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(Arguably) Top 5 Crypto Exchanges

(Arguably) Top 5 Crypto Exchanges

Ruth Kise 5 min read
No matter what, the cryptocurrency market doesn't lose its interest and draws plenty of customers, and investors increase their assets. If you are ready so far to operate with your digital currency, the next step is to open an account with a cryptocurrency exchange. To help you choose the right account for your needs, SwapSpace selected the best 5 crypto exchanges available today. Binance The world’s largest cryptocurrency exchange offers an extensive array of digital assets and trading pairs and also has lower fees than other exchanges. With Binance, you can do trading, withdrawals, and deposits without passing KYC and can do up to 0.006 BTC withdrawals every day. However, users who transact large volumes of BTC will need to complete the KYC procedures so that they can transact on the platform. Plus, US users would need to use Binance.US, and passing KYC for them is compulsory. The exchange also renders access to derivatives trading, lending, mining pools, Margin, and Future trading, and branded crypto debit cards. strong >Trading Fees Spot: 0.1000% – 0.1000% / Futures: 0.0200%/0.0400% + Discounts Payment methods Bank transfers, credit cards, or crypto deposits Withdrawal Limits Without KYC: 0.06 BTC / With KYC: 100 BTC / 24 hours Supports Android and iOS Coinbase Probably the most beginner-friendly platform with the same mobile app. It comes with an easy-use interface, a massive variety of altcoin choices, and very high liquidity. The crypto exchange also seems to be highly secure. They insure the digital funds and store US dollar balances in Federal Deposit Insurance Corporation and have no scam mentions. What’s more, the platform features its users' insured custodial wallet for storing cryptocurrency, which is also very easy to use for newbies. But the convenience costs its money - the transaction fees are high. And remember, that you don’t control the private keys , the platform owns it. On the other hand, there is a Pro version with a non-custodial wallet, lower fees, and more options in charts and indicators. Trading Fees 2% Payment methods Bank account, USD wallet, debit/credit card, ACH transfer, Wire transfer, and crypto conversion Customer Service Coinbase help page, emailed support tickets, an automated phone system, and a chatbot. Supports Android and iOS KuCoin This platform is another partial KYC exchange that is said to be one of the best alternatives for Binance as it provides a bigger range of altcoins at relatively lower fees than others. For users who pay with native KCS stablecoin , trading fees are decreased by 20%.  Speaking about cons, trading relies on US dollar stable coins, not fiat currency. Trading Fees Spot: 0.1% – 0.1% / Futures: 0.02% – 0.06% + Discounts Withdrawal Limits Without KYC: 5 BTC / With KYC: 100 BTC / 24 hours Payment methods Bank account, USD wallet, debit/credit card, ACH transfer, Wire transfer, and crypto conversion Daily trade volume $100 million Supports Android and iOS Interlude: Why do I need an exchanger aggregator? To make the right choice of an exchange platform, it’s clear you should study all directions from the position of the rate, reserve, number of payment methods, etc. For all these purposes, there are exchange aggregators, such as SwapSpace . Using it, you can see top crypto exchanges all at once, quickly analyze the situation and choose the best option from the entire available list.  The algorithm of actions in all cases is identical. the choice of the direction of exchange, review effective offers from exchange rate position, reserve, conversion type, etc., platform Feedback Control, etc. So there are two best swap cryptocurrency services. Changelly Changelly is a centralized altcoin swapping service that does not require its users to complete the KYC. Exposing the idea of privacy for its users, the exchange doesn’t even verify your submitted email address. The most anonymous platform allows instant transfers from one crypto wallet to another across various cryptocurrencies. As it said on its landing page, its main positive features are the fast speed of purchasing experience and high-level security. Trading Fees 0.5% Payment Wire transfer, credit card, PayPal Supports Android and iOS SimpleSwap We pick another swapping platform that allows instant transactions through exchanges. Without charging KYC verification, they typically deposit the funds within a few moments. The company has also launched a light crypto wallet that also supports a wide variety of crypto assets. The instant swap exchange is also easy-to-use for newcomers and has a 24/7 live chat feature, through which users’ issues can be resolved quickly, which is confirmed by a great number of positive user feedback. Trading Fees Floating Rate : 1.00% Fixed Rate : 5.26% Payment Credit card Supports Android and iOS Conclusion It is essential to choose the best crypto exchange according to your specific needs. So if low fees are important to you, Binance may be a good choice. Coinbase can be the best new user-friendly crypto app. KuCoin will become perfect if you want to trade some uncommon coins. When you are looking for extra privacy, swap services such as Changelly is the best exchange, while SimpleSwap could be perfect with its outstanding customer service. When combing through a list of leading platforms, it’s important to look at factors such as supported assets, fees, payment methods, and security. But right before opening an account, it is highly recommended to check their terms and policy documents.
