Ever since cryptocurrencies began to gain traction, an increasing number of people want to invest in them and reap the immense dividends that the crypto world offers. But crypto exchanges, especially centralized ones, are quite prone to hacks and scams. The hacks of Mt. Gox and Bitfinex bear ample testimony to this claim. However, the lack of decentralized cryptocurrency infrastructure and exchanges aggravates the issue as it forces people to go for centralized exchanges. Nevertheless, there are still a few decentralized exchanges that you can use to keep your funds safe and secure. So, without any further delay, let me give you an overview of the best decentralized exchanges that are currently in operation.
I won’t be exaggerating at all if I say that Changehero is the best decentralized exchange, or at least one of the best decentralized exchanges, currently. It is because Changehero will let you exchange your cryptocurrencies instantly without requiring you to complete your KYC or AML. People who have used it will testify to the point that the best thing about using Changehero is that you don’t need to know with whom who are exchanging your cryptocurrencies. If you want to trade your altcoins anonymously, Changehero is your best bet.
And using Changehero is quite simple and straightforward too. All that you have to do is log in to Changehero and choose the coins that you want to trade. The platform will ask for your wallet address. From there on, it is Changehero’s responsibility to complete the procedure of coin exchange and deposit the funds to the address entered by you. What particularly stands out is Changehero’s ability to carry out these transactions instantly.
Another top decentralized exchange is Waves decentralized exchange, which seeks to provide its users with the best of both worlds by integrating the services of the centralized and decentralized exchanges. It provides its users with complete control over their funds on the blockchain while employing a centralized matching mechanism, which boosts the exchange process by manifolds. Thus, you would get the benefits of both centralized as well as decentralized exchanges.
It is built on the Waves blockchain and lets the users exchange their cryptocurrencies for Waves and other digital assets that the Waves platform supports. It has more than a hundred Bitcoins on its platform and allows the exchange of 72 cryptocurrencies that are currently listed on the platform.
Another decentralized exchange that makes it to the list of decentralized exchanges is OpenLedger. Denmark-based company OpenLedger is a blockchain-based company that uses Bitshare’s graphene technology to deliver its services. Like ChangeHero, opening an account on OpenLedger also requires no KYC. However, you will need to be cautious with your username and password as that will help you if anything goes wrong. Therefore, your password should be a perfect mix of uppercase and lowercase letters, along with special characters.
4. Stellar Dex
Many deem Stellar Dex as the best decentralized crypto exchange, which is primarily because of its reputation as a popular crypto and blockchain project. You can start using Stellar network after creating a key pair that will consist of two parts namely-
- Public Key: Your public key will be used to identify your account and for receiving funds.
- Secret Key: You can access your account with the secret key and make transactions. But make sure that you keep this code safe. Otherwise whoever is in possession of your secret key will be able to access your Stellar funds.
Once you have logged in to the Stellar site, you will receive a public key, where you will have to deposit 20 lumens for account activation. You can begin trading after your account is activated.
5. Radar Relay
If we were to consider the best cryptocurrency exchange, Radar Relay’s name would inevitably figure into our list. This platform will allow you to trade your Ethereum coins without the help of any intermediary. However, using Radar Relay is not as simple and straightforward as using other decentralized exchanges in this list. You must have a MetaMask wallet that contains ETH tokens so that you can pay the Gas Fees. With Radar Relay, you will have a hundred per cent control over your funds. But you must exercise great caution during the recovery phase of your MetaMask Wallet while using this platform.
The platforms discussed in this blog are some of the best decentralized exchanges that you must use. However, the problem with these platforms is that most of them are not yet fully developed. Also, they have low liquidity and continue to grapple with security issues. But regardless of their current situation, decentralized crypto exchanges are the future of the crypto world. If the crypto industry continues to grow at the same pace, it will only be a matter of time before decentralized exchanges take over the cryptosphere completely.
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