8 Best Decentralized exchange

[Mr. Magkaisa]

In this topic let's talk about Decentralized Exchange. Specifically the decentralized aggregators, for the def users out there who are looking for an alternative. Normally, what others know is Pancakeswap, Uniswap, but they don't know that there is 190 Dex here in the field of crypto space. So, I only chose the DEX with deep liquidity, and best rates. I only chose the top DEX or crypto exchange and the ones that are popular and have deep liquidity and the most important of all is the trading volume. But there are other several factors that are looked at here such as APY, Fees, range of product in services, and several coins listed.

But of course before we start let's find out what exactly is Decentralized exchange or Decentralized aggregator? When we say DEX it is a type of cryptocurrency exchange that operates on a decentralized blockchain network such as Ethereum. Unlike a centralized exchange, there is a single entity that controls the exchange and user funds, which DEXs do not have. So if we use DEX we have the control of the fund, if we make a deposit it will go to the smart contract that its developers don't have access to.

The DEX Aggregator, on the other hand, most of the dexes now have it. This is the way that the platform aggregates liquidity in multiple decentralized exchanges so that users can get the best price. Not all exchanges have the same trading fees, the Dex aggregator acts as a bridge between multiple-dex. Traders have routing here, and give users the best [possible trade in execution.

[1] Pancakeswap
     TVL(more than 2B$)
     Pros - It has limits orders aside from swap, and low fees
     Cons - there are only a few supported tokens and mostly under BEP20 or binance(BSC) and no Fiat currency

[2] Curve Finance
     TVL(4.22B$)
     Pros - Liquidity is deep, many liquidity pools and fully decentralized
     Cons - no Fiat currency

[3] Dex Guru
     TVL(2.7B$)
     Pros - pure peer to peer, support new tokens, has high liquidity, and support multiple wallets.
     Cons - No perpetual trading, and no Fiat currency.

[4] Dydx
     TVL(342M$)
      Pros - You can deposit min. 10$, There are no fees for traders who have a large volume within a month, traders who hold coins or nft
               tokens get a discount.
      Cons - no fiat currency

[5] Balancer
     TVL(1.2B$)
     Pros - the liquidity pool is open for everyone, also high liquidity
     cons- no fiat currency, The platform only supports erc20 tokens.

[6] Thorswap
     TVL(205.78M$)
     Pros - low fees, offer high apy on yield,
     cons - no transparency in terms of fees

[7] Quickswap
     TVL(136M$)
     Pros - Fast and low fees compare to other dex
     Cons - no fiat currency
  
[8] Uniswap
     TVL(4B$)
     Pros - open source, fully decentralized, much secure than the other Dex, and low fees
     Cons - high fees in terms of erc20 network
What is DEX? And how does it works?
What is Dex aggregator?

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[mk4]

Outside of perps DEXs, there's almost no reason to use the front-ends of the likes of Pancakeswap, Curve, and Uniswap due to the fact that DEX aggregators already exist. That way, you wouldn't need to manually check each DEX on which one's is best to use for a specific trading pair.

[Oshosondy]

What the world are calling decentralised exchanges should not be regarded as decentralised exchanges.

Example is Uniswap or dYdZ which are basically for ether and ethereum tokens. Can I exchange bitcoin or other coins and tokens which belong to other network which are not ERC20 tokens on the ethereum decentralised exchanges? The answer is No.

Another example is Pancakeswsp and Binance Dex or so. They are for Binance coin and tokens which are BNB, BEP2 tokens and BEP20 tokens. Aside from anything on the Binance beacon and Binance smart chain, you can not exchange to other coins or tokens on other networks.

Which makes them not decentralised as it is said they are, but they are centralised not some ways.

The real decentralised exchanges example is Bisq. Although the coins listed on Bisq are not many, just only few coins are listed.

[Apocollapse]

The best decentralized exchange is Bisq, you're not depends on a centralized server, this mean you can still use Bisq because nothing can stop it.

Those DEX you mentioned are using a smart contract and depends on a centralized server, if the site turn become scam, you will get a same experience like this user Recover ETH from a unavaiable DEX exchange

I'd say swap site are less decentralized exchange.

[Oneandpure]

Based on all decentralized exchange mention by OP, seems new for me with this exchange Curve Finance, I don't know how many years experienced in cryptocurrencies trading not familiar with this decentralized exchange. For the other decentralized exchange have tried swap on many time and some dapp exchange got airdrop coins like Dydx and Uniswap.

I think Uniswap seems more popular decentralized exchange because this first dapp release to public and distribution on first time 400 UNI coins for every one active and participant by swap there or make transaction on this decentralized exchange. I think upcoming time, have many new decentralized exchange will release to public from SUI network until zksync network.

[passwordnow]

I am only familiar with and have used personally pancakeswap and Uniswap and the experience that I've been with one of them specifically Uniswap was not so good. But it's not about its service but it's about the timing when I did swaps there and that's when the height of ETH fees (LOL even until now ETH gwei fees are still high). While we do see a lot of them gaining traction and popularity from many traders they keep on swapping here and there based on the market hype that they're seeing as the new tokens are being listed there easily. While I do understand that an actual DEX should really be a DEX where it's not just focused on one chain but it does support Bitcoin and anyone can exchange there and like the others have said, Bisq is the only one that suits that description.

[mk4]

What the world are calling decentralised exchanges should not be regarded as decentralised exchanges.

Example is Uniswap or dYdZ which are basically for ether and ethereum tokens. Can I exchange bitcoin or other coins and tokens which belong to other network which are not ERC20 tokens on the ethereum decentralised exchanges? The answer is No.

Another example is Pancakeswsp and Binance Dex or so. They are for Binance coin and tokens which are BNB, BEP2 tokens and BEP20 tokens. Aside from anything on the Binance beacon and Binance smart chain, you can not exchange to other coins or tokens on other networks.

Which makes them not decentralised as it is said they are, but they are centralised not some ways.

The real decentralised exchanges example is Bisq. Although the coins listed on Bisq are not many, just only few coins are listed.

Being not able to swap coins/tokens on certain blockchain networks isn't what makes it centralized. You're not able to do swaps on BTC<->ETH, etc simply because they're different networks — it doesn't really relate to decentralization.

[OcTradism]

I don't know how you ranked those decentralized exchanges but you should rank them in trading volume. Uniswap should be a first one as in 2020, it initiated the DEX trend and still maintains its biggest trading volume.

When you use decentralized exchanges, you will have to connect your wallet with a decentralized exchange, interact with smart contract, approve smart contract access. There is risk with smart contract interactions and you should not store all your cryptocurrency in one wallet.

You need to pay your heed to Smart Contract Revoke too.

How to revoke token approval following Opensea's latest security episode

https://revoke.cash/
https://app.unrekt.net/
https://etherscan.io/tokenapprovalchecker