The main principles of the crypto world are decentralization and confidentiality. This attracted the attention of users from different countries. As soon as people interested in buying and selling digital coins appeared on the Internet, specialized trading platforms began to appear. On such sites, it became possible to exchange honestly mined 0.2 ETH to USD or other fiat and digital currencies.

Features of centralized crypto exchanges

Centralized Cryptocurrency Exchanges (CEX) became the first link between traditional and decentralized finance. CEXs are accountable in one way or another to regulatory structures and are required to comply with the procedures of the CIS and the AML.

Therefore, in addition to registering an account, centralized crypto exchanges often require verification. To get full access to all the features of the trading platform, a new user must provide a scan of an ID card and other personal data. This is not always acceptable and safe for the client.

Another potential vulnerability of CEX is storage. Clients do not have private keys, they are all stored on the platform itself. Precedents of hacking exchange wallets have happened at least once with almost all trading platforms.

Decentralized crypto exchanges as a safer alternative

Decentralized cryptocurrency exchanges (DEX), unlike CEX, do not require any account registration, let alone verification. They do not store private keys of clients and their funds.

DEX uses special protocols to match orders, and the actual exchange of funds between wallets is done through smart contracts. The underlying mechanism may look like a classic order book, but many DEXs use an automated market maker.

Many DEXs are second-tier solutions on Ethereum, Binance Smart Chain, and other blockchains. Transactions are made first on it, and then information about them is transmitted to the main chain. This avoids overloading the main circuit.

With all the advantages of second-tier solutions, they do not support fiat currencies. Therefore, even for the exchange of small amounts like 0.069 ETH to USD and other fiat currencies, CEX services cannot be dispensed with.

Best Anonymous Cryptocurrency Exchanges

Biswap

The Biswap marketplace is part of the Binance ecosystem and powered by Binance Smart Chain. Biswap supports 32 cryptocurrencies and 166 trading pairs. In addition to the exchange, farming and other types of investment are available on the site. To attract customers, a referral program is running, trading competitions and lotteries are held. Among the strengths of Biswap are relatively low commissions and active development of functionality.

Uniswap DEX

Uniswap is a decentralized exchange protocol based on the Ethereum blockchain. This platform uses an automatic market maker and has contributed to its promotion in no small measure. Instead of an order book, liquidity pools are created on the platform.

The creator of the pool sets the desired rate, which automatically changes when trading. Liquidity providers are rewarded in UNI tokens for adding funds.

The platform supports over 1200 cryptocurrencies and over 2800 trading pairs.

Binance Dex

It is a decentralized platform in the Binance ecosystem that operates on an order system. Supports trading of assets located on the Binance Chain blockchain.

The DEX order system has its own specifics. To study it, you can use the test network without investing real coins.

The platform supports a little over 100 coins and tokens and about 150 trading pairs.

LetsExchange

This is an instant exchange service, where no data is required from the user other than the address of the crypto wallet to credit the purchased coins.

To complete the transaction, it is enough to fill in the widget step by step, available from any page of the service. As soon as you select a coin for exchange, the direction of exchange and specify the amount for exchange, the service will automatically select the most profitable deal and make all the necessary calculations. After confirming the transaction, it will be automatically completed and the funds will be credited to the wallet balance.

In total, more than 700 coins and tokens are available for exchange.

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Author: Simon RobertEasyInfoBlog is a multi-author blog. We have experts and professionals in various fields who share their ideas and expert knowledge to help you with your daily information needs. Thanks for reading!