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The Drawbacks of Centralized Crypto Exchanges: Binance Russia Case

The Drawbacks of Centralized Crypto Exchanges: Binance Russia Case

June Katz 4 min read
On April 21, Binance released an official statement according to which it will restrict access to its services for users who live in Russia and have assets worth more than $10 thousand. Such clients will no longer be able to deposit additional funds to their accounts or trade on the exchange. They will only be able to withdraw funds. In March, Binance denied that it was preparing to freeze the accounts of Russians, as this contradicts the concept of the cryptocurrency industry. The company said it was not going to impose restrictions on Russian bidders with the words: "Cryptocurrencies are designed to provide greater financial freedom to people all over the world. A decision to unilaterally ban consumers from accessing their cryptocurrencies would be contrary to what this industry exists for". It is worth saying that in the current situation, cryptocurrency is the only financial instrument that allows Russians to try to protect their savings from inflation. A few weeks ago, the Central Bank of the Russian Federation persistently convinced Russians that the cryptocurrency market is extremely risky for private investors and that the only way to save and increase their savings is through the Russian stock market and the national currency. Such news reminds us that one of the biggest problems of cryptocurrencies at the moment is the centralization of services. Blockchain processing requires a lot of computing resources and time. Therefore, ordinary users who just want to transfer a few coins prefer to use centralized services for this. Most Bitcoin users trust blockchain.info, Ethereum users trust myetherwallet, etc. If these popular wallets are compromised, the funds of a huge number of users will be stolen.. Trust in centralized services leads to the appearance of a single point of failure in cryptocurrencies, allows censorship, and endangers user coins. As another example, we can cite the protests of truckers in Canada, when the court froze the protesters' funds in cryptocurrency for millions of dollars. These events have shown us that the state has leverage to carry out censorship in the sphere of cryptocurrencies, which seemed to many before, was beyond their control. Unfortunately, any centralized financial institution can block access of their clients and users to funds: payment systems, banks, classic or crypto exchanges. The problem with crypto exchanges is that they operate based on issued licenses, they have services that are responsive to the regulator and the competent authorities of the countries that issued the license, up to criminal liability. Therefore, at the request of the regulator, a centralized exchange must restrict access or seize its client's funds. Centralization as solution Centralization is increasingly seen as a solution to problems. A large network is slowly synchronized, so many cryptocurrencies offer to use a limited number of trusted "master nodes", "witnesses", etc. to "solve the problem" of too many nodes in the network. The number of these trusted nodes may be different, but by using this method to solve scalability problems, developers are also destroying the decentralized nature of the blockchain, since the result of this will be the formation of a cryptocurrency with one functioning node that processes transactions very efficiently, without delays, confirmations, and forks, but in this case, the blockchain becomes unnecessary. Today, most users do not understand the technical details, so such centralized blockchains will continue to attract them, because centralized services will always be easier to develop and more convenient for the user. Decentralized Exchanges : an Alternative Decentralized exchanges (English Decentralized Exchanges, or DEX) are an alternative to CEX. Here you don't have to trust your assets to someone else. Unlike traditional CEX, transactions and trades on such platforms are automated using smart contracts and decentralized applications, and DEX acts only as a platform that only connects the buyer with the seller who wants to sell their tokens. DEX cannot be closed by any government and regulators, since no organization is responsible for them. But such decentralization has its price. This is a low trading volume, low liquidity, lower transaction speed, and a poor UI, as a result of which it is more difficult to work with such exchanges. Also, the differences between decentralized and centralized exchanges include the fact that some DEX bet on experienced users. For example, they do not have support services, and they also do not use fiat gateways, unlike CEX. Decentralized exchanges are aimed at more experienced users who work only with their wallets and want to fully control their digital assets. At the same time, they sacrifice other benefits provided by centralized exchanges. This is an easier user experience, a large trading volume, and higher liquidity. Examples of DEX’es are Binance DEX, Uniswap , and SwapSpace . Summary We have already written that although governments can't ban blockchain use they can marginalize it and slow down its growth until the necessary tools for control will appear.  If a few years ago the marginalization of cryptocurrencies was facilitated by its widespread use on the black market and opacity , now users' fears of simply losing access to funds due to belonging to any social group or nationality have been added to this. Of course, the listed risks do not outweigh the convenience of CEX for everyone, but it is important to understand that the original essence of cryptocurrency was that an ordinary user could be outside countries, governments, and banks, so attempts to take it away are very alarming.
