Centralized exchanges block Russian accounts more often than not. To save your money and use practically all features without risks, you must look into DEX exchanges.
As of 10 March, Binance has restricted wire transfers for residents of Russia, and all they have left available is P2P trading. As of 22 April, Binance limited the threshold amount to hold in Russian accounts – up to $10,000 per person.
Coinbase is prepared to block Russian accounts in case the US authorities demand it. Before that, they blocked 25,000 accounts, which, in their view, were associated with fraudulent activities. The Qmall Ukrainian Exchange also blocked all accounts created by Russians with no refunds.
The Kraken Exchange is prepared to lock Russian accounts on-demand as well while South Korean Upbit, Bithumb, Korbit, and Gopax blocked access to their trading platforms for residents of Russia. These platforms have also blacklisted Russian IPs.
Except for blocking Russian accounts, all these exchanges have one thing in common: they are centralized.
Centralized exchanges (CEX) are exchanges that are managed from a single center with all operations controlled by the exchange desk. As long as your money is stored on the CEX exchange, it belongs to the exchange, but not to you.
If you don’t want to worry about your money, you might want to opt for decentralized cryptocurrency exchanges. That’s what we’re going to consider in this article.
Top 13 Decentralized Exchanges in 2022
Decentralized Exchange (DEX) is a platform powered by blockchain and operated by smart contracts.
DEX exchange’s strong points are as follows: it’s completely anonymous, they don’t require verification, and no one will be able to block your account or lock your money. Instead of the exchange wallet, all the money is stored in your wallet.
But DEX exchanges have weak points as well: there’s a limited feature set, it’s difficult for beginners to figure out, and it has low liquidity.
- Website: https://www.ref.finance/
- Established: March 2021
- Crypto trading pairs count: 20
It is powered by Near Blockchain and charges the lowest interchange rate — 0.01%. They have the highest transaction speed — 1-2 seconds. You can invest cryptocurrency with APY ~ 30%. It also demonstrates a stable liquidity growth: +32% per week.
- Website: https://stellaswap.com/
- Established: 11 April 2022
- Crypto trading pairs count: 31
It is powered by Moonbeam Blockchain with an approx. interchange rate of 0.5%. This is the first DEX exchange powered by Moonbeam Blockchain. You can participate in cryptocurrency farming with APY ~ 80%. It’s a new exchange, so use it at your own risk.
- Website: https://www.apollox.finance/
- Established: November 2021
- Crypto trading pairs count: 46
It is the world’s first hybrid exchange (DEX + CEX) powered by Ethereum and BNB Smart Chain blockchains with sound liquidity and high transaction speed. Trading volume: $297.13M. You can earn money from APX and NFT staking.
- Website: https://mdex.com/
- Established: 26 January 2021
- Crypto trading pairs count: 188
MDEX operates from the market-making principle and liquidity pools and is powered by Ethereum, HECO, and BNB Smart Chain blockchains. Three blockchains allow you to minimize the interchange rate and tap on each. By the way, this is the only exchange that has cashback in MDX tokens for the currency purchase.
- Website: https://uniswap.org/
- Established: 2 November 2018 г.
- Crypto trading pairs count: 756
The exchange is powered by Ethereum Blockchain. In the Swap tab, you can trade ERC-20 and ETH, and invest cryptocurrency for farming in the Pool Section. A transaction fee is 0.3%. It’s operated by the automated liquidity protocol.
- Website: https://pancakeswap.finance/
- Established: September 2020
- Crypto trading pairs count: 4712
It is powered by BSC Blockchain. The exchanger allows you to trade BSC and BEP-20 tokens. You can earn money by forecasting BNB/USDT prices, storing, and selling NFT. In the exchange, the CAKE token is used for farming and staking.
- Website: https://trade.dydx.exchange/
- Established: April 2019
- Crypto trading pairs count: 3
The exchange is powered by Ethereum Blockchain. dYdX is distinguished by perpetual futures trading and margin trading options. You can borrow cryptocurrency or invest your assets for farming.
- Website: https://www.sushi.com/
- Established: 2020
- Crypto trading pairs count: 554
The exchange is powered by Ethereum Blockchain. SushiSwap was developed by the Uniswap team and is almost identical in its features. They have a SUSHI token credited to users. The first users profit even if they get money out of the pool. A transaction fee is 0.3%.
- Website: https://app.1inch.io/
- Established: August 2020
- Crypto trading pairs count: 324
This is sort of an aggregator for all DEX exchanges powered by Ethereum Blockchain. It aggregates all major exchanges into one network and makes the purchase and sale of cryptocurrencies easier. You can place limit orders, and view price charts and order history.
Unlike other exchanges, 1inch offers various tools so you can manage risks and analyze the market.
- Website: https://curve.fi/
- Established: 2020
- Crypto trading pairs count: 65
Curve Finance is powered by Ethereum Blockchain and has seven liquidity pools. Its signature feature compared to other DEX exchanges is the option to trade stablecoins at a low interchange rate. There are two in-house tokens: yToken and CRV toket. The former one is the earning capacity aggregator which allows you to find a pool with the best rate. The latter one is a control token received by all pool participants.
- Website: https://honeyswap.org/
- Established: July 2020
- Crypto trading pairs count: 60
It is powered by Polygon and xDai Multi-Blockchain with ECR-20 tokens available to users. They have exchange and farming options, and liquidity pools. Farming is based on the PoS protocol.
They also have an HNY in-house token, which allows holders to manage projects and participate in polling.
- Website: https://dodoex.io/
- Established: 2021
- Crypto trading pairs count: depends on the blockchain
The basic difference between DODO and other DEX exchanges is the proactive market maker system, which allows you to reduce fees and increase internal transaction speed. A DODO token is awarded to liquidity pool participants. It is powered by four blockchains: BNB, Polygon, Huobi, and Ethereum.
- Website: https://shibaswap.com/#/
- Established: July 2021
- Crypto trading pairs count: 52
The exchange is powered by Ethereum Blockchain while the operational concept is based on three tokens: LEASH, BONE, and SHIB. The latter is used for currency storing, trading, and settlements.
The LEASH token makes it possible to farm and stake the cryptocurrency while the BONE token is used for rewards. It works only with ECR-20 tokens.
Which Decentralized Exchange do I Opt for?
Not all DEX exchanges available on the market are mentioned above. Today, you can find over 200 offers on CoinMarket, so hereby, you’ll learn what to consider when making your choice.
Liquidity level. DEX exchanges are out-grossed by centralized exchanges on this measure since they are less known. As a rule, beginners opt for Binance without a moment’s hesitation ignoring safer options.
Tokens available. You must ensure that the exchange supports the currency you want to work with. Also, keep in mind that DEX doesn’t support fiat currency.
Interchange rates. DEX interchange rates are lower than those on CEX but still, they may charge more or less. Therefore, you might want to study commission rates first.
Safety. DEX exchanges are more secure than centralized exchanges but you might want to opt for reliable projects that provide user feedback.
Q: How do DEX exchanges differ from CEX exchanges?
A: With decentralized exchanges, you hold and manage your funds, and in centralized exchanges, the money belongs to the exchange desk as long as they are in cycle. CEX exchanges are hacked more often but you can carry out fiat transactions there.
Q: Why are CEX exchanges more popular than DEX exchanges?
A: DEX operational concept is more complex than that of CEX while many DEX exchanges have limited feature set. However, decentralized platforms gradually take on.
Q: Where can I check a list of all DEX exchanges?
A: On CoinMarket, in the “Exchanges” section — “Dex” or follow the link: https://coinmarketcap.com/ru/rankings/exchanges/dex/