A decentralized cryptocurrency exchange is built on a blockchain and uses distributed ledgers to allow peer-to-peer exchange and trading of digital assets via smart contracts. User's funds are held in their personal wallet and they get to keep their private keys.
Most of DEXs charge low fees between 0.1% - 0.25% per trade and some charge no fee for market makers. Some of these exchanges use Lighting Network, atomic swaps and other technologies that facilitate cross-chain transactions.
Besides the exchanges covered in this article, here are more decentralized crypto exchanges.
BarterDex is a DEX that uses atomic swaps, which is a smart contract technology that enables two parties (in different cryptocurrency chains) to exchange different cryptocurrencies or tokens without anyone defaulting.
Being a product of Komodo platform, BarterDex had transacted more than 60,000 atomic swaps by June 30 this year. However, it is still in beta and has recorded very low trading volumes on most instruments. The exchange allows trading of all cryptocurrencies against Komodo network. It also does not allow fiat transactions and hence is not the best place if you are new to cryptocurrencies. It also does not offer margin trading. It offers advanced charting for cryptocurrencies as well as history and balances.
The DEX lists more than crypto assets pairs. However, the platform will list 1000 cryptocurrencies once it fully integrates the ERC20 tokens. The fees are around 0.15% per trade for takers while it is free for makers. This is low compared to the fact that most exchanges charge between 0.2% - 0.25% per trade.
The DEX works best with the Komodo’s Agama wallet because you do not have to download a full node on the computer, but you can also use Agama Wallet App, you can use Komodo Paper Wallet (Cold Storage) or Ledger Nano S.
Bisq (aka BitSquare)
Bisq (aka BitSquare) is an open-source desktop DEX that lets users buy and sell Bitcoins in exchange for national currencies or alternative cryptocurrencies, all without requiring any name, email ID or verification. The exchange currently supports 126 cryptocurrencies and is available for Windows, Mac, and Linux platforms.
The current trading is $190,273 USD volume. On it, you are able to start trading for less than 10 minutes.
The bad side is that the cap on crypto-to-crypto transactions is 1 BTC while fiat-crypto transactions capped below 1 BTC, and private transactions could draw the attention of regulators.
IDEX allows customers to transact ERC-20 tokens in addition to wrapped Eth easily and serves as an alternative for EtherDelta and can be considered more user-friendly than ED. It has so far traded around $1,598,498, making it one of the most dominant DEXs in the market today. The exchange has much cleaner order books and customers also get access to analysis tools for doing TA and charting if you like.
The exchange features encrypted wallets, off-chain trading engine, with smart contracts controlling funds, authorization and final settlement. This means users can trade continuously without waiting for confirmations.
As a trader, you will have access to supporting limit and market orders, gas-free cancels and ability to fill many trades at once. You can access all the trading pairs and click on any that you want in order to access price charts and depth charts. You are able to check the last process and 24-hour volume among other features.
The maker fee is only 0.1% while the taker fee is 0.2%.
CryptoBridge Dex uses the BitShares Network blockchain Graphene, has a native token called BCO token called BridgeCoin. The Graphene blockchain is capable of transacting one hundred thousand transactions per second. The confirmation time on this blockchain is 3 seconds on average and the network has more than 12 dedicated nodes and still growing.
With this exchange, you are able to stake BCO and earn a 50% revenue. This cryptocurrency exchange lets you trade 38 cryptocurrencies/crypto assets pairs listed on it.
The trading volume is currently standing at $1,562,884 USD; while the trading fees on this DEX is 0.2% for makers. You also get charged to cancel orders or withdraw crypto from the DEX.
OasisDex is a crypto DEX by MakerDao, which lets users trade three cryptocurrency pairs namely ETH/DAI, MKR/ETH, MKR/DAI supporting ETH, MKR, DGD, REP, ICN, 1ST, SNGLS, VSL, PLU, MLN and DAI tokens. Being an Ethereum DApp, you are able to use MetMask.
