Review: A Side-by-Side Comparison of Decentralized Exchanges

Four DEXes, One Review
Decentralized exchanges (DEXes) promise many of the same features as conventional exchanges such as the ability to set limit and market orders and to trade an array of tokenized assets. There’s one crucial difference however: your funds remain in your possession. Through connecting the Metamask Ethereum browser extension, it’s possible to execute trades without needing to leave your precious cryptocurrency stored on an exchange.
Forkdelta
So-named because it’s a fork of Etherdelta, the original Ethereum DEX, Forkdelta retains much of the same stylings as its parent platform. This means a bewildering and unintuitive order book, the risk of omitting a zero when placing an order and over-buying or selling by a factor of 10, plus the potential to purchase the wrong token altogether. In short, Forkdelta is not a fun place to play, and should be avoided by DEX rookies.

IDEX
IDEX became the new Etherdelta long before Forkdelta became the new Etherdelta. That is to say, IDEX is the leading ERC20 token by some distance, and has been for almost a year now. For newcomers to the decentralized trading game, it’s probably the best place to start. While the UX is not as smooth as that of a Binance or Coinbase, it’s easy to grasp at least, and trades are executed quickly by DEX standards.
Token Store
Token Store is a lesser known DEX, which in operation falls somewhere between Forkdelta and IDEX. The interface is nice, and the platform’s painless to use. With just 200 users and 53 ETH exchanged in the last 24 hours, though, Token Store’s biggest flaw is low liquidity. File this DEX under “One to watch”.Ethfinex Trustless
As we reported on Tuesday, Ethfinex has now launched Trustless, its very own DEX. The exchange is likely to take a chunk out of IDEX and Forkdelta’s volume once it goes fully live in a couple of weeks. It’s open for business now, but with a limited selection of tokens, and the requirement to own at least one NEC (the native Ethfinex token) to trade. Once these restrictions are lifted, Trustless should have no trouble cementing itself as a leading DEX, aided by the liquidity it’s granted by Ethfinex and Bitfinex.
Images courtesy of IDEX, Forkdelta, and Ethfinex.
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