The 10 Best Decentralized Exchanges in 2024 (Reviewed by Experts)
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OKX stands out as the best overall decentralized exchange in 2024 due to its innovative aggregator protocol and extensive support for multiple blockchain networks. Other top picks include Nomiswap for low fees and Uniswap for beginners; when choosing a DEX, consider factors like fees, liquidity, and user interface.
Uniswap remains the most popular decentralized exchange thanks to its substantial liquidity and ease of use. Besides Uniswap, exchanges like Curve and 1inch offer specialized features such as stablecoin trading and price aggregation, so look for the platform that best meets your trading needs.
Top-rated decentralized cryptocurrency exchanges
Whether you need sophisticated portfolio management, low-cost trading, cross-chain functionality, or opportunities for high-yield farming, these decentralized exchanges (DEXs) offer a variety of options to meet different trading preferences and strategies. Explore our detailed analysis to discover the best DEX that matches your investment objectives.
Balancer
Best decentralized exchange for crypto portfolio management
Balancer serves as both an exchange and an automatic portfolio manager, supporting liquidity pools with multiple assets.
Pros
Unique multi-asset liquidity pools
Customizable pool ratios
Audited for security
Cons
Variable fees
Past security issues
Balancer's portfolio management tools are ideal for diversified investment strategies.
Curve
Best decentralized exchange for stablecoins
Curve is designed for swapping stablecoins, minimizing impermanent loss for liquidity providers. It's one of the safest and most trusted platforms in DeFi.
Pros
Low fees (around 0.04%)
High APYs on certain assets like sETH
Trusted by the DeFi community
Cons
Complex for beginners
Limited to stablecoin trading
Curve's low-risk environment and high staking rewards are perfect for stablecoin holders.
DeFiLlama
Best decentralized exchange for aggregation
DeFiLlama aggregates prices from other aggregators like 1inch, ensuring users get the best deals across various platforms.
Pros
No additional fees
Supports a wide range of chains
Privacy features
Cons
Limited user interface
May add unnecessary steps
DeFiLlama's aggregation of aggregators provides comprehensive price comparisons.
dYdX
Best decentralized exchange for derivative trading
dYdX supports lending, borrowing, and margin trading with low fees, making it perfect for experienced traders.
Pros
Low fees
Supports margin and derivative trading
Partnered with Starkware for low gas fees
Cons
Volatile interest rates for lending
High-risk margin trading
dYdX's advanced trading options are unmatched in the DeFi space.
IDEX
Best decentralized exchange with a hybrid approach
IDEX combines elements of centralized and decentralized exchanges, offering unique features like simultaneous transaction execution and low fees.
Pros
Low fees
Supports fiat purchases
Multiple trades at once
Cons
Limited to Ethereum and EVC-compatible assets
Hybrid approach may not appeal to decentralization purists
IDEX's hybrid model offers flexibility and advanced trading features.
Nomiswap
Best decentralized exchange for low fees
Nomiswap is known for its innovative approach to trading fees, offering users just 0.1% trading fees. Its CeDeFi ecosystem combines the best of decentralized and traditional finance.
Pros
Minimal trading fees
Cashback rewards and incentives
Comprehensive referral program
Competitive APYs on staking and farming
Cons
Limited to BNB Chain tokens (with plans for expansion)
Nomiswap's low fees and hybrid financial ecosystem provide cost-effective trading options.
Osmosis
Best decentralized exchange for: Cross-chain trading
Osmosis operates on the Cosmos blockchain, enabling cross-chain trades between major cryptocurrencies like Bitcoin and Ethereum.
Pros
Supports cross-chain trading
Low fees
Smooth user interface
Cons
Relatively new platform
Osmosis's cross-chain capabilities are ideal for diverse trading needs.
PancakeSwap
Best decentralized exchange for Binance Smart Chain
PancakeSwap operates on the Binance Smart Chain, offering low transaction fees and a user-friendly interface for trading BSC-based assets.
Pros
Low trading and gas fees
High APYs from pools and farms
Secure platform with multiple audits
Cons
Limited to Binance Smart Chain
Perceived centralization issues with BSC
PancakeSwap's low fees and ease of use make it ideal for BSC traders.
StackSwap
Best decentralized exchange for Bitcoin exchange
StackSwap is built on the Stacks ecosystem, enabling DeFi on Bitcoin. It offers low fees and AI-driven performance improvements.
Pros
Supports BTC and Stacks ecosystem
Low fees
Uses AI for platform optimization
Cons
Small total value locked
Limited adoption in DeFi
StackSwap's integration with Bitcoin makes it unique among DEXs.
SushiSwap
Best decentralized exchange for crypto yield farming
SushiSwap is a major decentralized exchange that supports over 400 tokens, allowing users to quickly swap tokens and participate in yield farming pools without divulging personal information.
