Below is a list highlighting the Best Decentralized Exchanges (DEXs).
Name of the DEXSupported Blockchain NetworkTrading fee1. ParaSwapEthereum Polygon Binance smart ChainParaswap is free Associated DEX might charge a fee. UniswapEthereumVariable (0.05%, 0.3% or 1% of transaction value)3. QuickSwapPolygon0.3% transaction value4. 1Inch ExchangeEthereum Polygon Binance smart Chain1Inch – No fees Associated DEX may charge a fee. SushiswapEthereum Polygon Binance smart Chain Fantom HECOxDai Harmony Avalanche OkExChain0.3% transaction value6. PancakeSwapBinance smart Chain0.2% transaction value7. Curve.fiEthereum0.04% of transaction value8. RaydiumSolana0.25% transaction value9. BalancerEthereumVariable10. BancorEthereum EOS Variable11. ThorswapEthereum Bitcoin Bitcoin cash Litecoin Binance chainVariable
All of us are paranoid about our cryptocurrencies being stolen on central exchanges.
This fear leads us to look for more secure and safe cryptocurrency exchanges.
We all know that central cryptocurrency exchanges can be dangerous. Incidents such as the Mt. Fearful incidents such as Mt.
We were still forced to use central exchanges in the past which was fundamentally against the principles of a decentralized crypto-economy.
We were forced to use it due to a lack of options given the decentralized cryptocurrency infrastructure. Decentralized Finance (DeFi), changed everything.
Best Cryptocurrency Exchanges in The World To Buy Any AltcoinsBest Bitcoin Exchanges in The World To Trade BitcoinsA Beginner’s Guide for Decentralized Finance (DeFi).
However, the infrastructure for DeFi is still in its infancy. It will give new life to the cryptosphere once the decentralized infrastructure is fully operational. Participants will not have to worry about their funds’ safety.
What more can we ask for?
I’ve shed light on the reasons why decentralized crypto-exchanges are the future.
Read the whole story at Why Are Decentralized Cryptocurrencies The Future?
It is in this spirit that we look for the most decentralized cryptocurrency exchanges that are available to trade in our day.
To compare all exchanges, use 1inchexchange, Paraswap or Dex.ag.
11 Decentralized Exchanges You Should Use Right Now
Paraswap, one of the most prominent DEX aggregators within the DeFi Ecosystem, is Paraswap. It consolidates multiple decentralized exchanges into one place, which allows for a more competitive price for Crypto buyers.
Paraswap also has its own liquidity pool, ParaSwapPool. This increases the liquidity of the entire ecosystem.
ParaSwap doesn’t charge any transaction fees for selling or buying crypto tokens. The trader is only responsible for the applicable network gas fee.
ParaSwap.io is the only way to process transactions. A trade that is made through a third-party service (e.g., Ledger integrated wallet) could result in an additional charge.
Below is a list of wallets and blockchain networks supported by ParaSwap.
Supported NetworksWallets Supported WalletsEthereum Pogon (previously known as Matic), Binance Smart Chain(BSC),Metamask Wallet Connect Currencybase Wallet BSC, (Binance Smart Chain), Wallet Ledger Trezor
ParaSwap’s trade statistics can be found here.
Uniswap, the most widely used decentralized exchange in Ethereum’s ecosystem is Uniswap. Using Uniswap you can convert any ERC20 to any other ERC20 coin.
Uniswap has become the preferred place to launch new Ethereum-based projects due to its popularity. Learn everything a beginner should know about Uniswap exchange
Here is a video explaining everything you need about Uniswap.
You can also become a liquidity provider on Uniswap to make money. This is a great way for passive income to be earned from crypto holdings. The platform occasionally rewards liquidity providers with its own tokens UNI. This is called Liquidity Mining. Learn more: Liquidity Pools Guide For Beginners
Uniswap currently offers V2 and V3 versions. UniswapV2 charges 0.3% of transaction value as a trading fee. UniswapV3 charges a variable fee of 0.05% to 0.3% and 1%, respectively. The liquidity providers for a particular liquidity pool decide the variable fee. A trader must also pay the gas fee for the network.
