The 10 Best Decentralized Exchanges in 2024 (Reviewed by Experts)

Zac McClure
ByZac McClure, MBAReviewed byAlex MilesUpdated on June 6, 2024 · minute read
VerifiedExpert verified

TokenTax content follows strict guidelines for editorial accuracy and integrity. We do not accept money from third party sites, so we can give you the most unbiased and accurate information possible.

  • 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’re looking for advanced portfolio management, low-fee trading, cross-chain capabilities, or high-yield farming opportunities, these decentralized exchanges (DEXs) provide diverse options to suit various trading needs and strategies. Dive into our comprehensive analysis to find the best DEX that aligns with your investment goals.

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 & Cons

Pros

  • Unique multi-asset liquidity pools

  • Customizable pool ratios

  • Audited for security

Cons

  • Variable fees

  • Past security issues

-  Why our experts picked it

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 & Cons

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

-  Why our experts picked it

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 & Cons

Pros

  • No additional fees

  • Supports a wide range of chains

  • Privacy features

Cons

  • Limited user interface

  • May add unnecessary steps

-  Why our experts picked it

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 & Cons

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

-  Why our experts picked it

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 & Cons

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

-  Why our experts picked it

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 & Cons

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)

-  Why our experts picked it

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 & Cons

Pros

  • Supports cross-chain trading

  • Low fees

  • Smooth user interface

Cons

  • Relatively new platform

-  Why our experts picked it

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 & Cons

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

-  Why our experts picked it

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 & Cons

Pros

  • Supports BTC and Stacks ecosystem

  • Low fees

  • Uses AI for platform optimization

Cons

  • Small total value locked

  • Limited adoption in DeFi

-  Why our experts picked it

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 & Cons

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%)

-  Why our experts picked it

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 & Cons

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

-  Why our experts picked it

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:

  1. Get a wallet: Choose a wallet like MetaMask or Coinbase Wallet that supports decentralized protocols.

  2. Fund your wallet: Buy cryptocurrency on a centralized exchange and transfer it to your wallet.

  3. 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.

To stay up to date on the latest, follow TokenTax on Twitter @tokentax.

Zac McClure
Zac McClureCo-Founder & CEO at TokenTax
Zac co-founded TokenTax after his career in international finance and accounting at JPMorgan, Imprint Capital and Bain. He has worked in more than half-dozen countries and received his MBA from the UPenn Wharton School.
Alex Miles
Reviewed byAlex MilesCo-Founder at TokenTax
Prior to TokenTax, Alex worked as a Product Designer at Dropbox and before that Readmill (acquired by Dropbox). He holds a BS in Digital Information Design - Interactive Media from Winthrop University.

Get a personalized crypto tax consultation.

Complete our questionaire and we'll evaluate your situation — for free.

Let’s get started.

Check out our plans and pricing to find out which solution best meets your needs.

Review plans