Pros
Instant token swaps without KYC
Supports multiple blockchain networks, including Ethereum and Binance Smart Chain
Transparent fee structure
Competitive yields in liquidity pools
Cons
Limited number of supported tokens compared to other DEXs
Relatively high token swap fee (0.3%)
SushiSwap's simplicity and array of yield farming opportunities make it appealing to users who want to trade and accumulate yields on various tokens.
Uniswap
Best decentralized exchange for ERC-20
Uniswap is the largest decentralized exchange globally, facilitating the buying, selling, and trading of ERC-20 tokens on the Ethereum blockchain. Its user-friendly and offers ample liquidity for trades.
Pros
Trusted and widely used platform
Low fees (typically 0.3%)
Supports multiple networks including Ethereum, Polygon, and Binance Smart Chain
Allows purchases with credit/debit cards via Moonpay
Cons
Can be intimidating for beginners
Credit/debit card fees can be high
Uniswap's popularity and user-friendly interface make it a great choice for crypto traders at all levels.
What is the most used decentralized exchange?
Uniswap is currently the most used decentralized exchange, boasting the highest trading volumes and liquidity among DEXs. Its extensive support for ERC-20 tokens and user-friendly interface contribute significantly to its popularity.
The innovative automated market maker (AMM) protocol allows users to trade without an order book, providing a seamless trading experience. Uniswap's wide adoption and robust infrastructure make it a go-to choice for traders.
What is a decentralized exchange?
DEXs allow users to trade crypto directly with one another without relying on a centralized intermediary. They operate on blockchain networks and use smart contracts to automate transactions, enhancing security and privacy. By eliminating the middleman, DEXs reduce the risk of hacks and fraud.
DEXs also offer increased transparency and accessibility. The blockchain records every transaction, creating a public ledger of all trades. This level of transparency builds trust within the community.
Centralized vs. decentralized exchanges
Centralized exchanges (CEXs) act as intermediaries, holding users' funds and facilitating trades. They offer faster transactions and customer support but come with risks like hacks and fund loss. Users rely on the platform's security measures, introducing a single point of failure that can be exploited by hackers.
Decentralized exchanges (DEXs) let users retain control of their assets, providing enhanced privacy and security, but often at the cost of a steeper learning curve and potentially slower transactions. DEXs operate without a central authority, which allows for peer-to-peer trading facilitated by smart contracts. Despite the challenges, the benefits of autonomy, security, and privacy make DEXs an attractive option for many cryptocurrency enthusiasts.
How to pick a decentralized cryptocurrency exchange?
When choosing a DEX, consider the following factors:
Liquidity: Ensure the exchange has enough liquidity for smooth trading.
Reputation: Choose a platform with a strong security track record and positive user reviews.
User Interface: A good UI makes trading easier and more efficient.
Fees: Compare transaction fees across different platforms to find the best rates.
Getting started with a decentralized wallet
To start using a DEX, follow these steps:
Get a wallet: Choose a wallet like MetaMask or Coinbase Wallet that supports decentralized protocols.
Fund your wallet: Buy cryptocurrency on a centralized exchange and transfer it to your wallet.
Connect to a DEX: Link your wallet to a DEX like Uniswap to start trading.
Do decentralized exchanges report to the IRS?
Under new regulations, DEXs might be expected to issue Form 1099-DA to both the IRS and customers starting in 2025. This could necessitate KYC policies to comply. At present, decentralized exchanges do not typically report to the IRS, which means individual crypto holders are responsible for accurate reporting.
When in doubt, we strongly recommend speaking to a crypto tax professional like ours at TokenTax for guidance and to remain compliant with your local regulations.
Schedule a FREE crypto tax consultation
Do I need to pay tax on decentralized exchange transactions?
Yes, transactions on DEXs are subject to tax regulations. Report all trades, as blockchain transactions are publicly visible and can be tracked by authorities. Leveraging crypto tax accounting platforms like ours at TokenTax can simplify the tax reporting process by automatically pulling transaction data from your wallet.
Best decentralized exchanges FAQs
Here are answers to frequently asked questions about the best decentralized exchanges available on the market today.
Are decentralized exchanges legal in the US?
Yes, decentralized exchanges like Uniswap are legal in the United States.
Is Coinbase a decentralized exchange?
No, Coinbase is a centralized exchange. However, Coinbase Wallet is a decentralized self-custody platform.
What is the safest decentralized exchange?
Uniswap is considered one of the safest DEXs due to its extensive use, professional audits, and open-source code.
Where is the best place to buy decentralized crypto?
Uniswap and SushiSwap are excellent platforms for buying decentralized cryptocurrencies, offering wide token support and user-friendly interfaces.
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