Since the fall of many notable exchanges a lot of users are asking themselves:
• Should I use a DEX?
• Which ones should I use?
I’m sure you must have heard by now “Not your keys, not your crypto”
FTX’s collapse is a symptom of a problem inherent to ALL centralized exchanges, also known as custodial exchanges.
Customers' tokens parked on the platform are exposed to the risk the exchange could go bust. Many CEX customers have lost faith and are now rushing to withdraw their funds, opting for non-custodial solutions instead.
This is where DEXs come in.
To know more on how they work, don't miss out on this -
https://cointelegraph.com/defi-101/what-are-decentralized-exchanges-and-how-do-dexs-work
Decentralized exchanges are decentralized finance (De-Fi) protocols that allow users to trade directly with other users via smart contracts. All this without handing over management of their funds to an intermediary or custodian like a CEX does. This feature makes it impossible for centralized players to siphon user funds and is why people are doing their trading on DEXs instead.
Why did people ever use a CEX in the first place then?
They used to be way superior in features and possibilities UNTIL now. Gone are the days where a DEX could only trade on 1 single chain. Trade Ethereum assets against Ethereum assets only. DEXs today can quite often trade assets against each other on ANY chain.
All without the comfort of your assets NEVER leaving your wallet in the first place.
But which DEXs are actually good though? Can any DEX trade all assets?
They can't and not all of them are equally user friendly or low on fees. I have done the work for you though. Have a look at the DEXs below.
@FinanceChainge
$CHNG has been called "the most liquid DEX on the market". Because of the reasons below.
• Interoperability
• Highest DEX liquidity
• Decentralized staking
• Security.
As far as available trading pairs go it has almost everything.
- THORSwap - $THOR is another one of my favorite DEXs I would recommend EVERYDAY. It makes use of thorchain which makes NATIVE cross-chain swaps possible. Together with $CHNG these one are probably my absolute favorite and reputable ones.
- THORWalletDEX
$TGT is another DEX that's made by Thorchain. The team is implementing as many features as they can AND providing support for many chains. Thorwallet is a pretty great DEX that I also would use anyday.
- FerrumNetwork
$FRM is more than just a DEX but that doesn't mean they haven't perfected their trading experience. Ferrum multiswap aims to be the most interoperable solution in the market and will soon support any chain.
- DeFi_ARC
Just like the previous one, $ARC is more than only a DEX. ARC will provide users with a simple-to-use, all-in-one unified dashboard for trading. These aren't the only DEXs out there. I could have made a way longer list of available ones that are okay to be used. These are just the ones I've grown comfortable using and have experience with. You also don't need to use all of them.Stick to your favorite ones.
Here's another good take on DEX's here -
https://www.ourcryptotalk.com/post/what-is-a-decentralized-exchange-dex
I also need to mention that all the popular single chain decentralized exchanges we know and use are also pretty great.
• Uniswap for Ethereum
• Pancakeswap for Binance
• Spookyswap for Fantom
But if many are looking for a CEX like experience they probably are looking to trade as many assets from one DEX as possible.
You can't do that on some of the most well known and popular ones.
You would need to hop from DEX to DEX.
If you are into crypto and looking to hold up discussions, join communities and network better with traders and crypto enthusiasts from all over the globe, you should definitely check out -
https://app.ourcryptotalk.com/