7 Best Decentralized Exchanges in 2024 | Rubic
TL;DR
- Cryptocurrency markets offer high returns but come with risks. However, choosing the right decentralized exchange (DEX) is crucial.
- Rubic stands out as being a DEX aggregator with over 200 DEXs in its network (access 200 DEXs in one interface), offering privacy, and multi-chain support.
- Operating on a decentralized network DEX offers great transparency and control over your holdings.
- Decentralized exchanges primarily work using either AMMs (automated market makers), operating as an order book DEX, or as a DEX aggregator.
Cryptocurrency is highly volatile. This is not new news to anyone who’s been trading for more than a day. While this volatility comes with its own risks, it also presents a great opportunity for seasoned traders and investors to maximize their earning potential.
During 2018, in what was popularly known as “DeFi Summer”, there has been increased accessibility to trade crypto natively on web3 through decentralized exchange platforms (DEXs). By definition, these exchanges are decentralized, which means they come with their own pros and cons when compared to their centralized exchange counterparts. What separates each DEX is typically their gas fees and exchange rates which can have a massive impact on the cost efficiency of your trades. In this article, we list the 7 Best Decentralized Exchanges (DEX) that can help maximize your crypto.
What Is the Best Decentralised Exchange?
There are multiple decentralized exchanges available in the market. Each comes with its own benefits such as having the cheapest rate, lowest transaction fees, or the fastest settlement.
However, Rubic brings the best of everything to one platform. It aggregates 200+ DEX and 20+ Bridges supporting 15,500+ tokens offering you the best rates across platforms.
It can be a great option for seasoned investors looking for the best decentralized exchange (DEX).
Top 7 Decentralised Crypto Exchanges (DEX)
Here is the list of decentralized crypto exchanges (DEX) that you can contemplate.
- Rubic Exchange
- Uniswap
- PancakeSwap
- Curve
- dYdX
- 1inch
- Balancer
1. Rubic Exchange:
More than an exchange, Rubic is a cross-chain DEX aggregator associated with 200+ decentralized exchanges, 15,000+ Tokens, and a $666 Million combined transaction volume seamlessly facilitating trades across multiple blockchains.
This eliminates the need for users to manage multiple wallets or swap tokens on individual DEXs. Key features of Rubic include:
- Privacy-focused transactions: No registration required, protecting user anonymity.
- Multichain support: Facilitates trades across several blockchains like Ethereum, Binance Smart Chain (BSC), Polygon, and more.
- Best rate finder: Aggregates liquidity from various DEXs to ensure users get the most favorable exchange rates.
2. Uniswap:
A pioneer in the DEX space, Uniswap is an Automated Market Maker (AMM) protocol built on the Ethereum blockchain. It allows users to swap ERC-20 tokens directly with liquidity pools, eliminating the need for a central order book. Here’s what makes Uniswap popular:
- Deep liquidity: Uniswap contains one of the most extensive liquidity pools, ensuring smooth trade execution.
- User-friendly interface: Offers a simple and intuitive interface, making it a good choice for beginners.
- Community-driven governance: The UNI token grants holders voting rights on protocol upgrades and development.
3. PancakeSwap:
PancakeSwap is a DEX, built on the BSC, known for its fast transaction speeds and low fees. Here are some key aspects of PancakeSwap:
- Yield farming opportunities: Allows users to earn rewards by staking their tokens in liquidity pools. It has been one of the most rewarding DEX that increased its popularity.
- Wide token selection: Offers a vast array of cryptocurrencies for trading whether it is BEP 20, ERC 20, or tokens built on any other blockchain network.
- Integration of fun games: Unlike any other crypto exchange, Pancake offers a variety of fun games and competitions for its traders with tempting rewards. You can win collectible NFTs for participating in these competitions and games.
4. Curve:
Curve is an AMM DEX specializing in stablecoin trading and wrapped versions of popular digital currencies such as wBTC and tBTC. Its unique design optimizes liquidity for stablecoin pairs, minimizing slippage and offering tight spreads. Here’s why Curve is popular for stablecoin swaps:
- Low slippage: Curve’s design ensures minimal price fluctuations during trades involving stablecoins.
- High liquidity for stablecoins: Deep liquidity pools specifically for stablecoin pairs promote efficient trades.
- Governance through CRV token: CRV token holders have voting rights on platform decisions.