Here is a list of wallets that Uniswap supports:
MetamaskWallet ConnectCoinbase WalletFortmaticPortis
You can find Uniswap’s trade statistics right here.
QuickSwap, the next generation DEX built on Ethereum, was developed on Polygon Network (previously called Matic), the layer 2 protocol of Ethereum Network. You can now transfer ERC20 tokens almost instantly and with a low gas cost.
Many applications built on Ethereum have been developed due to the huge opportunities in Yield Farming and Liquidity Mining. This has caused severe congestion on Ethereum’s network, which in turn led to an increase in gas fees.
QuickSwap, a layer 2 solution, offers all the features of an Ethereum-based application. The only difference is that layer 2 transactions are processed very quickly and have almost negligible gas fees. QuickSwap makes it easy, quick, and affordable to purchase crypto assets in a decentralized environment.
QuickSwap charges 0.3% trading fees for all trades. You can also become a liquidity provider with QuickSwap to earn passive income from your crypto assets, just like Uniswap. QuickSwap rewards liquidity providers with QUICK tokens, and a share of the trading fees.
QuickSwap Liquidity Pools
Here is a list of wallets that Uniswap supports:
MetamaskWallet ConnectCoinbase Wallet
QuickSwap’s trade statistics can be found here.
4. 1Inch Exchange
1Inchexchange, a popular aggregator for decentralized exchanges, is very popular. It has a limit order, swap, and yield farming features. It is possible to connect your wallet with 1inchexchange so that you can start using the platform immediately without revealing any personal information.
1Inch received seed funding of $2.8 million from Binance Labs in August 2020. It also raised $12 million from Pantera Capital in December 2020.
Because it fetches liquidity at multiple DEXs, the platform is able to obtain better liquidity from each individual DEX. It also offers the best price on the market. It simply divides the buy order and fulfills it using various liquidity pools and DEXs.
To reduce the price of ETH Gas, the platform uses a Chi token. This platform is one of most used DEX’s currently and should be used. 1Inch also has a mobile app that makes it easy to exchange tokens from your smartphone.
1Inch charges no trading, deposit or withdrawal fees. The DEXs that fulfill an order would be charged their fee.
Here is a list of wallets and blockchain networks supported by 1Inch Exchange.
Supported NetworksSupported WalletsEthereum polygon (earlier called Matic) Binance Smart Chain(BSC)Metamask WalletConnect Coinbase Wallet BSC Wallet (Binance Smart Chain), Wallet Ledgertrezor 1Inch Wallet ConnectPortis MEW Fortmaticauthereum Torus Bitski Arkane FunFair Wallet
Here are the trade statistics for 1Inch Exchange.
Visit 1Inch Exchange
Sushiswap, a DEX built on Ethereum, is called. This extension to Uniswap can be used not only for trading in crypto assets but can also be used to lend, stake, and fare these crypto-assets. Sushiswap also extended its reach to other blockchain networks, increasing the number and support for crypto assets.
Learn more about Staking in Cryptocurrency
The trading fee for Sushiswap equals 0.3% of the transaction amount. This is because the transaction fee does not go to liquidity providers. Instead, 0.25% goes to them and the remaining 0.05% is distributed among the SUSHI token owners. Sushiswap’s in-house governance token is SUSHI. Liquidity providers can also be rewarded with SUSHI tokens rewards. These are in addition to the trading fee share.
