Best Decentralized Exchanges in 2024

Zac McClure
ByZac McClure, MBAReviewed byArthur Teller, CPAUpdated on July 1, 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.

  • The best decentralized exchanges are OKX, Nomiswap, and Uniswap. These platforms offer innovative features, competitive fees, and intuitive UX.

  • DeFi exchanges such as Uniswap have a proven track record, professional audits, engaged communities, and proven commitments to their users' privacy. This allows savvy crypto users to control their assets while engaged in crypto staking and trading.

Our picks: Best decentralized crypto exchanges of 2024

Our crypto tax specialists have thoroughly researched and reviewed the top DeFi exchanges available today, featuring platforms like OKX, Nomiswap, and Uniswap. Whether you are an experienced DeFi trader searching for standout trading features, seeking a balance between low fees and sophisticated functionalities, or entirely new to the DeFi ecosystem, our expert reviews are designed to steer you toward the best options available.

Always do your own research and fully understand the risks before investing in cryptocurrency.

Best decentralized crypto exchanges

OKX

OKX

Best DeFi exchange for crypto overall

Nomiswap

Nomiswap

Best DeFi exchange for low fees

Uniswap

Uniswap

Best DeFi exchange for beginners

Decentralized exchanges comparison

These decentralized exchanges we've reviewed below cater to various needs, from trading specific tokens to engaging in advanced DeFi features and more advanced leverage trading.

Your choice of the best DeFi exchange for your purposes should align with your experience preferences and experience level, and these reviews will point you in the right direction.

dYdX

Best DeFi exchange for derivatives

dYdX emerges as the preferred destination for traders immersed in the world of crypto derivatives. The platform specializes in perpetual contracts that extend leverage of up to 20x, catering to those inclined towards high-risk trading strategies.

-  Pros & Cons

Pros

  • Recognized as the top decentralized exchange for crypto derivatives trading

  • Accessible high leverage, reaching up to 20x

  • Commands substantial daily trading activity

Cons

  • The Android app is still in development

  • Tends to be less welcoming to inexperienced traders

-  Why our experts picked it

dYdX's focus on crypto derivatives and leveraging positions makes it a top choice for seasoned traders seeking advanced trading options.

Halo

Best DeFi wallet for portfolio management

Kucoin's Halo wallet application connects users to DeFi while accommodating seven blockchain standards. It grants access to a diverse array of digital assets and incorporates functionalities like portfolio tracking and a "smart wallet tracker." 

-  Pros & Cons

Pros

  • Supports cross-chain token swaps spanning seven blockchain networks

  • Delivers a user-friendly interface enriched with portfolio tracking features

  • Permits staking activities, enabling users to accrue yields

  • Accessible through a mobile application or a Chrome browser extension

Cons

  • Does not support crypto savings accounts

  • The fee structure could be more clear

-  Why our experts picked it

Kucoin's Halo application combines decentralized trading with helpful portfolio tracking capabilities, making it an appealing choice for traders and investors alike.

iToken

DeFi wallet with a wide range of crypto

Huobi's iToken application stands out as an adaptable platform that serves as a conduit for decentralized services spanning various blockchain networks. Its expansive catalog exceeds one million digital assets across chains including Ethereum, Binance Smart Chain, Solana, Tron, and more. 

-  Pros & Cons

Pros

  • Facilitates transactions across a wide spectrum of blockchain networks

  • Offers a decentralized app environment where users retain authority over their private keys

  • Provides continuous customer support via the app

Cons

  • Lack of educational resources

  • Somewhat obscure fee structure

-  Why our experts picked it

Huobi's iToken app embraces a wide array of cryptocurrencies and follows a decentralized approach, making it a convenient choice to manage diverse digital assets.

Kine

Best DeFi exchange for leverage

Kine distinguishes itself as a peer-to-peer crypto exchange that excels in providing leverage of up to an impressive 200x, catering to traders who desire significant exposure. It lends support to a variety of blockchain networks for seamless cross-chain swaps.

-  Pros & Cons

Pros

  • Offers substantial leverage, reaching up to 200x, particularly for large-cap tokens

  • Features competitive commission fees

  • Extends support to multiple blockchain networks

  • Commands robust daily trading activity

Cons

  • Not an ideal choice for novice crypto traders

  • Does not provide DeFi earning tools

  • Enforces KYC for fiat deposits

-  Why our experts picked it

Kine's emphasis on high-leverage options and broad asset support positions it as an attractive destination for traders seeking substantial market exposure.

Nomiswap

Best DeFi exchange for low fees

Nomiswap, introduced in early 2022, establishes itself as a decentralized exchange (DEX) renowned for its innovative approach to trading fees. Users benefit from just 0.1% trading fees.

-  Pros & Cons

Pros

  • Imposes minimal trading fees of just 0.1%

  • Offers cashback rewards and incentives in the form of NMX, possibly reducing trading expenses to zero

  • Embodies elements of both decentralized and traditional finance, constituting a CeDeFi hybrid

  • Features a comprehensive referral program that rewards users generously

  • Delivers competitive APYs on staking and farming activities

Cons

  • Currently, its primary support extends to tokens built on BNB Chain, with plans to expand to other blockchains in the future

-  Why our experts picked it

Nomiswap's innovative stance on trading fees, complemented by its CeDeFi ecosystem and robust referral program, renders it a compelling choice for traders and investors aiming to optimize their returns while curtailing costs.

