Top 5 Decentralized Exchanges That You Can Use To Trade Now

Are you looking for the top decentralized exchanges (DEXs) that you can use to trade now? If your answer is yes, make sure you read till the end. We will be revealing to you the best decentralized exchanges in this guide. 

What is a Decentralized Exchange?

A decentralized exchange is a fully decentralized cryptocurrency exchange, where transactions occur peer-to-peer without any intermediary broker or middleman. Decentralized exchanges often utilize automated market makers (AMM), and do not require KYC. 

Top 5 Decentralized Exchanges

Below are the top 5 decentralized exchanges based on performance and popularity. 

1. PancakeSwap

PancakeSwap is a decentralized exchange running on Binance Smart Chain. It offers many incredible futures. PancakeSwap enables you to swap tokens, become a liquidity provider, and stake your LP tokens to farm new tokens. 

Also on offer on PancakeSwap is a native token referred to as “CAKE”. This token has a lot of utility, and in recent times, the value has increased. 

Click here to use PancakeSwap

2. Uniswap

Uniswap is the most popular DEX on the Ethereum ecosystem. It allows you convert any ERC20 token to any other ERC20 token. Uniswap has become the preferred place for most new Ethereum based project launchpads due to its huge popularity. 

Uniswap also allows you to become a liquidity provider. With this, you can make passive income from your crypto holding. 

Click here to use Uniswap

3. SushiSwap

SushiSwap is a decentralized crypto exchange built on the Ethereum blockchain. It is a fork of Uniswap that adds the appetizing SUSHI token. SushiSwap uses AMM to create and manage liquidity pools of tokens that can be tapped into by users to swap crypto assets.

The AMM model of SushiSwap allows users to trade cryptos and earn yields in the form of SUSHI tokens and trading fees without depending on a centralized platform operator. SUSHI, the native currency of SushiSwap also acts as a governance token. 

Click here to use SushiSwap

4. 1inch Exchange

1inche exchange is a popular DEX aggregator that picks and selects the cheapest crypto prices across DEX exchanges. It offers limit order feature, yield farming feature, and swap feature. 1inch exchange does not require your personal information before you can use the platform. 

1inch exchange platform makes use of a mechanism called “Chi token” to lessen the cost of ETH Gas. 1inch also has a mobile app, making it easier for users to swap tokens using their smartphones. 

Click here to use 1inch Exchange 

5. Bancor

Bancor is a prestigious liquidity protocol that pioneered the DeFi market. It enables automated, decentralized exchange on ETH and across blockchains. Bancor allows you to trade tokens and earn interest on your favorite tokens. 

Bancor empowers traders, developers, and liquidity providers to take part in an open financial marketplace with no hindrance to entry. To use the open-source Bancor protocol, you don’t need any permission. 

Click here to use Bancor

Conclusion

In theory, decentralized exchanges are the perfect exchanges. They entrust all ownership and rights to the community, and all processes are completely carried out by smart contracts. Several decentralized exchanges exist today, but the ones listed above are among the best out there.