Top 10 DeFi exchanges

Top 10 DeFi exchanges
Digital finance is mostly about access. Access to affordable credit and capital, and the technology to get it quickly and in a trustworthy way. In this article, we will be discussing the top ten Defi exchanges that have brought transparency to the financial market.
Top 10 DeFi exchanges
Top 10 DeFi exchanges

The DeFi movement has indeed brought greater transparency in financial markets. Yet, many are still not able to get financing easily because of asymmetric information or lack of trust among market participants.

At the same time, existing centralized solutions are too expensive for small investors and do not provide enough liquidity for enterprises.

Digital Financial Assets (DeFi) exchanges are bringing a new wave of transparency and accessibility to traditional financial markets with their modern digital trading platforms built on blockchain technology.

These innovative online services give anyone access to alternative funding sources, allowing them to trade digital tokens backed by real assets — such as mortgages, rental payments, corporate debt, etc.

Without intermediaries or brokers but directly from individual sellers or lenders on neutral marketplaces at fair prices.

What are crypto exchanges?

Crypto exchanges are online services that provide trading in various digital assets. These assets can be fiat money, commodities, stocks, bonds, or even other cryptocurrencies.

Crypto exchanges are operated as broker services, where traders can buy and sell assets by making bids and asking prices.

Crypto exchanges facilitate access to the global financial markets by improving transparency and accessibility with their modern trading platforms.

These online services give anyone access to alternative funding sources, allowing them to trade different types of assets including traditional stocks, commodities, or alternative digital assets such as cryptocurrencies.

Although crypto exchanges provide a range of financial products, they are mostly known for trading crypto assets. To buy or sell cryptocurrencies, traders need to open an account on the exchange and transfer funds to internal digital wallets.

Then they can place orders to buy or sell assets by choosing the desired amount, the price, whether they want to buy or sell, and the time frame when they want their order to be executed. Crypto exchanges charge a small trading fee for each transaction.

What are DeFi exchanges?

Decentralized exchanges (DeFi ) are crypto exchanges, that offer broker services that match sellers and buyers of financial products through their online trading platforms.

DeFi exchanges are operated as decentralized service providers, where traders can buy and sell assets by making bids and asking prices directly from the sellers through smart contracts.

DeFi exchanges facilitate access to the global financial markets by improving transparency and accessibility with their modern trading platforms.

These online services give anyone access to alternative funding sources, allowing them to trade different types of assets including traditional stocks, commodities, or alternative financial products such as mortgages, rental payments, corporate debt, etc.

Types of crypto exchanges

These are the types of Crypto exchanges:

  • Centralized crypto exchanges
  • Decentralized crypto exchanges
  • Hybrid crypto exchanges

Centralized crypto exchanges

These exchanges are operated as a centralized service. Users deposit their funds into the exchange and trust the service to secure their funds, manage their accounts, and settle trades.

Most of these exchanges are regulated, which requires user verification and imposes certain restrictions and limits on operations.

Decentralized crypto exchanges

These exchanges are operated as a decentralized service. Users do not deposit their funds into the exchange and do not trust the service to secure their funds, manage their accounts, or settle trades.

These exchanges do not impose any restrictions on operations other than the availability of certain pairing options.

Hybrid crypto exchanges

These exchanges are operated as a hybrid service. Users deposit their funds into the exchange and trust the service to secure their funds, manage their accounts, and settle trades.

These exchanges typically offer lower trade minimums compared to centralized exchanges and do not impose any restrictions on operations.

Top 10 DeFi exchanges

Having known the different types of crypto exchanges, below is a list of top 10 different DeFi exchanges.

  • OmiseGo decentralized exchange
  • Ethfinex decentralized exchange
  • Kyber decentralized exchange
  • Ox decentralized exchange
  • Dharma decentralized exchange
  • Liquid decentralized exchange
  • Coincheck
  • Coinbase centralized exchange
  • Gemini
  • Kraken

1.OmiseGO decentralized exchange

Omisego is a cryptocurrency, and decentralized exchange established in Thailand in 2013 by Omise company.

<strong>Top 10 DeFi exchanges</strong>
OmiseGO

OmiseGO is abbreviated as OMG. The project was based on the Ethereum network but moved to its blockchain in 2018. The platform works on an open protocol and easily integrates with other blockchain networks; it scales great, so all the calculations are carried out instantly.

2. Ethfinex decentralized exchange

Ethfinex is a hybrid decentralized cryptocurrency exchange, founded in January 2018. It was designed as a spinoff of Bitfinex, one of the world’s leading exchanges, founded way back in 2013.

