Top Five Decentralized Cryptocurrency Exchange

The financial ecosystem is rushing into a decentralized network, enforcing millions around the world to invest, transfer and deal in digital currencies. The landscape of cryptocurrency market is changing from centralized exchange to decentralized exchange. So, let’s take a roundup of what decentralized exchange is and the top five trading players available for decentralized trading.

In recent times, the centralized cryptocurrency exchanges have a tarnished history and terrible past of being manipulated, hacked and violence. From the Mr.Gox hack, Tether issues to Coincheck hack, all signs point to an evolution to trading platforms that runs without any centralized authority.  Apparently, it calls users to invest, trade and transfer digital assets in a more secure and fairway.

A Quick Note on Decentralized exchange

In case of a decentralized exchange, no coins or private keys are stored on central servers. Instead, they use blockchain technology and enable P2P trading without relying on a third party. Herein, the buyers and sellers become their own order book – Moreover, they are free to decide the terms of their trades.

More obviously, the decentralized exchange is just a platform for individual cryptocurrency holders to invest, trade or transfer their earnings to the other individuals on a platform without depending on any central authority.

Waves DEX

The Waves Decentralized Exchange brand itself as the “Blockchain for the people”. Established in 2016 by Sash Ivanov, the platform has a vision of reinventing entrepreneurship at global level via a shared infrastructure. Every user on this platform can create their own custom tokens – investors, traders, developers and organizations, in general, may opt waves DEX to obtain multiple benefits. At Waves, one can crowdfund a project, create an in-app currency or can build a loyalty rewards program. Moreover, it offers low transaction fees and low latency.

Waves have its wallet named as WavesWallet.io wherein users can release tokens and also stores their own tokens. There is no limit on any withdrawals and no high commission fee as well.

The network comes with following transaction types;

  •    Custom Application Tokens (CATs)
  •    Decentralized Exchange (DEX)
  •    Anonymity features

Website – //wavesplatform.com

IDEX Exchanges

IDEX is one of the leading decentralized exchange, based on Ethereum and ERC 20 token trading pairs. Using smart contracts, users can manage their private keys and trade in P2P system. Basically, IDEX platform is owned by AuroraDAO (an Ethereum based decentralized exchange solution for Ethereum project). AuroraDAO held its ICO during 2017 and launched IDEX decentralized exchange soon after.  

IDEX Exchange offers you four multiple options to create a wallet;

  • Keystore File – whether you’re creating a new wallet or accessing old one, you can have a private key uploaded to an Ethereum address using the Keystore file.
  • Manually private key – You can manually enter your private key to unlock an Ethereum address.
  • MetaMask – Unlocking MetaMask wallet and access to the exchange
  • Ledger Nano S – You can directly deposit funds by integrating Ledger Nano S into the exchange.

Website – //idex.market/

Binance DEX

Binance recently launched its decentralized exchange, known “Binance Chain”. The platform has its native token, known as BNB token. Within six months of time, Binance emerged as the world’s largest centralized exchange and the launch of decentralized exchange is just an Addon.

Binance Chain uses BNB token to strengthen decentralized exchange in terms of fast, liquid and easy transactions. The official website of Binance DEX shows two options for digital currency trading – Basic and advance, which are user-friendly to everyone with basic knowledge of digital currency. The basic section is less technical than advanced version. Moreover, the advance version present in-depth technical analysis of digital currency volume over time.

Website – //www.binance.com/

OmiseGo

OmiseGo is one of the top DEX, featuring digital wallet, clearinghouse, liquidity provider mechanism and asset-backed blockchain gateway. Based on Ethereum technology, OmiseGo offers P2P or b2b networks.

Beside expertise crew, OmiseGo has a strong advisory board with members like Vitalik Buterin (Ethereum Co-founder), Dr.Gravi Woods (Ethereum Co-founder and founder of Polkadot and Parity) and Joseph Poon (Co-author of the lightning network).

Why should you opt OmiseGo?

  •    The platform is easily accessible without bank involvement.
  •    It offers low costs, scalable solution and instant settlements.
  •    OmiseGo provides custody for decentralized currencies and decentralized fiat tokens.
  •    Proof-of-Stake (PoS) system abides by chain activities

Website – //omisego.network/

Open Ledger

OpenLedger is a product of Bitshares built with Graphene technology. It’s among the top DEX, enabling users to trade on the exchanges and converting their cryptocurrencies into smart coins. Established in the year 2015 in Denmark by Ronny Boesing, OpenLedger is not just a crypto trading platform but a Decentralized conglomerate, hence called Openledger DC. The conglomerate has its own native token called OBITS, advertising platform called HubDSP, Crowdfunding system named ICOO, Game development platform called GetGame and reward-based token called BTSR.

Beyond this, OpenLedger has captured the market potential – with an aim to fund the development of its other platform.

Website – //openledger.io/

Final Thought

Cryptocurrency transactions are a big deal nowadays but the one who is well aware of decentralized exchange, tend to earn better and better. Though centralized exchanges are trying to get better and better with more friendly user interfaces, crypto enthusiast tends to transmit their interest from centralized to decentralized exchanges.

We’ve discussed a handpicked DEXs, however, hundreds of Decentralized trading platforms are emerging every new day. Stay in touch with bitcoinwarrior to keep updated with latest DEX.