Centralized cryptocurrency exchanges are good when it comes to liquidity but not the best in terms of safety when used. Moreover, incidences such as BitGrail and Bitfinex hack are not a news anymore as most of us know about it.
But still, we are actually forced to use these centralized exchanges which actually violates the basic intention behind the development of a decentralized crypto economy.
The alternative being, decentralized exchanges and decentralized cryptocurrency infrastructure are still under development or have there own shortcomings but this is about to change. When the infra is ready in a full-fledged manner it will be revolutionize the revolutionizer.
Here you can find a list of options out there for decentralized exchanges:
IDEX (https://idex.market)
IDEX is a popular decentralized exchange that allows you to trade cryptos including your ERC-20 tokens with ease. It has way better and user-friendly interface than Etherdelta and is also amongst the top decentralized exchange in terms of volume and liquidity.
EtherDelta (https://etherdelta.com)
Etherdelta is again being a popular exchange with large number of coins and tokens available for trade. The user interface is much more complex for beginners while for advance users its a good choice. Etherdelta had a recent hack which raises some safety issues with this exchange.
OpenLedger Dex (https://openledger.io)
OpenLedger is a blockchain based company based out of Denmark that provides decentralized solutions for the crypto market. They have a decentralized exchanged known as OpenLedger Dex which is leveraging BitShare’s graphene technology to cater its services. Opening an account on OpenLedger is quite easy as it doesn’t require any registration or KYC to start with. This DEX also provides good liquidity sometimes and has good number of cryptos to trade.
BarterDex (https://github.com/KomodoPlatform/BarterDEX/)
BarterDex is one of my favorite DEX out there. It is a product from Komodo Platform and is one of the most advanced decentralized exchange as it uses the atomic swap technology. It has crossed more than 70,000 atomic swaps and has successfully completed swaps between BTC and ETH. The liquidity in BarterDex is low but is expected to pick up once it gains popularity.
Stellar Dex (https://stellarterm.com)
StellarTerm is an open source client for the Stellar network. It gives you an option to trade 6 different cryptos with good amount of liquidity. For this exchange you have to create an account and deposit 20 lumens to start trading.
End Note:-
Worthy mentions:
- Bancor liquidity exchange
- Waves Platform
- Kyber Network
- Altcoin.io (Under development)
- Airswaps (Under development)
But whatever their current state may be the future is promising for decentralized exchanges because they are destined to improve and innovate if they want to save the cryosphere.
Now its time to have your opinions:Which Dex are you using? Is there a major Dex with good liquidity and worthy of mentioning? What do you think about the future of Decentralized exchanges?
Let me know your thoughts in the comments below.
P.S. This is not an exhaustive list of decentralized exchanges.