Best Decentralized Exchanges in 2025

Zac McClure
ByZac McClure, MBAReviewed byArthur Teller, CPAUpdated on March 3, 2025 · minute read
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  • We analyzed 10+ decentralized exchanges (DEXs) across fees, liquidity, security, and blockchain support—dYdX is best for derivatives, Uniswap is ideal for beginners, and OKX leads for overall DeFi trading.

  • Our research compared over 200 trading pairs and blockchain integrations. DEXs provide self-custody, privacy, and access to a wide range of tokens, but transaction fees and platform security vary significantly.

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

ExchangeBest ForKey FeatureSupported Blockchains
dYdXDerivativesUp to 20x leverageMultiple
HaloPortfolio managementAdvanced portfolio tracking tools7 blockchain networks
iTokenCrypto diversity1M+ supported tokensEthereum, BNB, Solana
KineLeverageUp to 200x leverageMultiple
NomiswapLow fees0.1% trading feesBNB Chain
OKXOverall DeFi tradingAggregator protocol15 blockchain networks
PancakeSwapBSC tokensEarly access to new BSC projectsBinance Smart Chain
SushiSwapYield farmingCompetitive liquidity poolsEthereum, BNB Chain
UniswapBeginnersERC-20 token focusEthereum, Polygon, others

Best decentralized crypto exchanges

dYdX

Best DeFi exchange for derivatives

dYdX specializes in perpetual contracts and offers up to 20x leverage, catering to advanced traders focused on derivatives.

Halo

Best DeFi wallet for portfolio management

KuCoin’s Halo wallet supports seven blockchain networks, combining portfolio tracking and decentralized trading features.

iToken

DeFi wallet with a wide range of crypto

Huobi’s iToken app supports over one million assets across Ethereum, BNB Chain, Solana, and more.

Kine

Best DeFi exchange for leverage

Kine supports up to 200x leverage for major tokens, catering to traders seeking significant exposure.

Nomiswap

Best DeFi exchange for low fees

Nomiswap combines low trading fees (0.1%) with a hybrid CeDeFi model, offering cashback and referral rewards.

OKX

Best DeFi exchange for crypto overall

OKX aggregates prices from over 200 DEXs and supports 15 blockchains for seamless cross-chain trading.

PancakeSwap

Best DeFi exchange for BSC

PancakeSwap is the go-to platform for Binance Smart Chain (BSC) tokens, offering early access to new projects.

SushiSwap

Best DeFi exchange for yield farming

SushiSwap supports token swaps across multiple chains and offers lucrative yield farming opportunities.

Uniswap

Best DeFi exchange for beginners

Uniswap’s intuitive interface and high liquidity make it ideal for beginners exploring ERC-20 token trading.

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:

  1. Choose a wallet: Install a wallet like MetaMask or Trust Wallet.

  2. Fund your wallet: Transfer cryptocurrency to your wallet for trading and gas fees.

  3. Connect to a DEX: Use your wallet to connect to platforms like Uniswap or PancakeSwap.

  4. Start trading: Choose a trading pair and execute transactions directly.

Best decentralized exchange FAQs

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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.
Arthur Teller
Reviewed byArthur TellerCOO (Former) at TokenTax
Arthur came to TokenTax after 12 years at KPMG. A specialist in partnership taxation and enterprise tax software, he is a licensed CPA in both California and Illinois and a member of the AICPA.

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