Decentralized exchanges

[Oshosondy]

Recently I noticed most decentralized exchanges support DeFi tokens and many other altcoins while bitcoin is not supported, only few of them support bitcoin. Exchanges like Uniswap, PancakeSwap and many others supports altcoins. I noticed some people will because of that not having option than to use cryptocurrencies pegged with bitcoin if they are really bitcoin users, I mean coins like wrapped bitcoin and renbitcoin. Some people say it is a way to make active income but many bitcoin users still believe and which is true that bitcoin is bitcoin, that others are altcoin even if pegged with bitcoin. This makes me to research on some decentralized exchanges that can be used to trade for bitcoin. This will be useful for traders that want to convert altcoins to bitcoin or bitcoin to altcoin. I looked for exchange that have good trading volume becaue it will enhance fast trading.

1. Bsiq
Bsiq is a good decentralized exchange, currently having marketcap of $681,498 USD (11.75857697 BTC). The reason this exchange is good is because it has good marketcap, it has many trading pairs, it support cryptocurrencies and fiat (BTC, AUD, BRL, CAD, CHF, EUR, GBP, NZD, SEK, THB, USD), this makes it a way people can use fiat to buy bitcoin without KYC needed.

To know about bitcoin trading pair on bsiq, you can use this link:
https://coinmarketcap.com/exchanges/bisq/

2. ViteX
This is also a good decentralized exchange that have a very good trading volume. It is one with a very high trading volume among decentralized exchanges that support bitcoin, but one more thing about this exchange is that it support many altcoins. BTC, ETH, USDT, VITE pair with others coins on the exchange.
https://coinmarketcap.com/exchanges/vitex/


3. Nash
This is another good decentralized exchange that has BTC, ETH, LINK, NEO, USDC as the major pair. This makes some of the strongest altcoins to be tradable using decentralized method to improve privacy. Nash bridges the gap between crypto and local currencies too. With Nash Link for business, merchants can easily accept crypto from their customers and receive cash.
https://coinmarketcap.com/exchanges/nash-exchange/

For people that are not trading often, decentralized exchanges are the best for privacy. No KYC needed, if no kyc needed, nothing like data leak. We must protect ourselves online.

Bisq is by far and away my favorite decentralized exchange for a number of reasons (fully open source, fully peer-to-peer, run the software yourself, only operates over Tor). The other two I occasionally use are LocalCryptos and Hodl Hodl, which you could add to your list. Both allow decentralized peer-to-peer trading between bitcoin and a variety of different fiat currencies using a variety of different payment methods.

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[Caross]

Thanks for this great information I wonder why an exchange will not support bitcoin could it be a deliberate act or the lack of technical knowhow.  Because not pairing bitcoin will really affect the exchange trading volume because most cryptocurrency users/trader prefer bitcoin as they trading pair.

[LeGaulois]

What is your definition of decentralized? Because Changelly and Coinswitch are in no way a decentralized exchange. They're centralized platform and governed by a company

It's also good to mention that if you want to buy bitcoins with fiat using Bisq...you need to already own some BTC. Otherwise, you won't be able to trade since you won't be able to pay for the security deposit

NO KYC verification doesn't mean there is no data leak possible

[mk4]

4, 5. Changelly and Coinswitch

Both Changelly and Coinswitch are literally closed source. How the heck are they decentralized? They're not even non-custodial in the first place. And about the no-KYC part, I'm pretty sure I've seen a lot of threads about Changelly suddenly requiring KYC out of the blue when you have a good amount of money on their platform.

[MusaMohamed]

Help: A list of LocalBitcoin alternatives (P2P marketplaces)
DEX list from coinmarketcap
DEX list from coingecko

The lists from coinmarketcap and coingecko include many DeFi.

[Coin_trader]

Thanks for this great information I wonder why an exchange will not support bitcoin could it be a deliberate act or the lack of technical knowhow.  Because not pairing bitcoin will really affect the exchange trading volume because most cryptocurrency users/trader prefer bitcoin as they trading pair.

Most of DEX run on a specific blockchain(Ethereum, BSC, Tron and many more) only which Bitcoin can’t do crosschain on it. That’s why you can see many Bitcoin wrapped altcoin on different blockchain to represent BTC instead.

