The Top 7 Decentralized Exchanges

Discover What is a Decentralized Exchange and the top ones you should try

Crypto Exchanges

A decentralized exchange is a crypto exchange which operates without a central authority. In other words, Decentralized exchanges (DEX) allow users to trade directly with each other, peer-to-peer. Therefore, there is no need for a middleman to facilitate the transaction – and take a fee. One of the main benefits is that they are much more secure than traditional centralized exchanges. Secondly, they are much more difficult to hack. Lastly, DEXs offer greater privacy and anonymity for users. Specifically, there is no need to provide personal information or go through Know Your Customer (KYC) procedures. However, the trade-off for these benefits is that decentralized exchanges are often less user-friendly. Also, they usually have lower trading volume.

Which Decentralized Exchange Should You Choose?

There are a few things you should consider before choosing a decentralized exchange. For example, what types of assets do you want to trade. Also, what features are you looking for? Lastly, what’s your level of experience? If you are new to trading, you may want to choose an exchange that is easy to use and offers a wide range of features. For the more experienced, you may want to choose an exchange that offers features such as margin trading and short selling. 

It is also important to consider the fees charged by the exchange. Finally, we should also consider the security and privacy offered. DEXs generally have lower fees than centralized exchanges. They also offer a higher level of security and privacy. Finally, you should also consider the trading volume and liquidity of the platform before choosing an exchange. Decentralized exchanges usually have lower trading volumes than centralized exchanges. However, this is changing as more people become aware of the benefits offered by DEXs.

There are now a growing number of decentralized exchanges available. They are becoming increasingly popular as the advantages they offer become more widely known. In this article, we will take a look at the top DEXs currently available. The following is a list of the top exchanges currently in operation:

Uniswap

First, Uniswap is a decentralized crypto exchange built on the Ethereum blockchain. It is one of the most popular DEXs in operation today. Amazingly, there have been over $2 billion worth of ETH traded on the platform in the past 24 hours. Uniswap is extremely easy to use, and it doesn’t require any KYC procedures. Additionally, Uniswap offers a wide range of features including decentralized liquidity pools, token swaps, and gasless trading. Of note, Uniswap fees are 0.3%. Lastly, the platform also offers a wide range of security features such as 2-factor authentication and multi-signature wallets.

PancakeSwap

Second, PancakeSwap is a decentralized exchange built on the Binance Smart Chain. It allows users to swap BEP20 tokens and earn rewards in the form of CAKE tokens. PancakeSwap also offers a wide range of features including liquidity pools, token swaps, and gasless trading. Comparatively, its trading volume is currently $1.3 billion. PancakeSwap fees are 0.2%. Additionally, PancakeSwap offers security measures that include 2-factor authentication and a whitelist for withdrawing tokens. Finally, a key advantage of this exchange is that it can offer very fast transaction speeds.

Trader Joe

Third, Trader Joe is a decentralized exchange built on the Polkadot blockchain. It allows users to trade a variety of assets including cryptocurrencies, fiat currencies, and commodities. Additionally, Trader Joe offers a wide range of features including margin trading, short selling, and limit orders. Its trading volume is currently $600 million. Trader Joe fees are also 0.2%. Ultimately, the greatest benefit is that it offers a user-friendly interface that is perfect for beginners.

SushiSwap

Fourth, SushiSwap is a decentralized exchange built on the Ethereum blockchain. It allows users to swap ERC20 tokens. Users can also earn rewards in the form of SUSHI tokens. In addition, SushiSwap offers a wide range of features including liquidity pools, token swaps, and gasless trading. Its trading volume is currently $1.2 billion. Finally, SushiSwap fees are 0.25%.

Kyber Network

Fifth, Kyber Network is a decentralized exchange that allows users to trade a wide range of digital assets. The exchange has over $1 billion worth of ETH traded on the platform in the past 24 hours. Kyber Network is one of the most user-friendly DEXs available. It also doesn’t require users to go through any KYC procedures. Additionally, Kyber Network offers a wide range of features including decentralized liquidity pools, token swaps, and gasless trading. Of note, Kyber Network fees are 0.3%. Similarly, the platform also offers a wide range of security features such as 2-factor authentication and multi-signature wallets. Lastly, it allows users to trade a wide range of digital assets, including ERC20 tokens, Ethereum, and Bitcoin.

Binance DEX

Sixth, Binance DEX is a decentralized crypto exchange developed by the popular centralized exchange, Binance. It is built on the same technology as the Binance Chain blockchain. It offers users a fast, secure, and user-friendly trading experience. Binance DEX does require users to go through KYC procedures. Therefore, it is much more secure and private than traditional centralized exchanges. Its trading volume is currently about $1 billion per day, making it one of the most popular DEXs in operation. Amazingly, Binance DEX charges only 0.1% trading fees. It also offers a wide range of security features such as 2-factor authentication and multi-signature wallets.

Bancor

Lastly, Bancor is another popular DEX built on the Ethereum blockchain. Importantly, it allows users to convert between different ERC20 tokens without the need for a middleman. It also offers a wide range of features including liquidity pools, token swaps, gasless trading, 2-factor authentication, and multi-signature wallets. However, current fees are 0.5%. Of note, they announced fees will be lowered to 0.1% once the Bancor Network Token (BNT) is launched.

The Decentralized Exchange Ending

Decentralized exchanges are a great way to trade cryptocurrency. They offer good security and allow you to choose your trading fees. However, they can be difficult for beginners who want more user-friendly features versus margin trading or short selling. Whether you are new or experienced in crypto, we have listed the top DEX for you to consider; Uniswap, PancakeSwap, Trader Joe, SushiSwap, Kyber Network, Binance DEX, and Bancor.

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