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How to Avoid Losing Your Crypto in Cross-Chain Swaps: a Detailed Guide

How to Avoid Losing Your Crypto in Cross-Chain Swaps: a Detailed Guide

June Katz 13 min read
As you must know, there are many types of cryptocurrency operating on different networks and using different protocols. Although bitcoin still dominates the cryptocurrency market, this dominance has been declining in the past few years amid growing interest in DeFi cryptocurrencies and as this happens, the demand for Bitcoin's interaction with DeFi is also growing. The growth of numerous independent blockchain ecosystems with different specifics and geographical niches has led to the fact that the world is becoming more and more multi-blockchain. The ability to freely use the advantages of each of these blockchains and their unique assets within a single application would cause a powerful wave of development of new cross-chain smart contracts - as with the spread of DeFi, NFT , and on-chain gaming economies, when decentralized oracle services for obtaining real data and secure computing outside the blockchain appeared. We could compare the exchange of DeFi and Bitcoin with the exchange of one fiat currency for another, but an analogy would be more accurate, in which one group of people uses Coca-Cola caps for calculations, and the other uses shells, - that's how much the principles of their work differ. What Do Different Blockchain Networks Mean? To understand this difference, we need to touch on the question of how does blockchain work. Blockchain is a continuous chain of blocks that contains all records of transactions.  The chain of blocks is unbreakable since each block contains a link to the previous one. As a result, it is impossible to forge a registry with data on the owners of assets in the blockchain. The addition of new blocks is artificially restricted. If this is not done, the blocks will be added randomly and a reliable sequential chain will not work. For the appearance of a new block to become possible, it must be checked - this is what the miners are doing. First, there was the bitcoin network, with which the cryptocurrency revolution began. ERC-20 ( Ethereum ) network was the next truly big development in this sphere, from which DeFi technology and the use of smart contracts originate. Then other networks using different algorithms appeared. Ethereum uses one blockchain, and Bitcoin uses another, and they are not interconnected. You can't just send tokens between networks. Therefore, to exchange within this exchange pair, you will need other tools and methods Today, there are already dozens or even hundreds of first- and second-level blockchains. Each blockchain is unique in its way and has its advantages and disadvantages. If the world of cryptocurrencies, in which there was only Bitcoin, can be compared with the city where the railway was built, then today there are many types of transport in this city: from bicycles and helicopters to personal cars, trams, and boats.  Each of them has its advantages for the user. At the same time, the user is not obliged to use only a bicycle or a car during the day and has the opportunity to "transfer" between them when he wants. But how? ERC-20 Standard Tokens Before the advent of Ethereum, each token had a separate intelligent contract and, as a result, there were many compliance problems. As a solution for it, a standard protocol ERC-20 (or Ethereum Request For Comments) was created.  The peculiarity of the ERC-20 standard is in several requirements that need to be met to accept a token and its network interaction with other tokens. Assets in the blockchain can be valuable, they can be received and sent, like all cryptocurrencies. The ERC-20 standard is technically easy to apply. This allows specialists to easily develop new tokens. There are a large number of ERC-20 compatible tokens. For example, Maker (MKR), Tether (USB), Fantom (FTM), Dai (DAI), and others. Since any ERC-20 token can be stored in any ETH-compatible wallet, we can switch from one ERC-20 token to another without much risk and difficulties. When transferring Ethereum's assets to an EVM-incompatible chain such as Solana , the bridge connecting the two networks uses two different wallet addresses and token standards. This means that users need to connect a wallet compatible with Ethereum and Solana, such as Meta Mask and Phantom. Other