The hack of centralized cryptocurrency exchange is one reason why there is a high demand for decentralized exchanges. Decentralized exchanges (DEX) have proven to be more effective and secure.
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Some of the top decentralized exchanges are :
IDEX
IDEX happens to be one of the most popular exchanges that can be used to trade ER-20 tokens without difficulty. Most people have referred to it as the best alternative for the also popular and specially designed ERC-20 exchange EtherDelta. IDEX comes with a user-friendly interface which makes it easier for first-time crypto traders to easily navigate.
IDEX offers users strategies and analysis on how best to trade cryptocurrencies. With a volume of 360 BTC, the IDEX decentralized exchange happens to be one of the top exchanges based on trading volume. To strengthen user security, the IDEX exchange supports the use of either the Nano S Ledger wallet or the MetaMask wallet. While creating your account on this decentralized exchange, it is important that you write down the back phrase as this is the only way to restore your funds in the event of damage.
Openledger DEX
Based in Denmark, Openledger happens to be a blockchain company that developed a decentralized exchange called "Openledger DEX". This decentralized exchange makes use of Bitshare's protocol called "Graphene" to ensure that its services are catered for.
Openledger DEX supports the trading and exchange of over 125 cryptocurrencies and it has a total volume of 320 BTC. Setting up an account on the Openledger DEX platform is easy. This decentralized exchange does not ask for registration information, all you have to do is just fill in a selected username and password. Once this is done, you can immediately begin trading and exchanging various currencies on their platform. Also, it supports the use of various wallets to ensure that your funds are secure.
Cryptobridge
This newly developed decentralized exchange also runs on the Bitshare's protocol called "Graphene". Cryptobridge supports the trading of various altcoins and ensures that there is no point of failure when trading these altcoins. To show that it is a fully decentralized exchange, traders hold their private keys making them gain full control of their funds.
This decentralized exchange has its specially designed token called "Bridgecoin". With over 30 cryptocurrency support and pair, this decentralized exchange has a trade volume of 201 BTC. Setting up an account on the Cryptobridge exchange platform is easy. You do not have to fill in personal information, you have to just select a username and a password.
Oasis Decentralized Exchange
Developed by MakerDao, this decentralized exchange supports the buying of cryptocurrencies. With just 3 cryptocurrency support, this decentralized exchange has a trade volume of 90 BTC.
To access this decentralized exchange, you have to have an account with MetaMask and this is because this exchange is an Ethereum decentralized application. So you have to set up an account with MetaMask, then link it to this exchange before you can begin trading and exchanging crypto coins or tokens.