Centralized cryptocurrency exchanges are suitable but not the best in terms of safety when used. In addition to that, incidences such as Mt. Gox hack cannot be overlooked. Centralized exchanges process millions of dollars every day. And Customers do not know who owns the exchange. So in that sense they can become corrupt. Therefore, all form of regulations are useless to protect us since we do not know where the centralized exchanges are. Despite of that, we are forced to use centralized exchanges because we do not have another option as the decentralized exchanges are still being built. And not many people know about them. Therefore, it becomes obvious that we start looking around and find out which are the best-decentralized cryptocurrency exchanges that can be used right now to trade.
Some of the Best Decentralized Exchanges so far
1. IDEX, decentralized exchange that allows you to trade ERC-20 tokens with ease. It is the best alternative you can get for EtherDelta.
2. Waves Dex, or Waves decentralized exchange is the product of Waves cryptocurrency and blockchain about which we have talked in detail on CoinSutra too.
3. Open Ledger Dex (Bitshares), a blockchain based company based out of Denmark. They have a decentralized exchanged known as OpenLedger Dex which is leveraging BitShare’s graphene technology to cater its services.
4. CryptoBridge Dex, a decentralized exchange running on top of the BitShares Network.
5. OasisDex, decentralized exchange by MakerDao that allows you to buy cryptocurrencies. However, the exchange is in alpha testing phase.
6. Radar Relay, a decentralized exchange that allows you to trade Ethereum tokens without the interference of any middleman.
7. BarterDex, the most advanced decentralized exchange because it using the technology of atomic swaps to be decentralized.
8. BitSquare, a peer-to-peer marketplace for cryptocurrencies. It is a fully decentralized exchange which requires no name, email ID or verification.
9. Stellar Dex, cryptocurrency project that has also come up with its native decentralized exchange.
10. EOSfinex (To be launched on September 26, 2018) is a high-performance, decentralised exchange built on EOS.io. technology. This new dex will eliminate the need for its users to provide identification information.
The future is promising for decentralized exchanges because they are destined to improve and innovate. Centralized exchanges are similar to stock market exchanges such as Nasdaq. These exchanges depend on a trusted entity who controls the flow of the assets being traded. Of course for this service, the middleman demands a fee. Decentralized exchanges are independent of a middleman. Moreover, regardless of the power a government has, it will not be able to shut down the cryptocurrency market.
Thus,regulations are useless, and we want a permissionless society. Decentralized cryptocurrency exchanges will be the future. and The advent of the blockchain technology is vital because it has been proven that truth and regulation cannot exist together.