<strong>Top 10 DeFi exchanges</strong>
Ethfinex

It capitalizes on Bitfinex’s trading engine and customer experience expertise to deliver the most highly liquid and advanced trading platform available for ERC20 tokens and crowd sales.

3. Kyber decentralized exchange

Kyber Network is a decentralized, blockchain-based protocol that aggregates liquidity and enables the exchange of tokens without an intermediary.

<strong>Top 10 DeFi exchanges</strong>
Kyber Network

Kyber Network can be integrated into decentralized applications (dApps), crypto wallets, and decentralized finance (DeFi) platforms. 

4. 0x decentralized exchange

0x is a liquidity protocol that enables the peer-to-peer exchange of assets on the Ethereum blockchain.

<strong>Top 10 DeFi exchanges</strong>
0x decentralized exchange

Will Warren and Amir Bandeali co-founded 0x in October 2016, Their vision was a world where each asset, from fiat currencies and stocks to gold and digital gaming items, could be represented as a token on the Ethereum blockchain.

5. Dharma decentralized exchange

Dharma is a portal that simply connects fiat bank accounts with DeFi protocols.

It is the best choice for users who desire to take the promising benefits of the DeFi market and rates but have limited cryptocurrency knowledge.

<strong>Top 10 DeFi exchanges</strong>
Dharma

Dharma Labs, founded by Brendan Forster and Nadav Hollander, published its first whitepaper in late 2017. As the platform is based on Ethereum, at present Dharma supports ERC20 tokens and ETH.

You can also buy USDC if you’ve linked your Dharma portal with your bank account. Also, you can swap USDC for Ethereum-based tokens using Uniswap, Aave, or other decentralized exchanges.

6. Liquid decentralized exchange

Liquid is a Japanese cryptocurrency exchange platform operated by the fintech company QUOINE. It allows for the trading of digital assets such as Bitcoin, Ethereum, and multiple fiat currencies.

<strong>Top 10 DeFi exchanges</strong>
liquid exchange

Liquid as an organization focuses on creating a secure crypto environment where each and every trader and customer can enjoy the perks of safe financial transactions and great blockchain technology.

7. Coincheck

Coincheck is one of Asia’s biggest cryptocurrency exchanges and processed the highest volumes of Bitcoin trading in Japan over the course of 2017.

<strong>Top 10 DeFi exchanges</strong>
Coincheck

Coincheck provides merchants with a payments system that means they are able to accept cryptocurrency payments that are then automatically converted into ¥.

The company behind Coincheck was established in 2012 by Keisuke Wada and Yusuke Otsuka and the exchange itself began operating in 2014. 

8. Coinbase centralized exchange

Coinbase is a cryptocurrency exchange offering digital wallets, staking, and a variety of cryptocurrencies.

<strong>Top 10 DeFi exchanges</strong>
Coinbase

Coinbase launched in 2012 and was previously headquartered in California. However, in 2020, it announced Coinbase would be a remote-first company and plans to close its San Francisco headquarters by 2022. It went public via a direct listing in April 2021.

Coinbase is also a centralized exchange, meaning it monitors transactions and secures assets on your behalf.

9. Gemini

Gemini is an institutional and retail cryptocurrency exchange service that is owned and operated by Gemini Trust LLC, a company that was set up by the famous Winklevoss twins (who famously had a running battle with Mark Zuckerberg over the ownership of the Facebook concept).

<strong>Top 10 DeFi exchanges</strong>
Gemini

Starting in 2017, Gemini is one of the few regulated cryptocurrency exchanges in the world. The brand operates out of New York City, New York.

Gemini exchange also includes buying, selling, and earning capabilities. Not only can users invest in crypto, but they can invest in their crypto to earn yields on their deposits.

10. Kraken

Founded in 2011, US-based Kraken is the largest crypto exchange when it comes to trading bitcoin and altcoins in euros.

<strong>Top 10 DeFi exchanges</strong>
Kraken

It’s also one of the most secure exchanges out there, given its comprehensive range of safety measures, self-regulated approach, and security audits.

Another big plus is that its fees are among the lowest in the industry, with free deposits and very competitive withdrawals and trades. 

Conclusion

The growth of the decentralized finance (DeFi) movement has brought great transparency to the financial system.

The advent of crypto exchanges and the subsequent launch of DeFi exchanges has not only brought greater access to the global financial markets but also made trading easier and more affordable for investors.

If you are looking for a trusted and reliable DeFi exchange, this article will help you make the right decision, however, be sure to do your own research (DYOR).


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