- DEX permits investors to purchase and sell crypto or digital currency without going through an intermediary. Massive growth in the crypto market is observed in the last few years, all credit goes to DEXs.
- The idea of DEX is deliberated below, following the top five DEXs for crypto trading in 2023. Also, the benefits of using the respective DEXs are discussed in the article.
Decentralized exchange (DEX)
Before focusing on the top five DEXs, it is necessary to know what DEX means. DEX, in simple terms, is a digital asset exchange that lets individuals sell and purchase crypto through straight, peer-to-peer crypto transactions all over a digital platform without any intermediary. No KYC or ID validation, straightforward trade, high level of security, utility in developing nations, and fewer chances of counterparty issues made the concept more popular in the marketplace.
Top five DEXs for crypto trading
The best DEXs of 2023 will permit individuals to trade securely and freely without interference from third parties. Below are the top five DEXs for crypto trading in 2023.
Uniswap is the biggest DEX worldwide and is used to sell, trade, or purchase ERC-20 tokens on the Ethereum Blockchain. Since its inception, Uniswap has noted more than $1.4 trillion crypto exchange transformed on its DEX. High liquidity levels while trading famous ERC-20 tokens, no ID validation needed, and support over 300 dApps are some benefits of Uniswap.
The curve is developed initially to assist users in swapping stablecoins of the same value and helps safeguard liquidity providers and minimize impermanent loss. It is one of the safest and most trusted DEX supporting around 11 blockchain platforms involving Avalanche, Kava, and Ethereum. The curve is best for daily trading and only charges 0.04% to purchase and sell tokens.
1inch: Low Price
One inch is best known for its low price and helps search for the lowest fees and best values for trading. The platform searches for different DEX on the Ethereum blockchain and permits users to trade ERC-20 tokens. Also, it allows individuals to make purchases using credit/ debit cards through Moonpay, making 1 inch unique from other DEXs.
PancakeSwap: Binance Smart Chain
The PancakeSwap platform was established in 2020 and built on the Binance Smart Chain (BSC). The platform allows UI users to sell, purchase, or trade BSC-based currency with low blockchain gas fees. PancakeSwap has a simple interface and charges only 0.25% to sellers and buyers. Individuals can connect with the wallet to initiate trading, no account is required, which is another significant benefit of PancakeSwap.
DyDx: Derivating Trading
DyDx is best for derivative trading and supports borrowing, lending, margin trading, and perpetual trading. Moreover, DyDx provides access leverage of up to 20x, making trading more convenient.
DEX aids investors in purchasing and selling crypto without an intermediary’s involvementary and ensures privacy. There is no requirement for ID or KYC verification which is one of the significant benefits of DEX. Uniswap, Curve, DyDx, PancakeSwap, and 1inch are some top DEXs for crypto trading in 2023. Also, there is no need to transfer the assets to a third party which minimizes the risk of an organization being hacked.