Best Decentralized Exchanges in 2025
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Even when you use a decentralized exchange, you must still report your trades for tax purposes. New rules might require these platforms to send tax forms, so choose one that fits your trading style and keep careful records.
Decentralized exchanges let you trade directly with other users without needing a middleman, which gives you more control and privacy. Top options to consider include Uniswap, dYdX, and PancakeSwap, depending on the features you want.
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Our picks: Best decentralized crypto exchanges
Decentralized exchanges (DEXs) enable peer-to-peer cryptocurrency trading without intermediaries. Platforms like OKX, Nomiswap, and Uniswap lead the market with their innovative features, low fees, and ease of use.
Our curated list of top DEXs helps you navigate the ecosystem confidently. Always do your own thorough research and understand the risks before engaging in decentralized finance (DeFi).
Calculate your crypto gains with our free crypto profit calculator.
Decentralized exchanges comparison
Exchange | Best For | Key Feature | Supported Blockchains |
---|---|---|---|
dYdX | Derivatives | Up to 20x leverage | Multiple |
Halo | Portfolio management | Advanced portfolio tracking tools | 7 blockchain networks |
iToken | Crypto diversity | 1M+ supported tokens | Ethereum, BNB, Solana |
Kine | Leverage | Up to 200x leverage | Multiple |
Nomiswap | Low fees | 0.1% trading fees | BNB Chain |
OKX | Overall DeFi trading | Aggregator protocol | 15 blockchain networks |
PancakeSwap | BSC tokens | Early access to new BSC projects | Binance Smart Chain |
SushiSwap | Yield farming | Competitive liquidity pools | Ethereum, BNB Chain |
Uniswap | Beginners | ERC-20 token focus | Ethereum, Polygon, others |
Best decentralized crypto exchanges
dYdX specializes in perpetual contracts and offers up to 20x leverage, catering to advanced traders focused on derivatives.
Pros
High leverage up to 20x
Exceptional liquidity for derivatives trading
Advanced tools for professional traders
Cons
Not beginner-friendly
Mobile app is only available on iOS
dYdX excels in supporting professional traders with high-risk strategies, making it a standout choice for derivatives.
KuCoin’s Halo wallet supports seven blockchain networks, combining portfolio tracking and decentralized trading features.
Pros
Supports cross-chain token swaps across seven blockchains
User-friendly interface with advanced tracking tools
Enables staking for yield generation
Cons
No crypto savings account support
Fee transparency could be improved
Halo integrates portfolio tracking with DeFi tools, making it ideal for traders seeking to manage assets efficiently.
Huobi’s iToken app supports over one million assets across Ethereum, BNB Chain, Solana, and more.
Pros
Broad compatibility across multiple blockchain networks
Decentralized app environment with private key control
Round-the-clock customer support
Cons
Lack of educational resources
Complex fee structure
iToken offers unmatched crypto diversity, appealing to users managing assets across various blockchains.
Kine supports up to 200x leverage for major tokens, catering to traders seeking significant exposure.
Pros
Extremely high leverage for large-cap tokens
Competitive commission fees
Cross-chain functionality
Cons
Not suitable for beginners
Requires KYC for fiat deposits
Kine’s unparalleled leverage capabilities make it a top choice for seasoned traders looking to maximize exposure.
Nomiswap combines low trading fees (0.1%) with a hybrid CeDeFi model, offering cashback and referral rewards.
Pros
Minimal fees with potential for 0% through rewards
Strong referral program and APYs for staking
CeDeFi ecosystem bridges centralized and decentralized finance
Cons
Limited to BNB Chain tokens, with expansion plans pending
Nomiswap combines low trading fees (0.1%) with a hybrid CeDeFi model, offering cashback and referral rewards.
OKX aggregates prices from over 200 DEXs and supports 15 blockchains for seamless cross-chain trading.
Pros
Access to optimal prices via aggregator protocol
Wide variety of DeFi services, including staking and yield farming
Extensive blockchain support
Cons
Fees disclosed only at the point of transaction
OKX's innovative aggregator protocol, comprehensive support for blockchain networks, and vast array of DeFi offerings combine to make it our foremost choice for decentralized trading in 2023.
PancakeSwap is the go-to platform for Binance Smart Chain (BSC) tokens, offering early access to new projects.
Pros
No account creation needed—connect your wallet and trade
Yield farming and staking tools available
Strong liquidity for BSC projects
Cons
Limited to Binance Smart Chain
No support for crypto savings accounts
PancakeSwap’s user-friendly approach and focus on BSC tokens attract both traders and yield farmers.
SushiSwap supports token swaps across multiple chains and offers lucrative yield farming opportunities.
Pros
Transparent fee structure
Extensive liquidity pools with competitive yields
Multi-chain support, including Ethereum and BNB Chain
Cons
Token swaps incur a 0.3% fee, higher than some competitors
Smaller token selection compared to others
SushiSwap balances ease of use with powerful yield farming tools for DeFi enthusiasts.