5. dYdX:
dYdX is a decentralized margin trading platform built on the Ethereum blockchain. It allows users to leverage their positions for amplified returns (and risks). Key features of dYdX include:
- Margin trading: Enables users to trade with borrowed funds, potentially magnifying profits.
- Perpetual contracts: Offers perpetual contracts for various cryptocurrencies, allowing for speculation on future price movements.
- High liquidity: Deep order books ensure smooth order execution, even for larger trades.
6. 1inch:
1inch functions as a DEX aggregator, scouring various DEXs to find the best possible rates for token swaps. This eliminates the need for users to compare prices across multiple platforms. Here are the benefits of using 1inch:
- Best execution prices: Aggregates liquidity from various DEXs to find the most favorable rates.
- Supports multiple DEXs: Integrates with several DEXs, expanding the token selection and trading options.
- Split across multiple DEXs: Can split trades across different DEXs to optimize execution.
7. Balancer:
Balancer is a unique AMM protocol that allows for customizable liquidity pools with varying token weights. This caters to projects with specific needs for their token liquidity management. Here’s what sets Balancer apart:
- Flexible liquidity pools: Users can create pools with up to eight tokens and define custom weightings.
- Advanced features: Offers features like private transactions and flash loans for experienced users.
- Community governance: BAL token holders have voting rights on protocol upgrades.
What Is A Decentralized Exchange (DEX)?
A decentralized exchange (DEX) is a platform where people can directly trade cryptocurrencies without relying on a third party to handle the transactions and hold onto the funds. Instead of using banks, brokers, or payment processors, DEXs use smart contracts on the blockchain to facilitate the trading of assets.
Decentralized exchanges (DEXs) are vital to the decentralized finance (DeFi) ecosystem. They act as a fundamental building block for creating advanced financial products in a decentralized ecosystem, allowing different protocols to interact with each other seamlessly.
How do decentralized exchanges work?
Decentralized exchanges function on blockchain networks with smart contracts that equally support and aid users in maintaining control of their funds. Each trade on these platforms involves transaction and trading fees.
Traders engage with smart contracts to access DEXs.
Decentralized exchanges come in three primary forms:
- Automated market makers
- Order books DEXs
- DEX aggregators.
These platforms facilitate direct trading among users via their smart contracts. The initial decentralized exchanges utilized order books akin to centralized exchanges.
Final Thoughts
Investing in crypto and achieving greater returns thoroughly depends upon what you’re opting for. Simultaneously, understanding the historical and current situation of the exchange platform plays a predominant role.
Rubic Exchange certainly shines brighter than others because of its safe and secured environment while providing the best rates. It is growing substantially and enhancing its performance in each term.
Discover the ecosystem of Rubic decentralized exchange, offering access to 200+ DEXs.
FAQs About Decentralised Exchanges
- How safe is a decentralized exchange?
Unlike centralized exchanges, DEXs are built on smart contracts offering great transparency. No central authority possesses ownership of your funds and you can experience relatively a safer environment. However, it is important you choose the right platform after due diligence.
- Are decentralized exchanges legal?
In most of the region, DEX is legal. However, it depends on the specific jurisdiction as well. It is important you cross-check the legalities of DEX in your particular jurisdiction.
- How do decentralized exchanges make money?
The primary source of income of a decentralized exchange is the fee that is charged for the transactions. However, there are certain other sources of income as well such as creating a Staking Pool to become a validator, offering services like lending, and getting grants.
- What important factors should I consider when choosing a cryptocurrency exchange?
Considering a cryptocurrency exchange can be a hassle and complex decision; however, to make it much more accessible, one needs to comprehend these crucial factors, and they are:
- Security and privacy
- Reputation of the platform and its trustworthiness
- User Experience and user interface
- Charges: Fee or costs
- Customer support system
- Do I need to pay tax on decentralized exchange transactions?
The government has the right to impose tax on any income earned, even through decentralized exchange transactions. Depending on your jurisdiction, you may be liable to pay tax.
- What is the biggest DEX?
In terms of the trading volume, Uniswap is the biggest DEX with a 19.6% market share.
- Why should I use Rubic instead of other decentralized exchanges?
Rubic is more than just a DEX. In fact, it aggregates 200+ Decentralized Exchanges and presents you with the best rates across platforms making it the best choice for traders and investors for trading and cross-chain swaps.