Centralized Exchange has  a "main" server (or group of servers) that keeps track of everyone's accounts and all transaction must be recorded on that particular server only while on the other hand, Decentralized Exchange transactions can occur at any computer as long as it is connected on the internet and no particular server controlling the transaction.

[Oshosondy]

What is your definition of decentralized? Because Changelly and Coinswitch are in no way a decentralized exchange. They're centralized platform and governed by a company

Both Changelly and Coinswitch are literally closed source. How the heck are they decentralized? They're not even non-custodial in the first place. And about the no-KYC part, I'm pretty sure I've seen a lot of threads about Changelly suddenly requiring KYC out of the blue when you have a good amount of money on their platform.

You are absolutely correct, I was even unable to find Changelly and Coinswitch as part of decentralized exchanges, but what makes me confused is that both can act on some noncustodial exchange as a third party in exchanging coins without requiring for KYC, I thought they are decentralized because of that, but according to the lists of decentralized exchanges on coinmarketcap, I did not see both. I have removed both, it remain only the truly decentralized ones now in OP board.

Help: A list of LocalBitcoin alternatives (P2P marketplaces)

This is not about p2p exchanges because there are many custodial exchanges that are p2p, even Localbitcoins is not decentralized but just p2p with tedious KYC and AML.

[pakhitheboss]

DEX is the next big thing and with DEFI they are rocking.

Recently I saw an infographic about DEX performance from 2019 till date and I found that in this year Bancor DEX has been getting more volumes than any other DEX.

Ethereum based DEX will become obsolete if the transaction fee does not go down. In fact Ethereum killer is ETH itself, other blockchains do not need to compete with it. BSC has already taken more than half of its clients and many DEX are now updating themselves or switching to BSC.

The only problem with DEX is scams, as there is no mechanism to verify a user. That being said be very cautious before you transact on a DEX

[MusaMohamed]

This is not about p2p exchanges because there are many custodial exchanges that are p2p, even Localbitcoins is not decentralized but just p2p with tedious KYC and AML.

The list is about peer to peer marketplaces so take what you can use and leave what you don't use.

I don't argue the definition of DEX. Google can help.
DeFi are not true DEX.

[pooya87]

Most of DEX run on a specific blockchain(Ethereum, BSC, Tron and many more) only which Bitcoin can’t do crosschain on it.

Those are NOT exchanges, they are token swaps. That is why there is no bitcoin or any other cryptocurrencies available for trading on any of these so called "DEXes", they are using the wrong term. For example you can't trade Doge with LTC on any of them only swap one token on that platform for another token on that same platform, you can't even swap a token between platforms (like ethereum token with tron token)!

[o_e_l_e_o]

Bisq is by far and away my favorite decentralized exchange for a number of reasons (fully open source, fully peer-to-peer, run the software yourself, only operates over Tor). The other two I occasionally use are LocalCryptos and Hodl Hodl, which you could add to your list. Both allow decentralized peer-to-peer trading between bitcoin and a variety of different fiat currencies using a variety of different payment methods.

As touched on by others, most decentralized exchanges are not decentralized at all, and simply use the word decentralized as a marketing gimmick.

If you have to submit KYC or any personal data - not decentralized.
If you have to deposit coins to your account on their platform - not decentralized.

[Oshosondy]

The other two I occasionally use are LocalCryptos and Hodl Hodl, which you could add to your list.

I will research about these other two exchanges and add it along too, I think they do not really have high trading volume will be the reason I did not see it in the first place, but I have noticed some other posts on this forum that recommend these other two exchanges. I will research about both and add it soon.

[virasog]

1. Bsiq

2. ViteX


3. Nash

For people that are not trading often, decentralized exchanges are the best for privacy. No KYC needed, if no kyc needed, nothing like data leak. We must protect ourselves online.

Can you explain how these three exchanges are decentralized ?  If we want to trade on these exchanges don't we have to transfer our funds to the exchange ? If yes, then they are centralized exchanges.
The real decentralized exchanges are UniSwap, 1inch, pancakeswap etc where we connect metamask to trade and do not transfer funds to the exchanges.

[o_e_l_e_o]

Can you explain how these three exchanges are decentralized ?

