The world economy is shifting towards a digital ecosystem. Gradually, our tasks are being managed digitally with the help of web and mobile applications. The latest and most trending one is a cryptocurrency exchange. Over the past few years, cryptocurrency or virtual currency exchange has been gaining traction. The digital currency exchange is leveraging blockchain technology to attain decentralized exchange that is fast, accessible, safe & secure.

 

Before talking about decentralized cryptocurrency exchange platforms, first, we would give you a brief about cryptocurrency exchange.

 

So, what are Cryptocurrency Exchanges?

 

Well, cryptocurrency exchanges are digital trading platforms that assist users in trading virtual currencies (cryptocurrencies) for other assets, including digital and fiat currencies. Such exchanges act as intermediaries between a buyer and a seller and earn money via commissions and transaction fees.

 

Types of Cryptocurrency Exchanges

 

Centralized Exchange (CEX)

Decentralized Exchange (DEX)

Hybrid Exchanges

 

Here, we will brief you about decentralized exchange and discuss the benefits of investing in decentralized Cryptocurrency exchange software development.

 

 

What is Decentralized Exchange?

 

A decentralized exchange platform is abbreviated as DEX. It is a kind of cryptocurrency exchange that eliminates third-party entities such as banks, stockbrokers, online payment gateways, government institutions, and lots more.  Such transactions occur online securely

 

This type of digital exchange platform is an alternative to centralized cryptocurrency exchanges. As the name indicated, in DeX, the transactions are managed by an automatic system, not like a centralized approach. DEX doesn’t allow any central authority to control the process.

 

 

 

List of Some Famous DEX Platforms

 

WavesDex

Bancor Protocol

Kyber Network

EtherDelta

AirSwap

 

 

How Your Crypto Users can get Benefit from the Decentralized Exchange Platform?

 

Avoid Identity and information theft

Get rid of identity and personal data theft with the DEX platform solution. Crypto users who are willing to trade on decentralized exchanges, need not share the government proofs such as a Passport, Driving License, etc. This provides users a lot of relief by offering them the trust of not losing any confidential info while making a registration in decentralized exchange platforms for cryptocurrency trading.

 

Anonymous transaction

Privacy is a pivotal consideration in today’s digital era. Every transaction done over decentralized exchange is completely anonymous and is being thoroughly verified and validated by “smart contract”. So, with a decentralized exchange platform solution, transactions of your users are highly safe and secure.

 

Financial Inclusiveness

Generally, centralized exchange platforms refrain crypto traders from certain jurisdictions from using their services. But with a decentralized cryptocurrency exchange solution, anyone from anywhere across the globe can utilize it. DEX platforms are enhancing financial inclusiveness and providing a fair ecosystem.

 

 

How Much Does It Cost to Build a Decentralized Cryptocurrency Exchange Platform?

 

The cost to create a DEX platform varies with lots of factors such as blockchain Developers’ Hours, Tech stack cost, Server cost, software designing cost, Testing budget, etc. And the cost also varies with the level of complexity and number of features.

 

 

What Amount of Time It Would Take to Build a Decentralized Cryptocurrency Exchange Solution?

 

There is no one answer that fits all. To build a decentralized cryptocurrency exchange, development time will vary with the complexity of the software and the number of features & functionalities to include. It might take a few weeks to 3-4 months to develop a decentralized crypto exchange application from scratch.

 

Wrapping up

A decentralized exchange platform is widely popular among crypto users. In the near future, the DEX platform will undergo lots of enhancement to offer more flexibility to users with minimal technical skills. We pretty much hope that it would shift to a new level. Even many leading centralized exchange market players in the trading sector are building decentralized exchange software for their enterprises. (e.g. Binance, one of the well-known crypto exchange players has already launched its decentralized crypto exchange platform).