Cryptocurrency exchanges facilitate and simplify the exchange of cryptocurrencies for other assets, primarily for other cryptocurrencies and fiat currencies. In fact, such platforms act as an intermediary between the seller and the buyer and charge a commission for services.
Your opportunities to sell and buy this or that asset are limited by the very fact that this asset is supported on the exchange and the trading volumes for the trading pair you are interested in. The most popular type of crypto exchanges are centralized platforms.
Functionally, they are very close to traditional stock and currency exchanges. On such platforms, a direct BTC/ETH swap is usually supported, but access to the trading terminal is possible only after registering an account. In addition, CEX provides for the possibility of storing client funds.
Non-custodial platforms do not store customer coins at all. For many users, this circumstance becomes the main argument in favor of non-custodial trading platforms. This type includes decentralized exchanges (DEX), p2p platforms, instant cryptocurrency exchange services.
Cryptocurrency exchange is performed without storing coins on exchange wallets. A deposit as such on the DEX is not needed, trading is carried out directly from the wallet integrated with the platform. When performing operations with a crypt through a fast exchanger, the deposit is replenished strictly by the amount intended for the exchange.
Best non-custodial exchanges
Since non-custodial platforms are so diverse, it can be difficult to rank them, especially when it comes to fast exchange services. The DEX ranking on CoinMarketCap is based on the platform’s DeFi share and trading volumes.
Decentralized exchange Uniswap launched on the basis of the Ethereum blockchain. It is based on the mechanism of an automatic market maker. The platform supports trading of ETH, ERC-20 standard tokens, including some stablecoins. To work with Bitcoin, its ERC analogue, Wrapped BTC, is used. In total, more than 400 coins are available on the platform, and its daily turnover is comparable to the daily turnover of the top centralized exchanges.
Users have the possibility of passive income by funding liquidity pools. The platform interface is well optimized and quite easy to use. The main disadvantage of Uniswap is the high commissions in the Ethereum network.
This DEX is functionally very similar to centralized platforms. On the one hand, all transactions are controlled by smart contracts, on the other hand, a deposit appears as an intermediate link in the exchange process. dYdX provides a large selection of perpetual contracts, supports the main types of trading orders. Owners of the internal token receive discounts when paying commissions. The daily trading volume is slightly lower compared to Uniswap.
Due to the complex interface, this site is more suitable for advanced users. Another disadvantage is that transactions with small amounts are unprofitable due to high commissions.
This decentralized platform runs on the Binance ecosystem and supports nearly 4,500 coins and tokens, including Ethereum. To work with Bitcoin, a tokenized version of BTC is used, created on the basis of the Binance BTCB protocol. The daily trading volume is about $600 million. On PancakeSwap, you can sell NFTs, participate in lotteries and team competitions, and mine the local currency CAKE. No registration or verification is required to work.
Margin trading is not supported, and for novice users it can be difficult to navigate the interface at first.
The non-custodial online cryptoexchange supports over 2500 coins and tokens. Work with the platform is carried out through the exchange widget with several sections:
- Exchange, for Crypto-Crypto swaps.
- Buy – to buy digital currencies with fiat.
- Sell – sell cryptocurrency for fiat.
- DeFi – swaps of DeFi tokens.
Account registration is not required.
Changelly’s non-custodial service supports over 500 coins and tokens. The interface is very simple, has several functional sections:
- Exchange – exclusively operations of the Crypto-Crypto type.
- Buy – purchase of digital coins for fiat money.
- Sell – sell crypto for fiat.
- DeFi Swap – DeFi token swap section.
- Trading – transition to a fully functional exchange.
Please note that registration is required to use the platform.