10 Best Decentralized Exchanges (DEXs) For 2024
Intro
Decentralized exchanges (DEXs) are a type of cryptocurrency exchange that is not controlled by a single central authority. Instead, they use smart contracts to facilitate trading between users. DEXs offer a number of advantages over centralized exchanges, including:
- Non-custodial: Users retain control of their private keys and funds at all times.
- Low fees: DEXs typically have lower fees than centralized exchanges.
- Wide range of assets: DEXs offer a wide range of assets to trade, including popular cryptocurrencies, altcoins, and stablecoins.
- Decentralized governance: DEXs are governed by their communities, which gives users a say in how the exchanges are run.
Best Decentralized Exchanges
In this section, we will review the best decentralized exchanges based on factors such as popularity, trading volume, liquidity, and security.
Parameters for Comparison
We will compare DEXs based on the following parameters:
- Blockchain: On which blockchain does the exchange operate?
- Type of exchange: What technology is used to exchange assets?
- Trading pairs: What trading pairs are available on the exchange?
- Features and capabilities: What features and capabilities does the exchange offer?
- Security: What security measures does the exchange use?
- Fees: What fees does the exchange charge?
| DEX's Name | Blockchain based | Trading Fees | Trading Pairs |
| Uniswap | Ethereum | 0.3% | 200+ |
| SushiSwap | Ethereum | 0.3% | 200+ |
| PancakeSwap | Binance Smart Chain | 0.2% | 100+ |
| Curve | Ethereum | 0.04% | 30+ |
| dYdX | Ethereum | 0.04% to 0.2% | 200+ |
| 1inch | Ethereum, Binance Smart Chain, Polygon, Optimism, Arbitrum | Variable | 1000+ |
| Balancer | Ethereum | 0.03% to 0.3% | 200+ |
| KyberSwap | Ethereum, Polygon, Avalanche, Fantom | 0.3% | 100+ |
| Quickswap | Polygon | 0.3% | 100+ |
| Raydium | Solana | 0.025% | 100+ |
Uniswap
- Blockchain: Ethereum
- Type of exchange: AMM
- Trading pairs: 200+
- Features and capabilities: Margin trading
- Security: Smart contract approval
- Fees: 0.3%
Uniswap is the most popular decentralized exchange. It is an AMM-based exchange that uses a liquidity pool to facilitate trading. Uniswap offers a wide range of trading pairs and low fees.
SushiSwap
- Blockchain: Ethereum
- Type of exchange: AMM
- Trading pairs: 200+
- Features and capabilities: Margin trading, yield farming, staking
- Security: Smart contract approval
- Fees: 0.25%
SushiSwap is a fork of Uniswap that offers a variety of features that are not available on Uniswap, such as yield farming and staking. SushiSwap also offers lower fees than Uniswap.
PancakeSwap
- Blockchain: Binance Smart Chain
- Type of exchange: AMM
- Trading pairs: 100+
- Features and capabilities: Margin trading
- Security: Smart contract approval
- Fees: 0.2%
PancakeSwap is a decentralized exchange that runs on the Binance Smart Chain. It is an AMM-based exchange that offers a wide range of trading pairs and low fees.
Curve
- Block chain: Ethereum
- Type of exchange: AMM
- Trading pairs: 30+
- Features and capabilities: Low fees,
- Security: Smart contract approval
- Fees: 0.04%
Curve is a decentralized exchange that is optimized for stablecoin trading. It offers very low fees and high liquidity for stablecoin pairs.
dYdX
- Block chain: Ethereum
- Type of exchange: AMM
- Trading pairs: 200+
- Features and capabilities: Margin trading, perpetual contracts
- Security: Smart contract approval
- Fees: 0.04% to 0.2%
dYdX is a decentralized exchange that offers margin trading and perpetual contracts. It is known for its high leverage options and deep liquidity.
1inch
- Block chain: Ethereum, Binance Smart Chain, Polygon, Optimism, Arbitrum
- Type of exchange: Aggregator
- Trading pairs: 1000+
- Features and capabilities: Finds the best prices for trades across multiple DEXs
- Security: Smart contract approval
- Fees: 0.3% to 0.5%
1inch is a decentralized exchange aggregator that finds the best prices for trades across multiple DEXs. It is a good option for users who want to get the best possible price for their trades.
Balancer
- Block chain: Ethereum
- Type of exchange: AMM
- Trading pairs: 200+
- Features and capabilities: Custom trading pools
- Security: Smart contract approval
- Fees: 0.03% to 0.3%
Balancer is a decentralized exchange that allows users to create their own custom trading pools. It is a good option for users who want to trade assets that are not available on other DEXs.
KyberSwap
- Block chain: Ethereum, Polygon, Avalanche, Fantom
- Type of exchange: AMM
- Trading pairs: 100+
- Features and capabilities: Instant token swaps with no gas fees
- Security: Smart contract approval
- Fees: 0.3%
KyberSwap is a decentralized exchange that offers instant token swaps with no gas fees. It is a good option for users who want to make quick trades without having to pay high gas fees.
Quickswap
- Block chain: Polygon
- Type of exchange: AMM
- Trading pairs: 100+
- Features and capabilities: Margin trading
- Security: Smart contract approval
- Fees: 0.3%
Quickswap is a decentralized exchange that runs on the Polygon network. It is an AMM-based exchange that offers a wide range of trading pairs and low fees.
Raydium
- Block chain: Solana
- Type of exchange: AMM
- Trading pairs: 100+
- Features and capabilities: Margin trading
- Security: Smart contract approval
- Fees: 0.025%
Raydium is a decentralized exchange that runs on the Solana network. It is an AMM-based exchange that offers a wide range of trading pairs and low fees.
Conclusion
In this article, we reviewed the best decentralized exchanges based on a variety of factors. The best DEX for you will depend on your individual needs and preferences.
Factors to consider when choosing a DEX:
- The types of assets you want to trade: Some DEXs offer a wider range of assets than others.
- The features and benefits you are looking for: Some DEXs offer margin trading, perpetual contracts, or other features.
- The security and reputation of the DEX: It is important to choose a DEX that has a good security track record.
- The fees charged by the DEX: DEXs typically have lower fees than centralized exchanges.
DEX's FAQ
What wallets can I use with a DEX?
You can use any non-custodial cryptocurrency wallet with a DEX. Non-custodial wallets give you full control over your private keys, which means that you are responsible for the security of your funds. Some popular non-custodial wallets include:
- MetaMask
- Coinbase Wallet
- Trust Wallet
- Ledger Nano S
- Trezor
What are the fees associated with using a DEX?
DEXs typically charge a small fee for each trade. The fee amount varies depending on the DEX you are using. For example, Uniswap charges a 0.3% fee on each trade.
In addition to trading fees, you may also have to pay network fees. Network fees are paid to the miners who process and validate transactions on the blockchain. Network fees can vary depending on the blockchain and the current network congestion.
How can I reduce the fees associated with using a DEX?
There are a few things you can do to reduce the fees associated with using a DEX:
- Use a DEX that offers lower trading fees.
- Trade during off-peak hours when network congestion is lower.
- Use a limit order to specify the maximum price you are willing to pay for a trade. This can help you to avoid paying higher fees due to slippage.
Is there anything else I should know about DEX fees?
It is important to note that DEX fees can vary depending on the market conditions. For example, if there is a lot of demand for a particular cryptocurrency, the trading fees may be higher.
It is also important to be aware of the network fees associated with using a DEX. Network fees can fluctuate depending on the blockchain and the current network congestion.
Overall, it is important to do your research and understand the fees associated with using a DEX before you start trading.