People who have worked in the crypto industry know that without the presence of decentralized exchanges, this industry would not have reached its current position. So that these trading platforms are one of the most important pillars of the cryptocurrency world. Note that the main feature of digital currencies is the decentralization and anonymity of their transactions, which is considered to some extent in centralized exchanges. Therefore, the developers of the cryptocurrency world found a solution for it, which was the existence of decentralized exchanges. In decentralized exchanges, it is possible to make transactions without intermediaries and anonymously, which has become very popular among cryptocurrency users in the past few years. In the continuation of this article, we would like to introduce the list of decentralized exchanges and to introduce decentralized exchanges that you should stay with us to get information in this field.
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Introduction of decentralized exchanges
Decentralized exchanges are known as DEX, which is a place to buy, sell and trade digital currencies that is not controlled by any person or entity. Decentralized exchanges are a coded project based on the blockchain network, and their level of security depends on the development team as well as the coders of this group. Note that you don’t need to register or authenticate to operate in decentralized exchanges, but it can only be serviced through users’ digital wallets.
Therefore, in these decentralized exchanges, you no longer want to worry about your account being hacked or your assets being blocked. Also keep in mind that because they are not overseen by an entity, they simply use the blockchain features to control their platform and are not dependent on following the laws of a particular country. Brokers also have a function similar to an exchange; By reading the article What is the difference between an exchange and a broker? Now that we have talked a little about decentralized exchanges, we would like to name the best decentralized exchanges for you.
The best decentralized exchanges
Today, there are many centralized exchanges, but due to authentication and also problems such as identity verification, trading on such platforms is high risk for Iranians. Therefore, decentralized exchanges have made this task easier for Iranians, and in this article we will provide you with a list of decentralized exchanges.
Binance Dex exchange
This exchange launched its decentralized system in February 2019. Binance DEX uses the processing core of the Binance exchange or the Binance chain to carry out its transactions, and it can be said that this decentralized exchange is not much different from the centralized Binance exchange in terms of speed and power. Also, it is better to know that the fee for transactions is only 0.1%. Even if he uses the special token of this exchange, or Binance Coin, to buy and sell cryptocurrencies, the amount of commission will also be lower in transactions. The Binance Dex exchange supports almost all hardware and software wallets, and the most important features of this exchange are high security and a very simple user interface.
Of course, keep in mind that according to this exchange, countries that are on the black list cannot use this system. So, normally, Iranians cannot benefit from the services of this exchange because you need to change your IP to operate in this exchange. To learn about the world’s largest exchange, read the article about Binance exchange.
Another of the best decentralized exchanges is Uniswap, which started operating in November 2018 based on the Ethereum blockchain network. In this platform, the transaction fee is 0.3%, which must be paid through ERC-20 tokens based on the Ethereum network. It is better to know that the volume of transactions in this exchange is increasing day by day, and now it can be said that UniSwap is one of the most popular and best decentralized digital currency exchanges.
It also has a section called liquidity pools, where a large number of cryptocurrencies are placed in the form of smart contracts. By providing liquidity to these pools, you can make money from them. This exchange is also very famous because of its very useful application in facilitating automatic transactions. Also, this widely used exchange automatically solves all liquidity problems. To learn more about this exchange, you can read the article What is UniSwap exchange?
Pancake Swap exchange
The PancakeSwap exchange had a significant increase in the volume of transactions in 2021, and it is better to know that PancakeSwap is one of the most prominent automatic market maker protocols on the platform of the Binance smart chain. Its sovereign token is called CAKE and this exchange allows its users to trade BEP-20 tokens as well. You can also participate in the lottery of non-fungible tokens or NFTs, sell tokens, etc. to earn passive income by providing liquidity. You can also refer to this page for information on the best NFT lending platforms.
Read more: Local coin exchange
Another decentralized exchange that was recently built based on the Ethereum blockchain network; The exchange is IDEX. In this platform, you can refer to it to perform peer-to-peer transactions of ERC-20 tokens. This exchange is very similar to centralized exchanges, it is one of the few decentralized digital currency exchanges that has provided its users with the ability to store assets within the system. Also, on this platform, you can cancel buy and sell orders and even exchange before completing the process. Its other features include an easy-to-use interface, low transaction fees, the possibility of simultaneous transactions, access to analytical tools, encrypted keys, and a very strong support system for its unique features.
Burger Swap exchange
This platform is based on the Binance smart chain where users can provide digital currencies through an automated market maker or AMM. AMM is also supported by its own liquidity pool, where users are rewarded with Burger Tokens instead of providing liquidity. In general, the main goal of Burger Swap exchange is to solve the problem of Ethereum-based transactions, which have recently been plagued with high hashrate, slow speed, and price slippage.
In this article, we mentioned the types of decentralized exchanges for you and said that in these exchanges, no institution or person manages them to conduct transactions. These exchanges are a coded project based on the blockchain network.