Top 8 Decentralised exchanges you can use today
Decentralised exchanges are the answer to shortcomings and security concerns posed by centralised exchanges. While most of the trading volumes are still dominated by centralised exchanges, here are 8 decentralise exchanges that you can use today.
WavesDex is a decentralised cryptocurrency exchange platform, which is built on the Waves blockchain. It was launched in April 2017 by the Waves blockchain network. This platform allows trading of Bitcoin (BTC), Ether (ETC), etc. The exchange occurs via Waves coin or any other digital-asset-token that is issued on the Waves blockchain.
According to its founders, this platform provides the option of “decentralised blockchain tokens…being traded on very centralised exchanges.” This means that the decentralised services of blockchain are provided, integrated with the advantages of a centralised system here. For security and privacy, the decentralised nature of blockchain is followed. But to provide quickness in transactions, a centralised server operates. It matches all the incoming orders without any access to its customer’s funds.
Challengy remains a very popular cryptocurrency exchange platform, because of its simple, sharp and uncomplicated nature. It has many features to provide this simplicity. Firstly, it has an automated system for listing exchange prices. Challengy aggregates the prices of different virtual assets from different exchanges. Then it lists their average rates for traders on the platform.
Another feature that it has is the simplified fee model. Challengy charges a straight-forward fee rate of 0.5 percent for every trade carried out on the platform. So the fee remains same across all cryptocurrency that are available on it. Unlike other platforms with complicated fee models, they do not charge different fee for different exchanges. This makes the process rather easy for traders.
Bisq allows the exchange of Bitcoin for virtual currencies (such as Ethereum, Monero, etc.) as well as for fiat currencies (such as Yen, USD, etc) It is a fully decentralised exchange that is available on Windows, Mac, etc.
Bisq is one of the most privacy-oriented crypto exchange platforms out of all others. It is for those “who do not want to forfeit control or privacy to a central authority in order to trade with other individuals. We regard financial transactions as a form of private speech that should be protected from surveillance by banks, governments and other institutions.”
The platform has various features to guarantee this privacy. Bisq does not demand sensitive information (name, e-mail ID, verification, etc) on the internet to get verification. It also uses a P2P network, which employs Tor to ensure that the user’s identity is perfectly hidden.
CryptoBridge is a decentralised exchange that offers its own coin known as BCO (BridgeCoin). Though it has newly entered the market there are high hopes attached to this exchange.
The platform provides trading of all popular cryptocurrency pairs. Though it is cheaper for users to trade when the trading is done using BCOs. It also has a special feature, where only the user holds the private key to his funds. So no one except the account holder can access those funds. The platform also has no point of failures due to its federated servers.
Founded in 2015 and based in Denmark, OpenLedger Dex is a trading platform for cryptocurrency that provides decentralised solutions for the crypto market. It was initiated to solve the problems of speed, security, stability and transparency in the blockchain world. They have a decentralised exchange which is leveraging BitShare’s graphene technology to cater its services.
The noticeable thing about OpenLedger Dex is the easy process to open an account. This is mainly because it does not require any registration or KYC to begin with. The only things that the account requires are username and password. So these are the only simple details that users need to remember to carry out transactions, or even start with the platform.
Etherdelta is based on the famous and widely used Ethereum blockchain. So this is the platform where users can find tons of ERC20 tokens that have not yet been added to other famous exchange sites. It also has a large volume daily, around $4 million trading volume that continues to increase every day.
However, there have been many issues with this exchange platform, for not being user-friendly. Also, it is known that the platform was recently compromised.
IDEX also was known as “Decentralised Ethereum Asset Exchange” has been gaining attention in the blockchain community recently. It is exclusively focused upon P2P trading of ERC20 tokens but the coins have to be deposited on the exchange for trading. IDEX has recently crossed the $1 million USD daily trading volume benchmark. It is predicted that the platform is likely to go considerably high in the future.
Counterparty Dex works with the Bitcoin Blockchain and aims to create an ecosystem of P2P trading. The technology on this platform allows Counterparty nodes to communicate with each other via the Bitcoin blockchain. Interestingly, this platform allows for the creation of new digital assets as well. The volume transaction of Counterparty Dex has been rising, with $2000 daily market volume last September. So the coin has high prospects in future.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.