Decentralized exchanges (DEXs) offer the potential to provide cryptocurrency trading enthusiasts with many compelling features and benefits.
These benefits and features may initially come with a trade-off of lower liquidity on decentralized cryptocurrency exchanges. But over time, the advantages will outweigh the disadvantages.
The benefits present on many decentralized exchanges, including anonymity, no KYC procedures, increased security, and minimal to no wait times for centralized withdrawal and deposit processes, factors which certainly make decentralized exchanges worthwhile.
Here is a list of the top decentralized exchanges present in the cryptocurrency world today.
Decentralized Exchanges You Need To Use in 2019
Launched in 2017, IDEX is an decentralized exchange focused on the simple trading of ERC-20 tokens. This decentralized exchange made it to our list because of its streamlined, professional, and overall great user experience.
By using IDEX, you get to enjoy the same level of visual and easy trading experience that you would on Binance or another centralized platform. The main difference is that at IDEX, the easy to use UI will come with the benefits of decentralization.
Users can feel safe with IDEX smart contract implementations, making way for a slew of other components to act in a trust-less manner.
KyberNetwork Decentralized Exchange
KyberNetwork allows users of Ethereum and ERC-20 tokens to have a seamless way of trading between their assets. The network’s dedicated service called KyberSwap has a great user interface. There’s no clutter and no craziness, just simple exchange through an aesthetically pleasing system.
The exchange also has decent volumes, making it a viable platform for your decentralized exchanging needs.
You can trade with ETH, DAI, or KNC to variety of altcoins including WBTC, MKR, POWR and BAT. With no need for deposits or order books, you can simply connect your wallet through Metamask, Trezor, or a slew of other mediums and become ready to swap your assets easily.
Kyber allows you to trade up to $3,000 per transaction, with a limit of $15,000 daily. If you need more action, you may register with the exchange to increase these limits.
Switcheo is a DEX that has a professional interface similar to that of Coinbase, making it very user friendly. It boasts of ample trading activity, an easy trading process, and a significant 24 hour volume.
Switcheo is available on both Ethereum and NEO blockchains, with a focus on NEO-based blockchain tokens such as GAS, AVA, and TKY. It has recently listed WBTC as well. The exchange continues to improve the experience by adding more tokens across blockchains as it progresses.
Switcheo is a great option for those who prefer top line security, consistent innovation, and the ability to trade directly from their individual ETH or NEO wallets.
The exchange also offers 24/7 support for issues and concerns.
Self-described as a decentralized liquidity network, Bancor allows individuals to trade with a substantial amount of liquidity between various blockchain based tokens. You can trade a variety of tokens ranging from EOS to KIN.
Their list of supported wallets includes Bancor Wallet, Trezor, Ledger, and Metamask.
The trading volume seems to be decent onthe Bancor Network, as a cursory glance on the coinmarketcap data shows approximately $625,218 worth of trades processed daily on the platform.
Several other decentralized exchanges, such as Uniswap, also exist, yet the current ones made it to the list due to their popularity, usability and functionality.
With that being said, new DEXs keep popping up on the cryptocurrency sector and each of them brings their own set of functionalities. Make sure that the exchange you are trading with is secure, well-known and reliable.