Decentralization is one of the main postulates of cryptocurrency. This factor guided Satoshi Nakamoto when he created Bitcoin, the first decentralized token. After all, decentralization allows you to carry out transactions and trade independently, quickly, and conveniently.
Moreover, today the demand for decentralized cryptocurrency platforms has grown on an immense scale – this is due to the great interest of traders in blockchain technology and cryptocurrencies. We will guide you through several decentralized cryptocurrency exchanges.
A decentralized cryptocurrency exchange has several important features and benefits for the average user. For example, such platforms offer minimum fees and a huge list of available cryptocurrencies. All this eliminates the risk of price manipulation due to excess trading volumes.
Moreover, identity verification is not a prerequisite here so that clients maintain confidentiality and can invest in promising projects with maximum comfort. And you can find out about the most interesting startups at https://chainbroker.io/projects/.
However, let’s move on to the list of the leading decentralized exchanges on the market.
A well-known platform in many countries that supports various BEP-20 tokens. Moreover, the exchange has a CAKE-governance token. Also, the platform boasts features such as NFT trading, lottery, and income farms. The exchange supports market orders, stops losses, and takes profit and margin trading. The platform can utilize 2FA since liquidity and security are the main peculiarities of this decentralized crypto exchange project.
Uniswap has proven to be one of the greatest decentralized exchanges. One of the early exchanges that gained great popularity in the cryptocurrency market. It moderates the interaction between buyers and sellers in order to create a liquid market. Their protocol is designed to exchange tokens between users without the participation of a third party.
Uniswap is an automated market maker. Thanks to this, users can trade ERC20 tokens through the AMM protocol using liquidity pools. When exchanging DEX tokens, users must select an exchangeability pool. It will then be used to complete the transaction. The commission, in turn, averages 0.3% of transactions, but it can rise to 1% if you trade unusual pairs. Therefore, the platform is perfect for those who want to trade popular cryptocurrencies with a minimum commission.
Another decentralized platform, but don’t rush into making any decisions. SpookySwap is full of interesting features. It is built on Fantom Opera, which offers fast and secure trading. Users can trade Fantom or other ERC-20 tokens while visiting the exchange. SpookySwap allows users to limit orders and standard swaps. Then you have the option to sell your tokens at top prices.
The AMM protocol ensures liquidity and security. The exchange offers limit orders functionality, which allows users to call it a universal trader. To connect to Fantom Opera, traders need to make MetaMask accounts. Connecting them to SpookySwap would be the best option. Once you have fulfilled all these tasks, you can enjoy the platform’s delights. The commission for every trade is 0.2%
Curve will be the best-decentralized exchange for traders interested in stablecoins. This unique project provides swap solutions for customers, allowing you to trade assets close in price with a low commission.
To trade users with each other, Curve uses flexible links. A smart contract blocks the traded DEX tokens when a transaction is identified. Then two new tokens are created from these tokens. The first is the anchor token, and the second one is the borrow token. The underlying asset’s value represents the anchor token, while the debt represents the borrowing token.
Curve Finance, like Uniswap, works on the AMM protocol. This means that liquid providers on the exchange receive a commission for supplying liquidity to the market. It is based on Ethereum, where users provide pools other exchange clients can use. The volume of transactions and the exchange rate between stablecoins are the basis of fees. The site’s real-time calculator helps you see the exchange rate with commissions included. At the moment, the commission is 0.04% per transaction.
This famous decentralized cryptocurrency exchange also deserves your attention. The platform is based on the 0x protocol and uses ERC-20 tokens. SushiSwap is consistent with major cryptocurrencies like Ethereum, Bitcoin, and Litecoin.
The platform boasts additional features, e.g., the MISO launchpad, yield pools, and online lending. The first option allows users to launch their tokens and borrow them from other people through the network’s lending feature. The platform is similar to PancakeSwap in that it rewards for adding liquidity to the exchange. The commission is 0.3% of each transaction.
It is another decentralized exchange suitable for trading your assets across multiple platforms and blockchains. DydX is a decentralized crypto exchange working on the Ethereum blockchain. The project was launched in 2018 and has proven to be a reliable and secure exchange platform.
Currently, the platform managed to overtake its main competitor (Uniswap) in terms of total trading volume. The developers offered users a native platform token – dYdX. The commission for operations on the site depends on the trading volume. Fees can go up to 0.10%. Developers offered DydX holders discounts on commissions up to 50%.
When studying the characteristics of crypto exchanges, one should think about personal convenience. A trader should be able to navigate instantly, study the DEX tokens list, consciously draw up an order, understand the meaning and principle of operation of financial instruments, and receive high-quality and understandable support having entered the site.
The platform is also required to provide training materials and a demo version. Thanks to them, beginners can get comfortable, and experienced traders test strategies: graphs, analytical information, and knowledge of all the news help in cryptocurrency trading.
Everyone can choose the exchange that meets his requirements. Each of them has its functionality and capabilities. When choosing the best-decentralized cryptocurrency exchange, check its security, functionality, and fees.
If you are still determining if the platform meets the above conditions, then it is better to choose another exchange. Remember that the proper analysis and the choice of a quality platform allow you to avoid mistakes at the initial stage and make trading as convenient and efficient as possible. This means that success becomes more real.