There are a lot of various DEXes out there. Any big crypto blockchain has its DEX and all respectable crypto trader has its own favorite DEX.
The big difference with a decentralized exchange compared to crypto exchanges are that you can only deposit crypto, so no payment processors or debit cards can be used to get started here. They is very limited regulation with DEX, which is the biggest risk. However, the main advantages for many users is that no KYC is required to get started with DEX. Below is a top list of the best ones.
Best 4 DEXs available to exchange crypto currencies directly on the blockchain
This is the toplist with the best decentralized exchanges in United States. There may still be restrictions what people in the your geographic region are allowed to do when it comes to crypto currencies and using DEXes. So make sure that you read up on the regulatory restrictions as well as the terms and conditions for each exchange and consider what is allowed or not allowed. Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to loose.
Go directly to
- 1 Best 4 DEXs available to exchange crypto currencies directly on the blockchain
- 1.1 What is a decentralized exchange?
- 1.2 How does a DEX work?
- 1.3 Which are the biggest DEX?
- 1.4 How do I get started with a DEX
- 1.5 Are there any decentralized exchanges without KYC?
- 1.6 How are the standard fees on a DEX?
- 1.7 Which DEX got most coins?
- 1.8 What is the top DEXs?
- 1.9 How do a crypto exchange and a DEX compare?
- 1.10 Do I have to pay deposit fees for many decentralized exchanges?
- 1.11 Which DEX has got hacked?
- 1.12 Do you have a DEX top list?
- 1.13 Which is the major DEXs for Binance Smart Chain?
- 1.14 Which is the top DEX for Terra assets?
What is a decentralized exchange?
A Decentralized crypto Exchange (DEX) is a blockchain-based app that’s operated on a decentralized basis between lots of users with external crypto wallets. This means that decentralised exchanges are coordinators of crypto trading, rather than intermediates/middlehands between buyers and seller.
How does a DEX work?
Decentralized Exchanges work as peer-to-peer marketplaces, where individuals trade with each other directly. These transactions are not processed by a central authority, and that means KYC procedures are not necessary. It is worth noting that these crypto sites only allow traders to exchange cryptocurrencies; you cannot use fiat currencies to buy crypto. Decentralized crypto exchanges are usually very simple, meaning you cannot set limit orders or use other advanced features.
These exchanges establish the prices of various cryptocurrencies against each other using an algorithm. They also rely on liquidity pools to facilitate transactions. Any trades carried out on these platforms will be recorded on the blockchain directly, meaning anyone can see the transactions.
Which are the biggest DEX?
Decentralized exchanges now handle hundreds of billions of dollars every year. The biggest exchange at the moment is Pancakeswap, and its native cryptocurrency now has a market cap of over $2.3 billion. Binance is a major investor in Pancakeswap.
How do I get started with a DEX
You can follow these steps to get started with a decentralized exchange:
1. Start by finding a crypto exchange that suits you.
2. Log into your crypto wallet and add funds to it.
3. Connect your wallet to the DEX platform.
4. Select the tokens you want to exchange and adjust the settings.
5. Approve the transaction and wait for it to be completed.
Are there any decentralized exchanges without KYC?
These decentralized exchanges don’t usually require users to complete KYC procedures, meaning you can trade anonymously. With these exchanges, all transactions are done using smart contracts. That means no organization can approve or deny the transaction.
How are the standard fees on a DEX?
A key benefit of these exchanges is that they charge very low fees, usually between 0.01% and 0.03% of the transacted amount. Most of the fees are meant to fund the liquidity pool. It is worth noting that centralized crypto exchanges have much higher transaction fees.
Which DEX got most coins?
Pancakeswap is currently the decentralized exchange with the most coins. Some of the newest cryptocurrencies are only traded on this platform. You can use this exchange to trade cryptocurrencies like the native CAKE, along with SHIB, BNB, BUSD, ETH, USDT, BSW, TRX and many smaller and newer tokens.
What is the top DEXs?
Like always, it depends what you are looking for and where you live. That’s why we have GEO-IP based
One of the top decentralized exchanges is MDEX or the Mandela Exchange. This company uses the Heco blockchain and has grown quickly since its founding in 2021. It now averages more than $5 billion in trading volume every 24 hours. The main benefits of MDEX are its low transaction fees, higher trading frequency, and excellent user experience.
Another great DEX platform is Biswap, and this also offers very low transfer fees. A key investor of this DEX platform is Binance Labs. The platform is secured with a SAFU insurance fund, which is meant to hedge users against any potential loss of funds. As noted on Crypto Lists, the main disadvantage of Biswap is that it is totally anonymous and unregulated.
You can also use Pancakeswap to purchase cryptocurrencies. Some of the main coins featured on this DEX platform are ETH, CAKE, BNB, USDT, FIL, and ADA. Pancakeswap has never been hacked, and that means their track record is better than most . The platform charges a transaction fee of 0.25%. Almost all these fees are used to fund the liquidity providers.
Another famous exchange is Uniswap, and this one is based on the Ethereum blockchain. Its governance token is UNI. Holders of this cryptocurrency can vote on various issues affecting the development of the crypto exchange. As one of the top decentralized crypto exchanges, Uniswap has over $3 billion worth of crypto assets locked away on its protocol.
How do a crypto exchange and a DEX compare?
The biggest crypto exchanges today are all centralized, meaning they are governed by a single authority. These exchanges are also regulated by one or more governments and need licenses to operate. Decentralized exchanges are quite different from these platforms.
First, they are not owned by any entity as the users collectively control the networks. You will only need to purchase the native cryptocurrencies of the exchanges so that you get a vote on the running of the exchange. Decentralized exchanges are also extremely difficult to regulate and generally don’t get licenses from any governmental bodies. Since these platforms are decentralized, they are very difficult to hack.
Centralized exchanges also have a few advantages over DEX. One of these benefits is that they have a lot more features to offer. They also have high levels of liquidity, and orders are typically executed in less than a second.
Do I have to pay deposit fees for many decentralized exchanges?
With many of these exchanges, you will not need to deposit funds as they will be transferred directly from your crypto wallet. You may only need to pay transaction fees when buying or selling cryptocurrencies.
Which DEX has got hacked?
DODO was hacked in March 2021, and this resulted in the loss of $3.8 million. The hack affected several pools, including WSZO, ETHA, and WCRES. Funds from the AC pool were fully recovered. The criminals were able to access the funds by creating a counterfeit DODO token by manipulating a bug in DODO’s V2 smart contract Crowdpool. It is interesting to note that the hack had very little impact on the success of the crypto exchange; the price of its native cryptocurrency even managed to stay stable.
Do you have a DEX top list?
At Crypto Lists, we have a list of the top decentralized crypto exchanges, and these include MDEX and Biswap. We will still add new exchanges to the list. Are there any crypto exchanges you want to see on our list? Let us know and we will add them ASAP. We are also ready to answer any queries you may have about decentralized crypto exchanges.
Which is the major DEXs for Binance Smart Chain?
PancakeSwap is really popular and improving every month, while SushiSwap seems to have lost some of their popularity following the exit from one of the founders.
Which is the top DEX for Terra assets?
TerraStation is the main one, while TerraSwap can be an alternative for newer cryptocurrencies.