Bisq is the most decentralized platform there is. There is no centralized website you must use. Instead, much like bitcoin itself, you download open source software, run it locally, and connect directly to other users over Tor. The escrow is a 2-of-2 multisig between buyer and seller, and so Bisq never has control over your coins. There are no central wallets to deposit to. There is no KYC or personal data required.

As pooya87 has explained above, sites like UniSwap are not decentralized exchanges; they are token swappers. It is trivial to swap two tokens on the same blockchain in a non-custodial manner. True DEXs support bitcoin and fiat.

[Oshosondy]

Those website (Changelly and Coinswitch) will ask you to send your coin to their address first, which makes it centralized exchange. Additionally they could ask KYC anytime, if they think there's suspicious activity, there are some scam accusation against them because they ask KYC verification after user send the coin to them.

I thought they were connecting two users together before not knowing the addresses users are sending to are from them. That means they are centralized and I removed both immediately as many others and including you corrected me. But the main reason I post this is because of centralized exchanges, or any other centralized companies. Not only these two mention are thieves, but there are was these companies will steal from people in a way people will not be able to accuse them. Like sending another token to another token address, all needed in this case is private key that connect the tokens together, some may send coins to the ones that require meme, tag or message, this do not happen on noncustodial, only the address is needed, some custodial company may not even give the warning and the user will lose the coin that went into the custodial company wallet. Another is the so called BSC (binance smart chain) that the same token share same ethereum address but the other on BSC, some exchanges are not supporting BSC and a way to lose tokens if send from ERC20. Another is sending bitcoin cash to bitcoin or bitcoin to bitcoin cash address. There are few cases the exchanges will help but there are many more cases the coins and tokens are lost forever, what will not happen on noncustodial exchanges.

[virasog]

Can you explain how these three exchanges are decentralized ?

Bisq is the most decentralized platform there is. There is no centralized website you must use. Instead, much like bitcoin itself, you download open source software, run it locally, and connect directly to other users over Tor. The escrow is a 2-of-2 multisig between buyer and seller, and so Bisq never has control over your coins. There are no central wallets to deposit to. There is no KYC or personal data required.

As pooya87 has explained above, sites like UniSwap are not decentralized exchanges; they are token swappers. It is trivial to swap two tokens on the same blockchain in a non-custodial manner. True DEXs support bitcoin and fiat.

I didn't knew these details about the Bisq but now i will give it a try and share my experience.
Also many people including me thought that DEX likes Uniswap are the decentralized exchanges but they are just the token swappers. If they had the order books with other features like stop limit etc, then we may call them decentralized exchanges ? (although bitcoin cant be on these exchanges as only these only run on the ethererum or BSC chain).

[o_e_l_e_o]

If they had the order books with other features like stop limit etc, then we may call them decentralized exchanges ?

No, and in truly decentralized exchanges where you are trading peer to peer there are no order books as such and therefore no features like stop orders, limit orders, etc. You simply either post a buy or sell offer at your desired price, or browse offers posted by others and accept one that you like.

A decentralized exchange should be exchanging fiat for bitcoin and a few select major alts and vice versa, not just swapping one ERC20 token for another ERC20 token.

[Husires]

All above decentralized exchanges depend on p2p and open orders volumes. the higher the trading volumes (more users) the faster you make deals.
it is better to call it P2P decentralized exchanges.
LocalCryptos and Hodl Hodl is centralized P2P exchanges that don't need to pass KYC test.

What is your definition of decentralized? Because Changelly and Coinswitch are in no way a decentralized exchange. They're centralized platform and governed by a company

If Changelly and Coinswitch managed decentralized exchange or smart contract and destroying records, will it be decentralized?

[Bitfort]

Most of DEX run on a specific blockchain(Ethereum, BSC, Tron and many more) only which Bitcoin can’t do crosschain on it.

Those are NOT exchanges, they are token swaps. That is why there is no bitcoin or any other cryptocurrencies available for trading on any of these so called "DEXes", they are using the wrong term. For example you can't trade Doge with LTC on any of them only swap one token on that platform for another token on that same platform, you can't even swap a token between platforms (like ethereum token with tron token)!

At atomicdex (KMD) you can swap LTC\DOGE. After the deal is finished you will find records of the transaction on both chains.