DEX stands for Decentralized Exchange. There are mainly two types of exchanges are available in the market Centralized and Decentralized. In centralized it is fully managed by a single person or team of persons, it includes your funds too. But in Decentralized it is not managed by any person or no one can change or touch any user’s account or funds.
Note: Never share your Private Key of your wallet or Password or PIN. Even if he is your friend, a big company owner (scammers may contact you by saying he is the owner of this or that company). Also sometimes you may face an issue with your funds or accounts on exchanges and you may try to reach the support team through various methods and it is possible for scammers to contact you by saying they can help you. Simply ignore his message because he may share links includes viruses, phishing sites, ask for private Keys.
Let me show you a small difference between Centralized and Decentralized Exchanges.
- In centralized your funds are controlled by Exchange owners and in Decentralized, your funds are controlled by you, I mean by the user itself.
- Not anonymous in the Centralized exchange case but in Decentralized Exchange it is anonymous.
- Centralized Exchanges are possible to get hacked. Decentralized exchanges are not possible to get hacked.
- Owner scam users, In Centralized exchange owners, can run away with users funds but in Decentralized owners/creators can’t take users funds.
- No limitation in Decentralized exchange unlike in Decentralized there is various types of limitation.
As we all know every good thing comes with some problems. There are some problems with Decentralized exchanges too, mentioned below.
- Not easy to use for newbies. Mostly new users get confused while using DEX for the first time.
- Very simple features, Decentralized exchanges don’t have advanced features like Centralized exchanges have.
- Also, most DEX is had low volume and new coins are rarely available.
So, now you understand what is the benefits of Decentralized Exchanges have. Now check out some best DEX sites.
- Binance DEX: Ones of the trusted and best DEX site, launched in 2019. The current volume is 102BTC. BTC, BNB, TUSD, BUSD, and other ALTS are supported. The exchange fee is 1%.
- IDEX: IDEX Market is another trusted and active DEX exchange. The total volume is 37 BTC. IDEX charges 0.2% fee. Use Metamask for easy use and other wallets. Active since 2016.
- DDEX: It was launched in Dec 2017 with a current volume of 18 BTC. The fee is 0.1% and 0.3% which can view on the fee page. Users can also earn interest and can lend or borrow coins.