Worried about losing your crypto to a shady organization? If you are, we're right there with you. Centralized exchanges have been having issues for the past decade. They use peoples funds that are supposed to be saved, then don't have the crypto available when the users try to withdraw their funds. This is a problem. This is why DeFi is starting to win the battle.

Why choose a decentralized exchange?

Decentralized exchanges offer many advantages over their centralized counterparts. For one, decentralized exchanges are not subject to the same regulations as centralized exchanges. This means that they can offer more freedom and flexibility when it comes to listing coins and tokens.

Another advantage of decentralized exchanges is that they are much more secure. Because decentralized exchanges are not centrally controlled, there is no single point of failure that hackers can target. This makes it much harder for hacks to happen and for user funds to be stolen.

Lastly, decentralized exchanges tend to have lower fees than centralized exchanges. This is because decentralized exchanges do not need to cover the costs of running a traditional exchange, such as compliance, customer support, and marketing expenses.

3 Decentralized Exchanges To Consider In 2022

SokuSwap

SokuSwap is a decentralized exchange that was launched in 2021. The platform currently supports over 10,000 different cryptocurrency pairs, including Bitcoin, Ethereum, Litecoin, and native token SOKU.

The V2 just launched making SokuSwap the first Cross-Chain Aggregator Decentralized Exchange with 8 chains. What is an aggregator? It's a software that will search for the best prices for your tokens across a dozen exchanges to find the best prices for you. And it will do this when you're trading on the same chain or performing cross-chain trades.

The site is setup with ease of use in mind. It's the only DEX that takes you step-by-step to setup a wallet and make your first trades. SokuSwap is the easiest place to buy and sell cryptocurrency.

SokuSwap community

Soku has an active community of users who are always happy to help answer any questions you may have. Users are given access to the platform's Telegram and Discord channel. Here you will be able to find support and connect with other like-minded people that are learning about DeFi.

Pros and Cons of SokuSwap

Pros:

-Cross-Chain Swaps

-Over 10,000 Pairs

-Aggregates prices from over a dozen DEX's(Decentralized Exchanges)

-8 Different chains to trade across

-Offers a staking program with high rewards

-User-friendly interface

-On-Page Customer Support

-Easy to use

Cons:

-Relatively new platform that is still growing

Uniswap

Uniswap is one of the most popular decentralized exchanges in the world. The platform was launched in 2018 and currently has over 300 different assets listed.

One of the advantages of using Uniswap is that it is very easy to use. To make a trade on Uniswap, you simply need to select the currency you want to buy or sell, and then enter the amount you want to trade.

Automated market

UniSwap is an automated market maker.  This means that it uses smart contracts to match buyers and sellers.

The benefit of using an automated market maker is that it can provide better prices than a traditional exchange. This is because the platform is not subject to the same fees and regulations as a centralized exchange.

UniSwap does not have a mobile app. This is perhaps one of the only downsides of the platform. Traders who want to be able to manage their portfolios on the go may want to consider an alternative that has a mobile application.

Pros and Cons of UniSwap

Pros:

-One of the most popular decentralized exchanges with over 300 assets listed

-Easy to use

Cons:

-No Cross-Chain trades

-Limited to a few chains

PancakeSwap

PancakeSwap is a decentralized exchange that is built on the Binance Smart Chain. The platform was launched in September 2020 and currently has over 100 different assets listed.

PancakeSwap allows users to trade directly from their wallets. This means that you do not need to create an account or deposit any funds into an exchange.

The fees on PancakeSwap are very low. For example, when you make a trade on PancakeSwap, you will only be charged a 0.2% trading fee. This is much lower than the industry average of 0.25%.

PancakeSwap mobile app

PancakeSwap is available on your desktop or via the mobile app. The mobile app is available for both iOS and Android devices.

The PancakeSwap mobile app  is well designed and easy to use. It has all the same features as the desktop platform, but is more convenient for those who want to trade on the go.

Pros and Cons of PancakeSwap

Pros:

-Very popular

-Multiple Staking Pools

-Multiple Yield Farms

Cons:

-No Cross-Chain trades

-Limited to a few chains

Best Decentralized Exchanges Conclusion

If you are looking for a decentralized exchange, then you should consider SokuSwap, UniSwap, or PancakeSwap. These three platforms are some of the best in the industry and offer a variety of benefits to users.

Out of the three, we recommend starting with SokuSwap as it's the only Cross-Chain Exchange out of the 3, plus it's an aggregator, so if UniSwap or PancakeSwap have good prices on a trade, you'll still get them when using SokuSwap.

Frequently asked questions

What is the best decentralized crypto exchange?

The best decentralized crypto exchange is the one that best meets your needs. Consider your trading style, asset selection, fees, and platform features when choosing an exchange.

What is the difference between a decentralized and centralized exchange?

A decentralized exchange is a platform that allows users to trade directly from their wallets. A centralized exchange is a platform that requires users to create an account and deposit funds into the exchange before they can trade. 

Are decentralized exchanges safe?

Decentralized exchanges are generally considered to be more safe than centralized exchanges. This is because when using Decentralized Exchanges you hold your crytpo, and when you used centralized exchanges they hold your crypto.

Posted 
Jul 14, 2022
 in 
DeFi Education
 category

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