Token Standards There are other technical standards of tokens that serve different purposes: the best-known ones among them are BEP-20, OMNI, and TRC-20, which you will find in the I/O section on a variety of cryptocurrency exchanges. If you transfer an ERC-20 token to the wallet of one of these networks, you will lose it, because when you send it, you will specify a similar address, existing on another network, - as if you came to visit your friend on a street with the same name, but in a different city. Luckily, there are crypto sites that support multiple blockchains, such as Binance or Coinbase. When you deposit or withdraw any of the different blockchain coins, you will be asked to choose the type of network. After entering the wallet address or the recipient's address for withdrawal, Binance will automatically select the network based on the entered address. How to Cross-Chain There are 2 ways to cross-chain exchange: On a Centralized Exchange, like Binance which we've already mentioned , where you can simply exchange bitcoin for ether, Solana for Near, etc. Here large internal pools and algorithms of centralized exchanges are responsible for exchanges. The exchange's developers control these processes, and all this happens nominally on the exchange's wallets, and not in the blockchain itself.  Platforms that provide cross-chain services do not work for free. It is necessary to pay the cost of the operation for the deposit and withdrawal of funds, which is sometimes quite high. In addition, most centralized exchanges (CEX) require KYC procedures (providing copies of documents, photos/videos of the user), which does not always satisfy users.  Decentralized Trading Platforms, such as UniSwap , do not collect personal data about their users, nor do they require complex registration/login procedures. On decentralized platforms, special smart contracts are used to achieve a high level of trust. They allow interaction between different networks and, in case of compliance with the terms of the contract specified by users, to perform automatic exchange (conversion) of assets. However, you need to be prepared for the fact that the exchange pair you need may not be on DEX. When choosing an exchange, it is important to take into account the number of trading pairs. The more of them, the higher the opportunities for trading and investing. To begin with, you need to decide on the choice of an exchange. Then carefully approach the study of trading pairs. It is necessary to work on large platforms with liquid pairs in order to reduce risks. There are also aggregators like SwapSpace , which is designed to make choosing a bit easier by gathering offers from different exchanges in one place. There’s also using blockchain bridges. If we go beyond centralized exchanges into the world of decentralized finance , then, in fact, we go into the blockchain itself. And only bridges will allow you to make a cross whose new exchange is in the blockchain itself. Cross-Chain Bridges Cross-chain solutions, cross-chain bridges, compatibility, or interoperability solutions are a technology that allows you to transfer tokens from one blockchain to another. Blockchains, like islands or individual states, exist in their ecosystems according to their own rules, and initially, the developers did not bother with the standardization and compatibility of networks. With the growing number of projects in the decentralized space, this issue has become acute. The bridge most often refers to the use of managing smart contracts and an oracle service that monitors transactions and listens for events in the managing smart contract. The bridge can be one-way, receiving information via other communication channels . The most important thing is that the bridge is a cryptographic verification of the authenticity of the information. Cross-chain solutions can transfer assets within the same network — from L1 to L2, for example. But bridges do not transfer tokens in the classical sense, - bridges have certain pools of liquidity for pairs of assets. Tokens are blocked in one network and minted again in another For example, to transfer tokens from blockchain A to blockchain B, the bridge temporarily freezes assets in blockchain A (the sender's funds). Then the required tokens are unblocked (minting) in blockchain B (the recipient has access to funds in the addressee blockchain). If the user decides to get his funds