Uniswap’s intuitive interface and high liquidity make it ideal for beginners exploring ERC-20 token trading.
Pros
Supports multiple blockchains, including Ethereum and Polygon
No KYC required
Large user base ensures robust liquidity
Cons
Trading fees can be higher compared to competitors
Uniswap’s accessibility and community support make it a strong entry point for new DeFi users.
What is the safest decentralized exchange?
The safest decentralized exchanges prioritize robust security measures like smart contract audits, minimal user data requirements, and strong liquidity. Uniswap and Curve are widely regarded as secure due to their established reputations and consistent updates.
It’s wise to confirm whether a platform has undergone recent audits and be cautious of newly launched exchanges with limited community feedback. Secure your trades further by using a reputable, non-custodial wallet.
What is a decentralized exchange?
A decentralized exchange (DEX) allows users to trade cryptocurrencies directly without relying on a central authority. Transactions are facilitated by smart contracts on blockchain networks, ensuring security and transparency.
Unlike centralized exchanges, DEXs do not require users to deposit funds or create accounts, giving traders full control of their assets. Popular examples include Uniswap, PancakeSwap, and SushiSwap.
Learn more about Uniswap taxes.
How do decentralized exchanges work?
Decentralized exchanges use blockchain technology and smart contracts to facilitate peer-to-peer trading without intermediaries. Users connect their crypto wallets to the platform and directly exchange tokens based on automated market maker (AMM) protocols or order books.
Smart contracts ensure the integrity of transactions by executing trades only when predefined conditions are met. This eliminates the need for a central authority, reducing counterparty risk while enhancing user privacy and control.
What important factors should I consider when choosing a decentralized exchange?
When selecting a decentralized exchange, consider these factors:
Security: Look for platforms with robust smart contracts and a history of secure transactions.
Fees: Compare transaction and gas fees across exchanges to find cost-effective options.
Supported blockchains: Ensure the DEX supports the networks and tokens you plan to trade.
Liquidity: Higher liquidity ensures faster and smoother trades with minimal price slippage.
Ease of use: Beginners may prefer user-friendly platforms with clear interfaces.
Learn more in our DeFi tax guide.
Centralized vs. decentralized exchanges
Knowing the differences between centralized and decentralized exchanges is useful for all crypto traders. Here’s a breakdown:
Centralized exchanges (CEXs)
Centralized exchanges (such as Binance and Coinbase) work as intermediaries between buyers and sellers. These platforms manage user funds in custodial wallets and facilitate transactions using their infrastructure.
Key features of CEXs
User-friendly interfaces: Ideal for beginners with easy navigation and support.
High liquidity: Ensures smooth trading and minimal slippage.
Advanced tools: Offers features like margin trading, staking, and fiat on-ramps.
Trade-off: Users must trust the platform to safeguard their funds and comply with regulations.
Decentralized exchanges (DEXs)
Decentralized exchanges work without intermediaries, allowing users to trade crypto directly through smart contracts. Platforms like Uniswap and PancakeSwap empower traders to fully control their funds and private keys.
Key features of DEXs
Self-custody: Users retain control over their funds, eliminating counterparty risk.
Privacy: No need for KYC, preserving anonymity.
Wide token variety: Includes niche or new tokens unavailable on CEXs.
Trade-off: Higher gas fees and less user-friendly for beginners.
Benefits of decentralized exchanges
Decentralized exchanges offer several unique advantages for cryptocurrency traders:
Self-custody of assets: Users retain complete control of their funds, reducing reliance on third-party platforms.
Enhanced privacy: No personal information or KYC verification is required to trade on DEXs.
Global accessibility: DEXs operate globally and without regional restrictions, enabling broader participation.
Wide token availability: Access tokens not listed on centralized exchanges, including new and niche projects.
Immutable transactions: Smart contracts ensure transparent and tamper-proof trading operations.
Resistance to censorship: DEXs operate on decentralized infrastructure, making them less prone to government censorship or control.
These benefits make decentralized exchanges appealing to those seeking control, privacy, and access to unique crypto assets.
Looking to calculate your crypto taxes? Try our free crypto tax calculator.
How to get started with a decentralized cryptocurrency exchange (DEX)
To start using a DEX, follow these simple steps:
Choose a wallet: Install a wallet like MetaMask or Trust Wallet.
Fund your wallet: Transfer cryptocurrency to your wallet for trading and gas fees.
Connect to a DEX: Use your wallet to connect to platforms like Uniswap or PancakeSwap.
Start trading: Choose a trading pair and execute transactions directly.
Methodology
Best decentralized exchange FAQs
What crypto exchanges are decentralized?
Are decentralized exchanges legal?
Is Coinbase decentralized?
What is a P2P crypto exchange?
Which is safer, a DEX or a CEX?
What are the best DeFi exchanges for beginners?
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