Top 8 Decentralized Exchanges in 2019
In the cryptocurrency world, there are many different ways to obtain and trade cryptocurrencies. As more time progresses, there is a growing focus on decentralized exchanges and trading platforms. It would appear the following companies are making a meaningful impact in this regard. Despite the growing popularity, users are still advised to conduct their own research first and foremost.
It is not entirely abnormal to see most of the decentralized exchanges focus on tokens and assets which are not always available on major exchanges. The ERC20 token industry has grown by leaps and bounds in recent years, yet most of the tokens can still not be traded outside of DEXes. As far as IDEX is concerned, the platform is trying to list as many tokens as possible, which can be traded against Ethereum. So far, it has not generated the highest trading volume by any means, but it would appear some of its pairs are hitting $100,000 in daily trading volume without too many problems. The platform does seem to require some personal information from users who want to sign up.
It may take quite some time until all of the decentralized exchanges and trading platforms generate sufficient trading volume to remain relevant. In the case of Waves DEX, the overall volume is still rather low. Considering how the WAVES/BTC pair generated most of the volume, it is evident the rest of the markets are not too popular just yet. Surprisingly, the platform allows users to trade major currencies for Bitcoin, Ethereum, Waves, Euro, and US Dollars. An interesting collection to start with, albeit there is still a lot of work to be done. The desktop client will undoubtedly be of great interest to a lot of users.
When looking at the Kyber Network trading platform, it quickly becomes apparent trading any of the supported currencies against Ethereum is the main bread and butter. Its most popular pair is DAI/ETH, as it is the only one which generates over $100,00 in daily volume. Users who are not necessarily interested in trading can also become a liquidity provider, which could be worth checking out. With support for hardware wallets as well, Kyber Network is trying to inch ahead of the competition.
Most cryptocurrency users are all too familiar with the EtherDelta platform. It is one of the more popular decentralized exchanges, although its focus still lies on just Ethereum and ERC20 tokens. For novice users, this platform might not be ideal, as it is a bit rough around the edges. Additionally, its overall liquidity is still on the low side of the spectrum. The forked version of this platform, known as ForkDelta, generates even less volume and supports very few coins at this time.
It is always interesting to see how different decentralized exchanges try to differentiate themselves. That is easier said than done in this day and age. For CryptoBridge, its listing of masternode coins has made it popular, albeit it seems the overall trading volume is dropping off quite regularly. Most currencies can be traded against Bitcoin, although users still need to deposit their funds. The signup process is rather straightforward, and it is still a worthwhile DEX to look at for both novice and advanced traders.
Many people were somewhat surprised to learn Tron has its own decentralized trading platform, known as TRX Market. It does not stand out yet in the world of decentralized exchanges, albeit it is not necessarily a problem at this time. Just two official markets are available, although there are dozens of “unverified” markets as well. Its overall trading volume still needs some work, but the addition of these extra markets should allow for interesting changes to occur in the coming months and years.
When it comes to high-performance decentralized trading platforms, EthFinex may have a leg up over some of its competitors. It is convenient to use, offers basic trading indicators, and focuses on ERC20 tokens. Users are not required to sign up or deposit tokens, as everything can be done from one’s compatible wallet. Being able to retain funds at all times is something more decentralized exchanges should offer at this time. In terms of trading volume, it seems EthFinex is leading the pack, although the competition will continue to step up its game as well.
Whereas all of the platforms above have built up some sort of reputation, there is a good chance they will all be trumped by Binance DEX in the very near future. This platform has tremendous expectations to live up to, although it may take a while until that effectively happens. Considering how the project has the backing of the Binance team, there are a lot of potential developments to look forward to. So far, it seems the number of trading markets remains limited, but one never knows how things may look later in 2019.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.