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Home Economy Digital Assets

Seven Crypto Exchanges that Prioritise Decentralisation as Against KYC

by Techeconomy
July 15, 2023
in Digital Assets
2
Crypto Exchanges
Crypto Exchanges

Crypto Exchanges

UBA
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By; OLIVIA NNOROM

In the past, one of the primary advantages of blockchain technology and cryptocurrencies was their decentralised (DEXs) nature, which eliminated the need for personal information to authenticate ownership.

However, there has been a noticeable shift towards centralization in cryptocurrency exchanges, where users are now obligated to undergo a Know Your Customer (KYC) process to access either all or most of the features offered by an exchange.

This new trend has raised concerns for individuals who prioritise anonymity within DEXs blockchains and are reluctant to disclose their KYC details to centralised cryptocurrency exchanges.

Adding to their apprehensions, there are instances where hackers have taken advantage of weaknesses in cryptocurrency exchange software to obtain the KYC data of cryptocurrency users unauthorised.

In this article, we will explore crypto exchanges that prioritise decentralisation without imposing limitations.

Before we delve into this , note that it is crucial to do your own research (DYOR) before entrusting your financial asset to any platform.

Now that we have that out of the way, let’s look at some of these exchanges.

1. PrimeXBT: is a user-friendly and convenient platform that boasts a substantial user base of over one million registered individuals hailing from 150 different countries.

With a daily trade volume of $170 thousand, it offers attractive margin conditions, low fees, and access to a diverse range of technical analysis tools.

This platform allows users to engage in trading various global markets, including cryptocurrencies, stock indices, commodities, and forex, all from the convenience of their mobile devices.

Notably, PrimeXBT incorporates a unique feature that enables new users to replicate the trades of successful traders and achieve similar returns. Moreover, experienced traders can earn a share of 20% from the profits generated by these copied trades.

The platform is compatible with both iOS and Android operating systems and charges a flat rate commission of 0.05% for each transaction.

2. Changelly: Established in 2015, this non-custodial exchange was created with the goal of facilitating a seamless and accessible exchange process for all individuals.

This platform offers a comprehensive ecosystem of products and services, providing customers with a convenient one-stop-shop experience for buying, selling, swapping, and trading cryptocurrencies. With a monthly traffic of over 2 million users, Changelly has successfully onboarded 350 API partners and boasts a vast selection of over 500,000 crypto assets listed.

The platform’s advanced feature allows users to engage in trading activities across more than 100 crypto pairs. Supported on both iOS and Android operating systems, Changelly charges a competitive fee of 0.25% for exchanges, along with the network fee.

3.Paybis: With a daily limit of $20,000 for users who have not completed the verification process, this exchange is accessible in 180 countries.

It enables users to purchase over 150 cryptocurrencies and fiat currencies using credit or debit cards.

The exchange boasts rapid cryptocurrency settlements, a dedicated team of over 100 professionals, and a processed volume of over $2 billion.

Additionally, it imposes a fixed charge of 2.49% and transaction fees ranging from 4.5% to 6.99%.

4. ChangeNow: This platform features its own token, NOW, which currently holds a value of $5.65 million. It offers services with a trading fee of 0.4%. On this exchange, users can engage in buying, selling, and swapping cryptocurrencies without the need for custody.

The platform prioritises safety, simplicity, and convenience, ensuring that no funds are stored and no account creation is required. ChangeNOW supports nearly 700 cryptocurrencies for exchange, without any limits on transaction amounts.

It provides a seamless and fast experience, allowing users to exchange worry-free. Additionally, the platform offers a fiat option, enabling users to purchase cryptocurrency with Visa or MasterCard through a third-party partner.

5. Fixedfloat: is a user-friendly cryptocurrency exchange platform that facilitates seamless swapping or conversion of cryptocurrencies. With a float rate of 0.5% and a network fee of 1%, it offers competitive rates for cryptocurrency transactions.

The platform holds a security rating of 8 out of 10, ensuring the protection of user assets. Fixedfloat supports all major blockchain networks, including ERC, BEP2, and BEP20, while not offering support for fiat currencies.

With a total of 64 listed coins and over 70 trading pairs, Fixedfloat provides a diverse range of options for cryptocurrency exchanges. Its primary objective is to simplify the process and offer a smooth experience for users seeking to swap or convert their digital assets.

6. Uniswap: Uniswap is a leading decentralised exchange (DEX) built on the Ethereum blockchain. It operates using smart contracts and offers users the ability to trade ERC-20 tokens directly from their wallets; without the need for an account or fees.

Uniswap is known for its liquidity pools and automated market-making (AMM) system, allowing users to swap tokens in a decentralised and trustless manner.

7. SushiSwap: Built on the Ethereum network, SushiSwap is a well-known decentralised exchange (DEX) built on the Ethereum network. It initially emerged as a fork from Uniswap.

Over time, it has developed into its own independent platform. SushiSwap sets itself apart by offering unique features, including the opportunity for users to engage in yield farming. Through yield farming, users can provide liquidity to the platform and earn rewards.

This DEX has garnered a considerable following due to its community-oriented approach and the introduction of innovative offerings.

These are just a few examples of the top decentralised cryptocurrency exchanges to explore in 2023.

Each of them offers unique features and benefits, so it’s essential to consider factors such as supported blockchains, available liquidity, fees, and security when choosing the most suitable DEX for your needs.

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    Techeconomy

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  1. Pingback: Seven crypto exchanges that prioritize decentralization over KYC - Union Club Cuttack
  2. Pingback: Allianz ranks Top Emerging Liability Trends for Professional Services Firms - TechEconomy

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