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.

Following the Central Bank of Nigeria’s (CBN) circular in February 2021, crypto exchanges in Nigeria have been banned from working with financial institutions; however, the latest developments from the SEC could act as the precursor for a surprise move from the CBN to reverse its approach, providing critical foundations for mass crypto adoption across the country.

Speaking on the SEC’s proposed framework, Owen Odia, Country Manager for Nigeria at Luno, a leading global cryptocurrency exchange with over 10mn customers worldwide, says “At Luno, we strongly believe today’s developments could mark a major breakthrough in not only delivering much-needed clarity and protection for crypto customers, but also for businesses.”

“Since launching in Nigeria in 2015, we’ve always prided ourselves on consistently adopting an open and proactive approach towards regulation and with the SEC’s new framework, our hope is that our current and potential users will have even greater confidence to trust us with their funds as we strengthen our push to raise the standards of our industry.”

“We are well-aware that regulators such as the SEC share this same mission; however, we are also conscious that this is by no means an easy task for them. They have to get to grips with a new technology that very few are yet to understand but it is for this reason why they should continue to collaborate with industry players over the coming months and years.”

“Due to our expertise, we believe we can play a crucial role in helping the SEC navigate the nuances of this technology so any eventual regulations manage the need to protect consumers without stifling the huge innovation we’ve seen in Nigeria over the last few years.” 

Currently, Luno has more than 3 million customers in Nigeria and secures an average of more than 4,000 instals of its app per day in the country alone. The platform is also registered with the Nigerian Financial Intelligence Unit and adheres to stringent KYC (Know Your Customer) and AML (Anti-Money Laundering) processes in all of its 40 operating countries.

Additionally, Luno undergoes full verification of the existence of its customers’ cryptocurrency by an independent audit firm, Mazars, on a quarterly basis and has achieved an ISO 27001 certification, which is a globally recognised standard for an Information Security Management System.