the sharing of standard API aggregating liquidity pools.
Radar Relay DEX also orders exchange between peers. The network never holds custody of your token giving the benefit to have funds intact in your wallet in case of mishaps or maintenance.
The IDEX is a decentralized exchange for trading ethereum ERC20 tokens. It is developed by AuroraLab S.A for speed transactions and security using the blockchain network. It has a trading volume of $480219USD (116.15 BTC) with 142 active crypto assets listed on their network.
The overall system was designed to reward traders who primarily trade using the IDEX. To get started you need to unlock your ethereum wallet. Deposit a token on the exchange and start trading to earn rewards.
Open Ledger Dex (Bitshare)
This is another decentralized crypto exchange platform built for the Bitshare financial contract which uses the Graphene (Programming) Protocol built by Cryptinomex to generate security codes for transactions.
The Bitshare platform is a Coinbase asset and can be exchanged for other cryptocurrencies. Exchanges are done through orders matching in the protocol. Bitshare is generally a popular exchange that can be used by anyone who has access to the internet making its liquidity global.
The Bitshare protocol has no limits to its trading experience. Its decentralized technology is fast, and transactions are executed in real time. The Open Ledger Dex technology it uses offers the unique feature of SmartCoins such as bitUSD, bitEUR, bitCNY and other related assets in the wallet system. The physical assets of these smart coins all have the same value, hence 1USD is worth $1 and can be redeemed.
The Bisq decentralized exchange is an open-source desktop application that allows users to buy and sell Bitcoins in exchange for national currencies and altcoins. Its current Market Volume is 63.18BTC ($262739USD) with 16 crypto exchange assets listed on its network. It is designed to give users fast and constant accessibility and approval from a central authority.
Tradings ae carried out on a peer-to-peer base and cannot be censored or stopped. It is safe in terms of using a decentralized arbitration system and never holds your funds. Transactions are private between end users where they can exchange personal data that is stored locally. The code it uses is open-source and transparent.
The Bisq is recommended for those who do not want to lose control over their funds as transactions are private and strictly between participants.
You can download the app to get started. Once downloaded, start by adding your cryptocurrency accounts. You then go on to create new offers or make existing ones. Navigate the user interface to conclude trade.