Trading cryptocurrencies using centralized crypto exchanges! Doesn’t it sound weird?
Defeating the basic principles of cryptocurrencies, that is, their decentralized nature, centralized exchanges brought a lot of trouble to the industry.
But, the lack of options forced everyone to use these inefficient options.
However, since the introduction of decentralized exchanges, it changed the whole outlook of crypto trading with its superior security and trade execution mechanism.
Decentralized exchanges are bringing confidence back in the market as you will no longer be required to depend solely on Centralized exchanges
The following are the ten best-decentralized exchanges that you can use to trade cryptos now:
List Of Top Decentralized Crypto Exchanges To Trade Crypto In 2021
Previously known as Bitsquare, Bisq is an open-source, P2P application for trading in cryptocurrency for national currencies.
It’s simple and easy to use interface allows starting trading in less than 10 minutes. Some unique features of Bisq are:
- No identity verification required and instantly accessible.
- Fully decentralized as trading takes place on the global p2p network of users running the Bisq application.
- Safe and secure as it allows security deposits and multisig trade wallets.
- Privacy-oriented as all personal data are stored locally
- Bisq DAO allows decentralized revenue distribution and decision making, which makes it self-sustaining and censorship-resistant.
- Supports over 126 cryptocurrencies including all major coins
#2. Binance DEX
Binance, a popular and established name in the crypto derivatives exchanges space, has also taken a plunge in the decentralized exchange system.
Through Binance DEX, it offers the freedom to trade from convenient key stores to the ultra-secure hardware wallets. Key features of Binance DEX:
- Highly secure: Its peer-to-peer transfers and trades ensure zero exposure to security threats
- Fast: With 1 second block time, waiting for blockchain trade confirmation is a thing of past
- Cheap: Trading fees as low as 0.04% when doing trade using BNB token
- 117 trading pairs offers more options and flexibility to trade.
Binance DEX has been rated no.1 decentralized exchange in terms of volume by coinmarketcap.com. To know more about it, check this Binance Futures review.
#3. Waves DEX
Waves DEX is developed by Waves Project, and its launch dates back to early 2017.
It offers its users all the benefits of centralized exchange but with the security of the decentralized exchange system. In other words, its incoming order matching is done through a centralized process but has no access to user funds.
It has its own token called WAVES and forms an essential part of its exchange ecosystem. Some key features of Waves DEX are:
- Supports all major cryptocurrencies
- Supports hardware wallet Ledger Nano S and Ledger Blue
- Suitable for setting-up your trading bots using API
- Can create your token with just 1-Wave within 1 minute
- Low and fixed trading fee at 0.003 WAVES per order filled
#4. OpenLedger DEX
OpenLedger DEX can be termed as the most user-friendly decentralized crypto exchange platform. Offering service in more than ten languages, the platform is built atop the Bitshare network.
The exchange also allows conversion of BTC to fiat-backed smart coins and can withdraw it using PayPal, Ripple gateway, or CCEDK’s NanoCard. Some other features of OpenLedger DEX are:
- Support over 50 coins including the major one
- Trading fees of 0.20%
- A high-performance platform that can handle 100,000 transactions per second.
- Ensures maximum security through decentralization, advanced encryption, 2FA, cold storage, rigorous access management.
- Basic and advanced modes for both beginners and professional traders.
KyberSwap is a next-generation decentralized exchange and is an ERC20 DEX, which allows conversion of token directly from the user’s wallet, conveniently and securely. Some unique features of KyberSwap are:
- Allows limit order on swapping tokens at a specified rate
- The fastest way to buy ETH tokens using fiat money
- Support VISA/MasterCard credit card with a minimum order value of 20 Euro
- Ad-free cryptocurrency live price charts
EtherDelta was established in 2017 and specializes in the trading of Ethereum and ERC20 tokens. In short, the exchange platform serves as a one-point contact for trading in almost all ERC20 tokens.
It uses smart contracts to execute functions like trade, deposits, transfers, and withdrawals which ensures the highest security standard, while you keep control of funds.
Further, placing an order on EtherDelta is free, except a platform fee of 0.3% is paid by the user executing the trade. And, the platform is highly flexible, and users can add new tokens that are just released from ICO.
Some of the drawbacks of EtherDelta are its complicated navigation, slow trade, and supports only Ethereum and ERC20 tokens.
#7. AtomicDEX Exchange
AtomicDEX is a revolutionary DEX platform based on the third generation of Komodo’s decentralized exchange technology. Its single application is a combination of multi-currency secure wallet and non-custodial decentralized exchange.
The multi-currency wallet takes away the hassle of juggling through different wallets and supports hundreds of different cryptocurrencies. It includes Bitcoin, Ethereum, Komodo, ERC-20 tokens, etc.
The AtomicDEX comes with built-in decentralized trading features that include advanced peer-to-peer mobile-first atomic swaps.
In layman’s term, it allows you to trade in cryptocurrencies without sending it to the exchange, keeping full control of the coin at each moment.
Other features include:
- Shared liquidity pool
- Atomic-swaps can be performed on mobile devices
- Multi-swap support in a single device
- Unrestricted trading pairs
- No fee for the market maker, takers pay only 0.15%
LocalCoinSwap has simplified the process of buying and selling of cryptocurrency without compromising on the security aspect of the platform. The platform connects traders from all over the world, enabling trading in over 20+ cryptocurrencies, including the major ones.
One of the unique features is that it allows 250+ payment methods, including bank transfers, without the need for the KYC process.
Compared to other DEX, which enables users to keep control of their funds at every moment, LocalCoinSwap uses an escrow system to secure funds and create trustless trades between users.
DeversiFi is a replacement of Ethfinex (also a DEX) by BitFinex cryptocurrency exchange. The entity operates independently from its parent and offers a host of new advanced features to its users.
Describing itself as the most advanced Ethereum decentralized exchange, it allows orders of all shapes and sizes with the security of OTC desk. It supports any standard ERC20 token and offers unmatched liquidity.
Other features of DeversiFi:
- No registration required, connect your wallet and start trading
- Support all popular wallet options including Metamask, Ledger, Trezor, Portis and many more
- Lightning-fast order matching
- Real-time order management
- Access to more than 30 highly liquid markets
- Margin trading which lets you lend out your funds and earn interest
- API trading which allows you to add exchange capabilities directly to your DApp.
After tasting success in decentralized payment networks, Stellar now plans to do the same by revolutionizing the decentralized exchange ecosystem through its DEX platform, StellarX.
StellarX is a bit different from the rest of the decentralized exchanges. It claims to be the world’s first decentralized exchange with global fiat gateways that allows trading in Bitcoin for Euros and the Chinese Yuan.
With XLM as its base currency, it supports trading in multiple assets, including different blockchains. Its other eye-catching features are:
- Trades are free; even network costs are refunded.
- Allows free movement of funds, from the conversion of fiat tokens to money in the bank account and swapping crypto tokens for their native coins.
With the concept of centralized crypto exchanges becoming outdated, will 2020 prove to be the year of DEXs or still much more needed. Only time will tell.
However, the list of best-decentralized exchanges discussed is not a definitive one, but an exhaustive one as we can expect more projects soon, offering more value to the users.
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