- Decentralized exchanges are the trading platforms in which there is no middleman or third-party involved in performing the transactions.
- It works on the DEX protocol: a protocol supporting multiple tokens with order books.
- With the advent of Decentralized Exchanges in the industry, we can expect reduction is scams and other fraudulent activities in the trading platforms.
As most of them have tried with Centralized Exchanges like Coinbase, Binance, and looking to branch out further? If you’re one such person, this article is a must-read for you.
You can go with creating and launching Decentralized Exchanges (DEX) which are the new crypto future. Decentralized Exchanges are the crypto trading platforms that perform transactions anonymously or without a central authority. The major motto of launching DEX is to get rid of unwanted fraudulent activities from third-party services.
Here is the list of Best Decentralized Exchanges that are ruling the future of the marketplace:
Crypto Bridge is a relatively new entry Decentralized Crypto Exchange which is running on top of the BitShares Network in the market. It supports trading of all Altcoin pairs without a single point of failure.
This is how Crypto Bridge differs from other popular DEX exchanges:
- Crypto Bridge has its own coin called Bridgecoin.
- The reason why it doesn’t have a single point of failure is because of its federated servers.
The usage of the platform is also very simple and user-friendly. While for login, you just need to have a unique user name which automatically generates a cryptographic password for you.
Crypto Bridge can process up to 100,000 transactions per second and allows its own users to take complete control over their funds. However, Crypto Bridge doesn’t support Fiat currency transfers.
24-Hour Trading Volume: $262,176
Waves DEX is the sub-product of Waves cryptocurrency and Blockchain. It allows the users to trade popular cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, etc in exchange for Waves or any other token issued by Waves DEX platform.
To put it in simple words, Waves Decentralized Exchange provides Centralized Exchange with no risks. It comes with complete security and privacy for the users in the platform. The reason is ordered matching is done in a centralized manner here but with no access to your funds.
24-Hour Trading Volume: $262,176
IDEX is one of the best-decentralized trading platforms which is live right from January 8th, 2019. It is headquartered in the U.S. and acts as a registered company in Panama.
Being built on an Ethereum Blockchain platform, it comes up with a clean interface for crypto trading. Initially, it supports its users to trade Ethereum and ERC 20 token trading pairs.
IDEX is integrated with Ledger Nano S and Meta Mask wallets, where traders can safely place their cryptocurrencies as well as their private keys. However, this exchange doesn’t allow trading of popular cryptocurrencies such as Bitcoin, Ripple, Litecoin, etc. For now, it has more than 18,000 active users on the platform.
If you are a trader, this platform is applicable if you are looking for high-end security and user control while trading digital assets, you can go with IDEX Exchange. Moreover, it also acts as a Hybrid Crypto Exchange with a combination of both Centralized & Decentralized Crypto Exchanges.
24-Hour Trading Volume: $53,135,813,407
Radar Relay is one of the common decentralized exchanges in recent days. You can primarily trade Ethereum tokens without any middleman interference. To make use of Radar Relay, you need to create a Metamask wallet with ETH cryptocurrency to pay gas fees, etc.
If you don’t have a Metamask Wallet, you can make use of Ledger Nano S Wallet which is also a safer option. In the year 2018, this decentralized exchange has managed to raise $10 million from Blockchain Capital and other investors.
Traders are more inclined towards Radar Relay with its effective and intuitive design interface with premium ledger integration and rich availability of tokens in the exchange platform.
However, liquidity is comparatively low compared to traditional cryptocurrency exchanges. Additionally, multiple transactions in the platform can also slow down the trading process it seems.
24-Hour Trading Volume: $264,164
Forkdelta is one of the open-source decentralized trading platforms which remains as the updated interface for Ether Delta. It supports trading of around 321 cryptocurrency pairs for the users.
To speak about its pros, Forkdelta is compatible with multiple languages such as English, Chinese, Korean, French, Spanish, etc. Moreover, it doesn’t charge any fee for deposit and withdrawal. Users just need to pay transaction fees alone. Additionally, users can add tokens to the platform by just inputting the required details.
However, token prices are manipulated heavily. Thus, the volume of the exchange is decreasing and hence is the liquidity of the trading platform.
24-Hour Trading Volume: $36,255
OpenLedger is a Blockchain-based company in Denmark that provides decentralized solutions to the cryptocurrency market. Moreover, opening an account in OpenLedger is going to be a simple task. It doesn’t involve any complex registration process or KYC to get started. The only thing you need is to note down your login & password credentials safely since this is the only way to recover your account if something goes wrong.
It can handle around 100,000 transactions per second and hence most of the traders are trading instantly in this platform. This platform too consists of an attractive interface that is completely helpful for both the newbies and experienced professionals to trade effectively.
24-Hour Trading Volume: $31,493
LocalEthereum is a worldwide decentralized marketplace for traders to buy and sell Ether tokens effectively. It is a peer to peer exchange where people pay using their local currency and choose the payment method of their choice.
When it comes to security, the trading platform has introduced Escrow service to make sure funds are held until the transactions are concluded. Additionally, it’s a to-end encryption feature to enhance the privacy for the users.
It charges around 0.25% of the maker fee and 0.75% of the taker fee initially. There is no restriction on its operation and functions across the globe. This would be completely helpful for beginners to get started.
With the advent of Decentralized Exchanges in the industry, we can expect reduction is scams and other fraudulent activities in the trading platforms. If you are a developer or an interested in Launching Decentralized Exchange, undoubtedly it can be one of the best ways to earn profits.
Hope the future of the crypto industry is free from scams!