What Are The Best Decentralized Exchanges (DEXs) For Token Swaps & Staking?

Crypto exchanges and decentralized exchanges are not the same. If you wanted to buy a blockchain coin (altcoin) then you would use an exchange that is “NOT” decentralized. Centralized exchanges such as Coinbase or Binance is where you can deposit fiat funds (GBP, USD, Euros) and enter the crypto world.

A decentralized exchange is for users who already own a blockchain coin/altcoin or tokens and want to buy, swap or stake your already purchased crypto. Altcoins such as BNB, Ethereum, Bitcoin or Tron can only be purchased through an exchange, not a decentralized exchange.

DEXs do not take debit cards, Paypal or Credit card payments, which is due to laws for fighting fraud and criminal activity. Before you can buy a blockchain coin with fiat funds you must signup, register and show identification to pass their KYC process.

Decentrlized Exchanges DEXs

Anyone with a blockchain altcoin/token can use a decentralized exchange, you do not have to create an account or provide identity KYC to start using DEXs. You simply connect your crypto wallet through their official website or a Dapp, which are located within your crypto wallet (Trust Wallet) or a hard wallet such as Ledger or Trezor.

For hardware wallets, you would need to run the software and interact through Dapps that way. After you have your tokens you simply unplug your cold wallet from your device and store it in a safe place.

Your wallet secret keys (NOT your passphrase) will be your account identification, so every time you connect to the DEX, your wallet is your account details ETC. So always use the same wallet when trading or staking and another to hold your tokens and altcoins for long term hodling.

The Best DEXs For Swapping & Staking

In this article, we will reveal the best DEXs that provide you with the best benefits when trading and staking crypto. There are 100’s of decentralized exchanges and the list is getting bigger and bigger each week. Why? Because most new tokens are using the DEXs model to make their tokens relevant. Remember a token with no utility or use in the real world is doomed to fail!

Yes, some tokens have become juggernauts because of the benefits they provide when staking (providing your token/coin for their use) and in return, you are rewarded with their LP token/tokens.

• Staking various crypto for a monthly reward
• Swap tokens on the same blockchain
• Swap altcoins for tokens and visversa
• Receive the DEX LP tokens
• Get early access to new tokens
• All completed on the blockchain (secure)
• P2P transfers (No third-party)

1Inch Defi Exchange

The 1Inch network has one of the best interfaces for beginners, unlike so many others which confuse newer crypto traders, so there is less chance of mistakes. With 1inch you can swap and trade on a variety of networks instantly without any third party interference. You can trade an endless list of tokens once you have purchased your altcoins from a centralized crypto exchange.

• Ethereum Network (ETH)
• Binance Smart Chain (BSC)
• Polygon Network (Matic)

Their security is good and they are one of the more transparent decentralized exchanges (DEXs). We have been using 1Inch since they started back in 2019. Since then 1Inch has been our go-to decentralized exchange for our token swap and staking needs. They offer some great incentives and look to be increasing in popularity evermore.

• Swap a variety of tokens (New & old)
• Stake your tokens/altcoins and receive their LP token
• They also accept liquidity from new token holders
• Started back in 2019
• Chi Token (LP) for gas fees
• Mobile app & Dapps

Paraswap Defi Exchange

The Paraswap DEX aggregator is another easy to use platform that works very similar to 1Inch. It’s compatible with a variety of blockchains and has many token types to choose from. While offering their Paraswap for trading with reduced slippage costs, users can also stake various crypto and in return, you receive their LP token (PARA).

• Ethereum Network (ETH)
• Binance Smart Chain (BSC)
• Polygon Network (Matic)

You can connect to Paraswap with 4 different wallets: Ledger, wallet connect, Metamask and BSC wallets. Just simply log in to their official website or connect through your crypto wallet. All in all, Paraswap is a great platform with easy to understand tutorials and how-to guides for beginners who want to make their first token trades.

• Swap a variety of token types
• Staking options (Paraswap Pool)
• Liquidity for new token holders
• Started back in 2019
• Website, Mobile app & Dapps
• LP token (PARA)

Decentralized Crypto Exchange Warning

Not all decentralized crypto exchanges operate by the same rules, remember these are decentralized so there is generally no one to speak with if things go wrong. This is why it’s so important to use a reputable DEX that offers good customer support and help when needed.

With so many popping up behind every token to make them relevant, most are just basic and things will go wrong. We would advise our readers to use one of the DEXs above because we know they help and advise you if things happen to not work, fail or your tokens do not appear in your wallet.

Conclusion Of DEXs

DEXs are the most secure type of platform because there are no third parties and everything is done on the blockchain. This also makes them more secure, unlike centralized crypto exchanges which are prone to be hacked.

Yes, you can use real-world funds to purchase cryptocurrencies but the variety is far greater with DEXs, this is because new tokens will initially start trading on DEXs ONLY. Once a new token becomes popular enough a centralized exchange will take note and list that token.

For example, Dogecoin, Shiba Inu or AMP are/were all tokens at one point and they have all been adopted by centralized exchanges which are far easier to use and understand from a beginners perspective. What DEX achieves is early access to tokens, staking and liquidity options for new token creators.

Once you have purchased your blockchain coins for trades/staking, be sure to move them away from the centralized crypto exchange. It’s a very easy process and requires you to copy the correct address from your wallet and then click withdraw. Step 2: Paste that long address into the destination so the funds move to your wallet on the blockchain, now you have your altcoins in your hot wallet you are free to connect to any DEX and start swapping and staking.