Accessing the DEX requires you to run an Ethereum client, such as Mist, MetaMask, Coinbase Wallet or the Parity Browser. However, this exchange is more suitable for large orders.
From the current open orders, you are able to click on any order to accept the proposed trade and get a confirmation modal that outlines the details of that particular trade. There currently is no matching engine, so a customer will have to find the best orders for them to accept.
The volume on this DEX is $313,438 USD so far.
Radar Relay is an exchange that allows trading of Ethereum-based tokens using a MetaMask wallet or Ledger Nano S wallet. Other wallets you can integrate include Parity and Mist.
They use the 0x Protocol to help relay tokens between one personal wallet to another and will not hold custody of the user's tokens. Basically, a user places an order using their wallet by interfacing with the website, or by trading programmatically using the API. The platform will then relay this information to the Ethereum blockchain through the 0x protocol and the latter uses smart contract to complete the order on the blockchain.
As a relayer, it crafts order book from cryptographically signed messages from liquidity providers or market makers who are willing to sell their assets for a given time period. A liquid taker or market taker accesses the order book and agrees to trade with the maker under specific conditions. The order is then filled through the 0x protocol.
You can also contact the company for automated trading and dApp integration via API.
Stellar Dex has just released its long-awaited decentralized exchange. The platform is a decentralized cryptocurrency exchange. It allows users from different blockchains to trade cryptocurrencies. Unlike most DEXs which are limited to Eth-based tokens, Stellar Dex allows trading of BCH, BTC, USD, ETH and much more although it is a heavily centralized cryptocurrency. It also allows depositing of fiat that you can use to trade.
You can also withdraw the cryptocurrency from your wallet into a different exchange wallet at a fee. For instance, using Lumens, the platform allows a user from one blockchain with EUR balance to trade with another with USD balance all without any need for conversions. It matches the two orders based on Lumens.
The advantage of this is that those with fiat do not need to convert them into Lumens or any other cryptocurrencies to participate in trade when they only need a different fiat currency on a cryptocurrency exchange. It also allows users to keep their digital assets in whichever currency they will because it is easy to make the conversion.
Otherwise, the platform is basically a matching order system that completes a taker order when a matching maker order is made. The order will cancel when a matching order is not found. A user can also look at the order book to select the best rate of conversion for his or her assets at any time.
The transaction volume on this crypto exchange is $377,825 USD. The blockchain was also planning to add Lightning Network support.
It allows users to create digital assets including currency, commodity, security, utility token, or another type of asset.
Waves DEX allows for the tokenization of assets where users are able to create their own tokens or cryptocurrencies in one minute and issue them to their customers. Thus it is a great platform for those willing to raise ICOs and funds for cryptocurrency business. You require just one Waves token to create a custom token. You are also able to decide what name to give to the token, how many to issue and how many decimal fractions to keep.
Besides, it offers fiat gateways that allow you to exchange any token issued on the Waves platform with fiat. Also, this platform records both fiat and cryptocurrency exchanges on the Waves blockchain. However, you will require KYC/AML when depositing or withdrawing fiat although this is not necessary for cryptocurrency transactions. For those issuing their digital assets, they can do analyses on the platform.
Users are able to also lease their Waves from their balances.
It has a web client as well as an Android and iOS application. Once you are signed up, you are issued with your wallet address, and then you can view the order book from the right side of the account on clicking the candlestick menu on the left side. You can also click on the Buy or Sell buttons below the order book and input the number of Waves to buy or sell then set the time for order expiration -- either in minutes or weeks/months and the limit price.
The value of Waves token in BTC is indicated for every transaction. On it, you can also view your trade histories (both open and already executed trades) and balances.
The exchange volume is currently around $135,096.
ICOHub is also an additional feature on this exchange, which lets communities of projects seeking to start their ICOs to vote and the winner gets support from Waves to host and conduct their ICOs.