back, the reverse process is performed: blockchain B tokens are burned and access to blockchain A tokens is unlocked. You can use various cross-chain bridges. they are built based on burning algorithms (mint-and-burn) or using the process of freezing and reissuing synthetic tokens. It is implied that when a token leaves its blockchain, it is frozen, and at the same time, a synthetic version of this token is released on another platform. Often (but not always) the process is based on the presence of intermediaries (oracles) in the systems to transfer information from one blockchain to another. The burning protocol, as the name suggests, does not freeze, but burns tokens. Cross-chain solutions can be centralized (requiring full trust), federated (federated), and trustless. These characteristics can vary to varying degrees - it all depends on the level of decentralization. Centralized bridges imply full control by any institution/team/company/project. Users transfer their information/funds to the management of the central authority that controls the operation of the blockchain. There is no decentralization, but such solutions are easily and quickly implemented. At the same time, no one guarantees the safety of funds, therefore, this technology does not differ in security. The federated bridge works by analogy with a private blockchain. Nodes must comply with a number of strict rules to become part of the management network and gain control over the movement of tokens. Specialized nodes are called keepers. There are such, for example, in a cross-chain solution between Ethereum and Wanchain . Custodians block tokens in Ethereum and issue tokens in Wanchain. If the user needs to transfer tokens back, he submits a request to the keepers, who send part of the secret key. When a full key is generated, it removes the lock from the tokens. There may be various options for voting mechanisms with partial control. Trustless-bridge is a full-fledged decentralized system that any network participant can join to perform the functions of an agent or validator. He verifies the validity of transactions and receives a commission for it. The Syscoin bridge works according to this algorithm. Nodes here can challenge the work of other agents and report a violation. If the check is successful, then 3 ETH is withdrawn from the violator, but in the opposite case, 3 ETH is lost by the person who reported the violation. Another vivid example of such a bridge is Wormhole, connecting the Solana network and Ethereum. It allows you to convert ERC-20 tokens into native SPL tokens of the Solana blockchain. Examples of cross-chain bridges can be projects such as the AnySwap , BTC Relay, POLKADOT , BLOCKNET, AION , WANCHAIN, etc Advantages of Cross-Chain Bridges Bridges can accelerate the transfer of digital assets in a trustless environment. Interoperability can also contribute to high confidentiality, for example, data is recorded in sidechains accessible only to the parties involved in each specific transaction. Bridges can also provide greater speed and scalability using sharding (segmentation). Individual operations can be recorded in a network segment, while the result of processing a group of operations is recorded in the main registry. Bridges reduce network traffic by distributing between less loaded blockchains, which also contributes to greater scalability. Disadvantages of Cross-Chain Bridges This is still an experimental technology that needs to be honed for mass use. Cross-chain solutions have not yet become sufficiently universal and so far act as a kind of crutches, another add-on, or a level above blockchains, which makes the entire system more cumbersome. Errors and obstacles between the work of various networks are not excluded, because these are complex distributed registries, and not every computer can process such an amount of information. That is, cross-chain bridges are quite resource-intensive, in the sense that they require a lot of human resources and time. There are also questions about security. The more bridges an asset passes, the riskier it becomes, moving further away from the original asset. Since new tokens with new tickers are minted every time they pass through the bridge, this creates inconvenience for users. Now it is necessary to look for a unique approach to each case and each pair of blockchains, and this requires time, money, and serious efforts of developers.
