Top 4 Decentralized Cryptocurrency Exchanges to Watch Out For in 2019
Hello guys, the year is already underway and the cryptosphere still has this frenzy outlook with the general bearish run. With this in mind, many bitcoin and altcoin traders need trustworthy exchange that can best facilitate their trading so as to maximize profits.
Todays article brings to you 4 recommended decentralized exchange to watch out for.
Before I dive you in fully, its worthy to note the few disadvantages of centralized exchanges so we can better appreciate the need to start considering their alternative. Centralized exchanges involve the use of third parties in the trading of cryptocurrencies.
Both the seller and the buyer trust the exchange platform to serve as a middleman to receive payments and forward coins between them respectively.
Centralized exchanges are well developed and good but there transaction model gives room for insecurity of investors assets. Although there are many established centralized exchange out there but holding so much asset base continually would make them hackers target.
Kraken a fairly big centralized exchange went down for what was supposed to be a 2–3 hours of maintenance work on January 10th 2018. This turned out to be untrue and 40 hours of darkness followed. Maintenance work itself is not a problem, as it was actually needed to upgrade their trading system. However, the fact that everyone's funds are solely controlled by Kraken should be a troubling.
The private key to access all your cryptocurrencies is not with you but with the centralized exchange you trade with, meaning that if exchange goes down or is hacked, all your asset are gone. Since cryptocurrencies are highly volatile and listed on hundreds of secondary markets, a 40-hour downtime means major losses for the user in terms of opportunity costs.
A much early occurrence concerns Quadriga, Canadas biggest exchange, whose founder Gerald Cotton died locking in about $140 million. These and more insecurities surround centralized exchanges. That being said, Decentralized exchanges are relatively safer as they afford total control of funds by the investor, and gives no room for third party transactions.
Although in general, most decentralized exchange have poor user experience with many steps involved in transactions which may sometimes be confusing for a first timer. Here are 4 recommended Decentralized exchanges you should look out for
IDEX is a popular decentralized exchange that allows you to trade ERC-20 tokens with ease. It is a great alternative you can get for EtherDelta and is way better and user-friendly than ED. It is also amongst the top decentralized exchanges by volume.
IDEX order book appears cleaner thus reducing the hassle to understand the log. IDEX also make provisions for analysis tools. IDEX is the first Ethereum based decentralized smart contract exchange to support real-time trading and high transaction throughput. IDEX is the most advanced Ethereum DEX
Barter DEX adopted atomic swap technology which afford completion of trading without one party defaulting. When using atomic swaps, the transaction would not be complete until either party involved (buyer and seller) have completed their obligation.
This makes BARTER DEX one of the most sophisticated decentralized exchange out there. BARTERDEX has crossed well over 60000 atomic swap since its inception and has about 80 cryptocurrency pairs listed on it
This is a very powerful decentralized exchange for traders that wish to remain anonymous. It is a fully decentralized exchange which requires no name, email ID or verification.
Sounds cool? Currently BISQ supports 126 cryptocurrencies bitcoin inclusive and is available on Windows, Mac and Linux systems.
Waves Dex or the Waves decentralized exchange is the product of Waves cryptocurrency and blockchain. Waves DEX is fast and secure, it has matcher nodes which executes trade in near-real time whilst the WAVES-NG protocol ensures that settlement occur in the blockchain within seconds giving speeds similar to centralized exchanges.
In conclusion, decentralized exchanges are not as popular and utilized yet in comparison to centralized exchanges, they however have a promising future and every trader is encouraged to try them out.