Decentralized Exchanges are slowly gaining popularity and users because it’s very safe for trading and Trader to have full control in all there Deposit and withdrawal.
But you must be aware of something like how it works and what you need to use decentralize exchange [DEX], Today we will share some popular DEX and How this work and if you don’t know what is DEX then read this full post you will learn everything about DEX.
What is Decentralized Exchange or DEX
Decentralized Exchange is also known as DEX which works with a concept that trader has full control in there Asset and it work with Meta Mask. MetaMask is a bridge that allows you to visit the distributed web of tomorrow in your browser today. It allows you to run Ethereum dApps right in your browser, So many DEX who allow trading of ERC-20 token use META Mask for Trading
So you will Add Meta Mask Extension in your Browser and Create Account in that Meta Mask( Make sure to keep your Private Key Safe while creating your account.) and when you visit any ERC-20 token DEX then you can log in that DEX using META MASK.
You can trade easily and all your Token will be stored in your Meta Mask Account.
Apart from this, you can log in Some DEX using Hardware Wallet like TREZOR and Ledger Nano S
Popular ERC-20 Token DEX
IDEX – IDEX is among top DEX in Cryptosphere and Thousand of Trader are using that, Almost all or maximum token after Ico or launch are listed in this exchange.
Idex allow you to Login using Meta Mask and Hardware Wallet.
DEx.top also work with Metamask but you need to learn how Dex.top works .
In Dex.top also you can log in both using meta mask and hardware wallet
Bithumb.io – Bithumb have also launched there Erc-20 DEX that allows users to Trade some selected ERC-20 token which is approved by Exchange, You will find only a few Erc-20 Tokens.
Bithumb Dex at present only allows login only using Metamask.
Advantage and Disadvantage of DEX
The advantage of DEX is that chances of losing your asset due to an exchange hack are slim to none and you don’t have to reveal your identity which makes your transactions far more private.
The disadvantage of Dex platforms right now is mostly lack of traders, and liquidity because very few people know how to Use It.
Apart from this, there are many new Decentralized Exchanges are Coming and many new DEX works for Non-Erc20 Like Crypto-bridge.org, Bisq Etc
Centralized exchanges will always play a very vital role in crypto trading and it will never go away but trader will prefer Decentralize Exchange in Future.