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What Are Cross-Chain Swaps? An Introduction

What Are Cross-Chain Swaps? An Introduction

Ruth Kise 5 min read
Despite the fact that at the dawn of development, blockchain (initially designed mostly for Bitcoin ) perfectly managed with primary tasks within the same ecosystem, time has shown that the possible use case of it is much wider. Thus, according to their ideas and needs, users started to create their new blockchains. And today there are many separate blockchain platforms, ranging from the first-generation blockchain type Bitcoin to the third-generation like Avalanche . All of these projects have separated and isolated chains with their limitations in terms of scalability and innovation within ecosystems. Then there is a major problem of exchanging assets or trading cryptocurrency designed on different protocols. Despite the capabilities provided by platforms such as Ethereum , where tons of decentralized chains running on its protocol are compatible and can easily interact in exchanging cryptocurrencies, assets, and trades, they are still isolated from other platforms. The exchange issue is still open and there is no freedom to exchange tokens running on different protocols. So what if you want coins on one blockchain and have coins on another system. This is where cross-chain swaps come in handy. What Is a Cross-Chain Swap? A cross-chain swap, also known as an atomic swap, is a completely decentralized smart contract technology of exchanging two different cryptocurrencies that run on their own blockchain without any escrow or intermediary. In other words, it allows users to swap different crypto between two chains directly. To better understand the basic principle of these online crypto swaps, consider the following example. Each country has its legal means of payment. Dollars cannot be used in China and yuans in America. That is, currency systems are independent of each other, and different ecosystems of blockchains are also independent. Without using the cross-chain you cannot transfer BTC directly to ETH, since there is no interoperability between these assets. In the traditional financial system, this problem is solved by automatic currency conversion. So if two people (one with USD and the other with CNY) want to exchange their currencies for each other, each of the parties can give the other the number of coins equivalent to the change according to a certain rate. For example, $ 100 would be equivalent to about ¥ 636,099. The same happens with crypto, cross-chain swap allows individuals to exchange tokens (BTC for LTC, for example, as Charlie Lee first did in 2017 and explained the mechanism of cross-chain swap) with crypto holders of different chains. Moreover, the crypto swap takes place directly at the wallet, fastening the process. How Does Cross-Chain Work? As it’s been said before, cross-chain swaps use smart contacts, enabling the exchange of two different tokens running on single blockchains. These smart applications are called Hash Time Lock Contracts (HTCLs), which lock the assets with a key within a specified time to ensure that each party consents. To reduce the counterparty risk the HTCL protocols have two main features: Hashlock Hashlock technology allows smart contracts to lock the deposits with a hash key. When the transaction on both ends is verified, each participant gets a hash key and exchanges them to unlock the coins. Timelock Timelock system sets time limits to secure the operations in the blockchain. The transaction is executed if deposits are made within a timeframe. If not the deposited amounts are returned. Advantages of a Cross-Chain Swap Decentralized functionality Today decentralization is a world high trend, and many upcoming blockchains are being introduced. Cross-chain swaps provide a multi-cryptocurrency exchange and independence on centralized or decentralized exchanges . Enhanced security HTCL smart contracts technology provides improved security and guarantees users a refund if something goes wrong. Cost-friendly P2P Transactions As no centralized network manages the protocol, there are no high switching fees and no need for compliance like registration, KYS, finding a reliable exchange, and more. That's the way how you can save funds and time on swapping your coins. Conclusion Cryptos still outstrip traditional forms of investments in the long run and are an excellent means of hedging wealth. High interest in DeFi brings in more and more investors. In contrast with a centralized exchange system, cross-chain swaps give users the freedom of discovering previously inaccessible markets by dealing with different isolated currencies fast, safely, and without intermediaries. Due to this, organizations nowadays prefer a decentralized system, with blockchain-based solutions developed on multiple protocols. Positive competition and decentralization between them will ensure the profitable development of cross chains, as well as make many digital assets very flexible in their application. All in all, the general idea of the growth of the audience of crypto through simplification makes cross-chain protocols the logical choice.
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Top 6 DeFi Exchanges in 2021

Top 6 DeFi Exchanges in 2021

June Katz 5 min read