Here are some features of the Sushiswap Exchange:
SwapLiquidity poolsStaking LP TokensReward distribution
The following is a list of wallets and blockchain networks supported by Sushiswap Exchange
Supported Networks WalletsEthereum polygon (previously known as Matic), Binance Smart chain (BSC), Fantom HECO xDai harmony Avalanche OKExChainMetamask Wallet Wallet Connect Coinbase Wallet BSC Wallet (Binance smart Chain) Wallet Ledgertrezor 1Inch Wallet Connect portis MEW Fortmatic authereum Torus Bitski Arkane FunFair Wallet
The following list contains wallets that Sushiswap supports:
MetamaskWallet ConnectCoinbase WalletFortmaticPortisLatticeTorus
Here are the trade statistics for Sushiswap.
PancakeSwap, a DEX created on the Binance Smart Chain (BSC), is available. It is actually the most popular project on Binance Smart Chain (BSC), and offers many amazing features. Swap tokens (BEP20 tokens), be a liquidity provider or stake your LP to farm new tokens.
BSC is another option for affordable and efficient transactions when Ethereum gas fees are skyrocketing. PancakeSwap charges 0.2% trading fees on transactions. The trader will also need to pay the appropriate network fee.
Pancakeswap also provides a native token, “CAKE”, which can be used in many different ways. In recent years, CAKE’s value has increased significantly.
Here is a list of wallets that PancakeSwap supports:
MetamaskWallet ConnectTrust walletBinance Chain Safepal WalletMath Pocket
Here are PancakeSwap’s trade statistics.
Curve Finance, another Ethereum-based DEX, is ranked in the top 10 for trading volume. This platform recently integrated with Polygon and Fantom, resulting in quick and efficient transactions.
Crypto-asset holders have the option to make money through swaps and liquidity to Curve Pools.
The platform makes it clear about the potential risks that users are exposed to when using its platform. The code of the platform has been audited twice already.
The platform charges a trading fee of 0.04% of transaction value. Curve Finance is more concerned with reducing slippage. The majority of trading volume is therefore made up of stablecoin trades.
Curve is a Decentralised Autonomous Organisation (DAO) that uses an internal governance token, CRV.
Below is a list of wallets and blockchain networks supported by Curve Finance.
Supported NetworksWallet Connect WalletLink Portis Fortmatic Opera
Here are Curve.Finance statistics on trade.
This is my favorite of the Best Decentralised exchanges. Raydium can be used in the Solana ecosystem to exchange Solana tokens decentralized. Once you have connected your Solana wallet, you can begin swapping your tokens.
This platform provides on-chain liquidity to an order book. Users can view the entire ecosystem’s order flow and liquidity, not just their pool.
The platform charges a trading fee of 0.25 percent of the transaction value. The platform charges 0.25 percent of the transaction value as a reward to liquidity providers. The remaining 0.03% is used as rewards for stakers of RAY token (inhouse governance token of Raydium).
The trading view interface also allows users to view charts and place limit orders. This interface provides almost all the features of a basic central exchange.
You can also be a liquidity provider, and receive transaction fees for every swap in your pool. This is a great way for passive income. To earn handsome staking rewards, you can also stake Raydium token RAY (RAY). The FTX exchange allows you to purchase the RAY token.
Below is a list of wallets that Raydium supports:
Here are Raydium trade statistics.
Balancer, an Ethereum-based DEX, allows you to swap your ERC20 tokens and deposit them into liquidity pools to make passive income. The trade fee for Balancer depends on the liquidity pool used.
Balancer, which is built on Ethereum, offers creative ways to save gas fees. Every trade earns trader BAL tokens, which are the in-house governance token for Balancer. This reduces the transaction cost.
Slippage is also reduced due to the high liquidity of the platform.
Below is a list of wallets that Balancer supports:
MetamaskWallet ConnectCoinbase WalletPortisFortmaticTorus
Here are the Balancer trade statistics.
Bancor is a DEX which allows you to trade tokens on the Ethereum and EOS blockchains. By providing liquidity to liquidity pools, a user can make passive income. He can also borrow funds based upon his liquidity position in the pool.
Bancor is the first DEX to solve the impermanent loss problem and has helped liquidity providers. Bancor’s trading fees are variable depending on the liquidity pool used to trade.
