Decentralized exchanges (DEXs) offer a great alternative to their centralized counterparts. Traders have complete control over their funds and wallets, with no ‘middleman’ acting as an intermediary between traders. Users select the platform they wish to operate on and then trade their token-backed assets.
Here’s our selection of the top mainstream decentralized cryptocurrency exchanges available today.
StellarX offers a polished, all-you-want frontend UI for the Stellar network’s proprietary decentralized exchange architecture. Users are able to sign up and in with an email address, choosing to either store, transfer and trade tokens with an associated hardware wallet or access via the web client.
As part of the relatively new Interstellar company, StellarX is constantly being revised and offers; dark mode, completely free trading, access to all Stellar listed tokens, 3-5 second trade confirmation time, total user fund control and a great UI. As with all current DEX’s, StellarX suffers from liquidity issues, processing roughly $400,000 daily.
With market maker rewards set to launch, as well as increased liquidity and anchor availability, StellarX seems set to continue establishing itself as a major DEX player.
IDEX is an Ethereum-based decentralized smart contract exchange providing real-time trading and high transaction throughput. As part of the Aurora project (a group of Ethereum protocols and applications aiming to decentralize finance and banking), IDEX gains the support of the Auror development team.
This includes other ecosystem integration, including a stable currency, decentralized capital, and digital banking. Security is offered through Ethereum’s smart contract functionality, with decentralized Ethereum wallets giving the user complete control over their funds. Transaction fees are dictated by GAS prices and are therefore higher than both Waves and StellarX. Total daily trade volume is also in the $400,000 range.
The user interface may be slightly lacking when compared to both StellarX and Waves, however, IDEX still provides great access for those wishing to trade Ethereum-based tokens.
Just like both the IDEX and StellarX, WavesDEX offers access to a decentralized marketplace where users are able to trade waves-based assets, including the native token Waves. Other types of tokens include fiat and tokenized cryptocurrencies. Volume is average for a DEX, with roughly $462,000 processed daily.
Trade/order confirmation time great, whilst not quite as fast as StellarX (within 1 or 2 seconds), and fees are set at 0.0003 Waves per transaction ($0.0008) at time of writing. The development team has promised greater liquidity and fiat on/off ramps, as well as continual development of the base protocol.
WavesDEX certainly offers users a great alternative to both Stellar and Ethereum-based decentralized exchanges.
And there you have it, our list of the top mainstream decentralized exchanges. Make sure to check out our other articles and news stories on everything crypto and blockchain.