Introduction One of the most remarkable moments for the crypto industry in 2020 took place in August, when decentralized exchanges (DEXs) surprised the world with a trading volume growth of 247% with respect to the previous month, while centralized exchanges (CEXs) could “only” keep it up to the humble amount of an 85% growth. Fast developments in the DeFi space such as liquidity mining , yield farming, and governance tokens have mostly been the ones responsible for the huge increase in trading on DEXs. Let’s find out what makes them so attractive and which ones you should keep an eye on: Characteristics of DEXs Non-custodial: Popular CEXs like Binance or Coinbase have frequently been criticized for their ability to be the ultimate custodians of any user’s private keys , and therefore their assets. Some may argue that this allows them to manipulate funds as they see fit, just like banks hold their customers’ fiats and move them around all the time. At DEXs, this is no longer possible because irrevocable ownership of the assets is guaranteed to any user.Automated: Most DEXs use the Automated Market Maker (AMM) algorithm to facilitate trading, which allows fast transactions free of intermediaries and keeps liquidity at healthy levels. Low trading fees and intuitive interface: swapping digital assets without having to break down the trickiness of the process had never been so inexpensive as with DEXs.  A higher degree of anonymity: only a link to a wallet is required to start trading, no need to spend your time signing up and filling in your social security number and other personal data to be granted access. How do DEXs work?  Sellers and buyers are connected through a global liquidity pool, which instead of being centrally managed and organized, works on a series of self-executing smart contracts that include automated processes to bring each transaction to its best price. Usually, any user must connect their external wallet, where they can easily deposit their funds in fiat and convert them into cryptos so that they can operate at the DEX with the cryptocurrency of their choice.One of the main disadvantages that most DEXs present is the absence of an option to swap fiat for cryptocurrencies at their platforms. While there are a few DEXs that allow this possibility, most of them will require you to trade with a cryptocurrency that you will have to hold in your possession previously. Key DEXs features to ponder Slippage: this is usually the product of high volatility in the markets when large price fluctuations make the trade take place at a lower price than the one attempted for in the first place. Good protection against this can be applied by trying to avoid trading coin pairs with respectively low market cap, despite most DEXs will show you the expected slippage on their sites.  Trading volume: it’s no secret that exchanges with larger relative volume will reach a wider audience and therefore become a higher trusted place.  Audit record: Every reputable DEX will have to go through strict scrutiny before they’re allowed to be publicly available. Checking for audit history is never a bad idea when choosing to trade on a new platform. Beta mode: you may encounter a few exchange projects that have not yet been developed to their full potential. While some of them could perfectly be the next big thing, it is a riskier choice for newcomers who are looking for some first experience. Social media: surveying the social platforms of projects will show you how engaged their community is with them and among themselves, which is a good metric to decide your DEX of choice on. Best decentralized exchange: top picks Uniswap Probably the most popular DEX of the industry since August 2020, Uniswap was born to serve 2 purposes that have proven to be highly successful. The first one was to be an exchange within the Ethereum ecosystem, and the second one to use its own liquidity providing protocol, otherwise known as the automated market maker. It currently supports any pair of swapping with Ethereum assets and has low gas fees. Curve Curve is the place to go if you’re looking for one of the most efficient stablecoin trading exchanges at an incredibly low rate of slippage. With a simple interface and some of the safest smart contracts in the entire DeFi landscape, Curve is an excellent place to trade any of the most popular stablecoins like DAI , USDC, USDT, TUSD, BUSD, PAX, and sUSD . Kyber This on-chain liquidity protocol acts both as an Ethereum-based smart contract swapping platform, and as a liquidity aggregator that always uses the pool with the best exchange rate possible, regardless of where the orders have been placed from. Its liquidity-accessing interface can be integrated from: smart contracts and Dapps to wallets and vendors. They use their native token, Kyber Network Crystals ($KNC), for rewards in trading fees and governance.  Bisq Bisq is a simple and intuitive DeFi project where trading fiat for well over 120 cryptocurrencies is possible. Their degree of decentralization is such that there isn’t even an automated mechanism for finding the best matches between buyers and sellers. Instead, users must manually search for orders in their trading pair of choice, which Bisq argues to be the truest form of peer-to-peer trading. Operating as a client and not as a company, they guarantee that security, non-censorship, and transparency will never be taken away by anything or anyone.  1inch 1inch is one of the leading DEX aggregators of the market, which works by connecting users to the best and cheapest prices of different DEXs. Trading fees vary across different exchanges, and 1inch has found a way to automatically connect any user with the best deal they can get. On Christmas Day 2020, they launched their own 1INCH governance token, which users can buy and hold to vote on how the platform is run.  0x 0x is where tokenization happens. Literally. This revolutionary project believes in the possibility to create tokens for virtually any form of value, whether it be cryptocurrencies, bonds, real estate, or software licenses. They firmly believe that what the internet did to information, public blockchains can do to financial services. Their own token is ZRX, used to pay for transaction fees and since 2019, acting as a governance mechanism as well.  Conclusion DEXs’ popularity and usability are growing at a fast pace and it is highly supported by the significant progress made in their technology. There’s plenty of reasons to expect their presence to increase and to keep on gaining market share to CEXs, as DeFi continues to develop at high speed. There’s still room for improvement and disadvantages to be taken care of, but with a growing community of users rooting for decentralization, we expect DEXs to be a major player in the future. 
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