Below is a list of wallets and blockchain networks supported by Bancor Exchange.
Supported NetworksWalletsEthereum EOSMetamask Ledger Trezor Bitcoin Coinbase Wallet Connect Fortmatic Authereum Torus Ltice Opera
Here is a list of wallets that Bancor supports:
Here are the Bancor trade statistics.
ThorSwap, a DEX built upon Thorchain, is a cross-chain protocol that is decentralized on Cosmos Network.
The exchanges mentioned above offer a highly efficient way for users to trade crypto tokens within a decentralized ecosystem. These exchanges cannot swap tokens outside the same network. An ERC20 token, for example, can only be swapped with another ERC20 token.
ThorSwap made cross-chain swapping possible. You can now swap tokens between different blockchains. You can, for example, swap BTC and ETH.
ThorSwap, therefore, is the first multichain DEX. This is why I couldn’t keep it out of my Top Decentralised Exchanges List.
Multichain swaps can be problematic because you will have to pay a lot in gas fees. To swap BTC for ETH, you’d need to pay ETH gas fees, BTC gas fees, and Thorchain gas fees.
You can also provide liquidity for the platform and earn passive income. Thorswap’s trading fees are variable. You can read more about them here.
The following is a list of wallets and blockchain networks that ThorSwap Exchange supports:
Supported NetworksWalletsEthereum Bitcoin Cash Litecoin Binance CoinWallet Connect MetamaskXDeFi Wallet Ledger
Here are the Thorswap trade statistics.
Future decentralised exchanges for alternative blockchain:
The biggest influx of blockchain, and therefore new AMM and decentralised trading platforms, was in 2021. These are the top blockchains and decentralised exchanges. These blockchains offer incredible opportunities for liquidity mining and investment. Make sure you do your research before investing in this life-changing money.
1Avalanche (AVAX)Pangloin Jellyswap2.FantomSpookyswap3.SecretSecretswap4.Binance smart chainPancakeswap5.Terra (LUNA)Terraswap
Conclusion: Top Decentralized Exchanges (Crypto Dex).
There are a few more decentralized exchanges, but they are still being built, have low liquidity or face security problems.
Take, for example:
EtherDelta [didn’t cover it due to its recent breach]district0xAirswaps [Under development]
The future of decentralized exchanges, regardless of their current status, looks bright.
These FAQ’s are about Decentralized Exchanges
What is a decentralized exchange?
A decentralized exchange, also known by DEX, is a peer to peer cryptocurrency exchange that doesn’t require any intermediary. An intermediary can however be used to protect the transaction’s transparency and security.
These exchanges don’t keep any user’s identity. They also do not have custody of buyer’s funds.
Is it possible to have a DEX for smaller transactions?
A DEX transaction costs you a trading fees and the blockchain network’s fee. This can be significant. A low-value transaction is unlikely to be possible if you perform a cost-benefit analysis.
Many DEXs have begun to adopt layer 2 blockchain solutions to reduce the high gas fees. This could make these transactions possible up to a certain limit.
What is the trading cost for DEXs?
A trading fee is charged for transactions on a DEX. This fee is used to exchange assets.
A DEX is a DEX that fulfills a buying order or selling order from a network of liquidity pools. To provide liquidity to a DEX, liquidity providers deposit funds to these pools. These Liquidity Providers are generally rewarded with a portion of the trading fee.
Our Guide to Liquidity Pools contains more information about Liquidity Providers and Liquidity Pools.
Can I use Ledger Wallet to access decentralized exchanges?
Yes, your Ledger Wallet can be used on all the DEXs. ParaSwap has recently been integrated into the Ledger Live app. You can now access the exchange only from LedgerLive.
It is now your turn to tell us: Which DEX do YOU use? Was there a significant DEX that had good liquidity I missed? What do you think of the future DEX?
Please leave your comments and thoughts below.
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