Decentralized Exchange| WazirX DEX Launch| WRX to Moon?|
In this blog we will talk about what is a Decentralized Exchange, it’s merits and demerits and WazirX upcoming DEX launch
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Do you know that the cryptocurrency in your exchange account wallet is actually not yours, the exchange has control over your currency and if the exchange flees your crypto is gone!! That’s why you are always told to trade from reliable websites only.
To over this challenge DEX were made, DEX is Decentralized Exchange is means there is no particular one party that controls it, you can connect your wallet to DEX trade your currency. This way the you always have full control over your currency and no third party owns it. Now, that the crypto space is evolving and everyone wants full control over their money DEX are actually becoming very popular. Its easy to use and 100% safe So, why not?
Some Popular DEX
- dYdX
- Pancake Swap
- Uniswap
- Sushi Swap
- MDEX
(There is also one more DEX that I will talk in end )
How To Use A DEX?
- Firstly you need to have a wallet in which you have your crypto for example in case you have Metamask, Now in the browser option go and search uniswap
- After you reach Uniswap connect you metamask wallet to it
3. Now you can choose which crypto currency to want to trade from
4. Select your pair and its done
There is some gas fees that you need to pay in order to confirm/process the transaction. In Eth blockchain gas fees are a bit high some time depending on the market condition, but is you want to avoid that you can use Binance Smart Chain it has very low transaction fees.
Benefits Of Using A DEX
Using a DEX over a Centralized Exchange is Actually very beneficial for some users some of the points have been discussed below
- If you have large crypto holding it’s safer to keep it in wallet. So automatically Decentralized Exchange becomes a better option for you.
- Centralized Exchange are a faster way to do your trading but if you are looking for some privacy and more control over for funds then Decentralized Exchange is the one for you
- There are no identity check for using DEX so your security increases and you remain anonymous.
- The People who use Decentralized Exchange can easily access smart contracts and DApps for any required financial services.
- You can use DEX to trade any kind of token.
Demerits Of Using A DEX
- If you are using a DEX you cannot do Futures or Margin Trading.
- If you see you’ll find out that Decentralized Exchange are based on some specific kind of smart contract for example ERC-20, which has ether as it’s trading token.
- The gas fees are sometimes very high which might be a problem for many users.
- If you somehow lost your funds or got scammed there will be no recovery for it unlike the Centralized Exchanges.
My Opinion On Decentralized Exchange
Untill now we have seen only the on paper stuff about DEX like its uses, merits and demrits, but I would like to share my personal experience with you as a DEX user. I think DEX balances the stuff out, it gives us the privacy we want, it’s very easy to use and is 100% safe. Gas fees is somewhat a factor for some people, I definitely agree with you if you say that ERC-20 transactions have high fees, but now we have many alternatives like BSC and Polygon which has very low transaction fees which solves our problem. I would definitely recommend you to use Decentralized Exchange if you want a more calmer approach.
WazirX DEX
WazirX
WazirX is an Indian based Cryptocurrency exchange(CEX) which has ranked no.1 in India by trading volume. WazirX is very popular in India you must have heard about it or read about it.
WazirX is backed by very big players of the Crypto Community and there are constant updates and improvements in it, which makes it that much better, reliable and safe.
The WazirX team always find a way to surprise everyone and this time it’s with a DEX launch..!!
DEX Launch
You might have heard about it, WazirX is planning to launch a DEX, though there is no official date for it but it’s expected to launch in a month or two, with it’s launch users will be able to trade there Cryptocurrency through the WazirX DEX.
WazirX already has a Centralized Exchange(CEX), and with its new New Decentralized Exchange (DEX) launch it will be a complete set.
It’s the First Indian DEX, So it’s a proud moment for us Indian, seeing the adaptation of cryptocurrency going this way.
WRX
WRX has already been a very successful investment and has given it’s investors big returns, With this launch I definitely see larger adaptation of WazirX in India, with this WRX is expected to pump and reach new heights, So you can fill your $WRX bags for some good gains.
So, this is all for this blog I hope you find it interesting and knowledgeable. Personally speaking I am very excited for the DEX launch you guys dont forget to mention you views in the comments. I will keep you guys updated from my other socials so make sure to follow them as well.