OKX

Best DeFi exchange for crypto overall

OKX’s innovative aggregator protocol systematically sources the most favorable prices from over 200 third-party DEXs. Supporting a diverse assembly of 15 blockchain networks for cross-chain trading, OKX offers a range of DeFi services, encompassing savings accounts, staking, yield farming, vaults, and more.

-  Pros & Cons

Pros

  • Enforces an aggregator protocol that orchestrates the aggregation of optimal prices from a vast pool of over 200 DEXs

  • Extends support to 15 diverse blockchain networks, permitting seamless cross-chain transactions

  • Offers a wide array of DeFi services, including savings accounts, staking, yield farming, and a burgeoning NFT marketplace

Cons

  • Commissions on OKX transactions remain undisclosed until an order is executed

-  Why our experts picked it

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

Best DeFi exchange for BSC

PancakeSwap assumes its role as the preeminent decentralized exchange designed for trading Binance Smart Chain (BSC) tokens. It frequently earns the distinction of being the initial exchange listing for freshly launched BSC tokens.

-  Pros & Cons

Pros

  • Positioned as the top decentralized crypto exchange for trading BSC tokens

  • Provides access to nascent BSC projects, fostering early engagement

  • Opens doors to yield generation through farming and staking tools

  • Streamlined access, as no account creation is necessitated – users can effortlessly connect their wallets to commence trading

Cons

  • Solely accommodates transactions on the Binance Smart Chain

  • Does not incorporate support for crypto savings accounts

-  Why our experts picked it

PancakeSwap's dedicated focus on BSC tokens coupled with its user-friendly interface amplifies its appeal for enthusiasts and investors exploring cryptocurrencies on the Binance Smart Chain.

SushiSwap

Best DeFi exchange for yield farming

SushiSwap is a major decentralized exchange, supporting support for over 400 tokens. Users can quickly swap tokens without divulging personal information, and they have the option to partake in yield farming pools.

-  Pros & Cons

Pros

  • Facilitates instant token swaps without KYC

  • Supports a range of blockchain networks, including Ethereum and Binance Smart Chain

  • Transparent fee structure

  • Nurtures liquidity pools with competitive yields

Cons

  • Restricts the number of supported tokens in comparison to other DEXs

  • The 0.3% token swap fee may be perceived as relatively high

-  Why our experts picked it

SushiSwap's simplicity and the array of yield farming possibilities position it as an appealing choice for users who want to trade and accumulate yields on a variety of tokens.

Uniswap

Best DeFi exchange for beginners

Uniswap stakes its claim as one of the foremost decentralized exchanges, with substantial trading volume, particularly for ERC-20 tokens. It integrates multiple blockchain networks, including Ethereum, Binance Smart Chain, Polygon, Celo, Optimism, and Arbitrum.

-  Pros & Cons

Pros

  • Substantial liquidity levels for popular ERC-20 tokens

  • No KYC

  • Ranks among the top decentralized exchanges for yield farming activities

  • Supports over 300 dApps

Cons

  • The 0.3% trading fees may be considered relatively high

-  Why our experts picked it

Uniswap's impressive liquidity and adaptability across diverse blockchain networks cement its position as an optimal choice for trading ERC-20 tokens and partaking in the DeFi ecosystem.

Which decentralized cryptocurrency exchange has the lowest fees?

Nomiswap stands out for comparatively low fees, specifically 0% in swap fees. This platform allows users to trade and swap crypto assets without incurring transaction costs.

Nomiswap is also recognized as a top DEX regarding total value locked (TVL) on the BNB Chain, making it a favorable choice for traders looking for cost-effective trading options.

While Nomiswap primarily supports tokens built on the BNB Chain, it has plans to expand its integration to other blockchains in the future, aiming to become a multi-chain DEX with low fees across various networks.

What are the best DeFi exchanges for beginners?

For beginners, Uniswap and SushiSwap are excellent DeFi exchanges. Uniswap features a user-friendly interface and a straightforward trading process, making it ideal for newcomers. It supports a wide range of tokens and benefits from a strong community presence, providing ample resources for new users. 

SushiSwap offers similar advantages, with additional features like yield farming and staking that enable beginners to earn while they learn.

Both platforms emphasize ease of use and community support, making them top choices for those starting their DeFi journey. However, as with any DeFi activity, it's advisable to start small and proceed cautiously due to inherent risks.

What is the safest decentralized exchange?

Uniswap stands out as one of the safer options in DeFi, with several features contributing to its security reputation. First, it is one of the most established and widely used DEXs, with a large user base and a history of successful operation since its launch. This longevity and popularity indicate a level of trust within the DeFi community. 

Additionally, Uniswap's smart contract code has been audited multiple times by reputable security firms, which helps ensure vulnerabilities are minimized.

Uniswap's open-source nature allows the community to scrutinize and improve the platform's code and contribute to its overall security.

What is a decentralized exchange?

A decentralized exchange (DEX) is a platform that allows users to trade cryptocurrencies directly with one another without the need for an intermediary or central authority.

These platforms operate using smart contracts on various blockchain networks, which automate and secure transactions directly between users. They afford a degree of anonymity and direct control over crypto transactions.

Centralized vs. decentralized exchanges

The primary difference between centralized and decentralized exchanges is the control over the trading assets. Centralized exchanges hold users’ funds and facilitate trades, offering faster transactions and customer support.

Decentralized exchanges, on the other hand, allow users to maintain control over their funds by interacting directly with smart contracts on the blockchain, enhancing privacy and reducing risks of server downtime and hacks.

Benefits of decentralized exchanges

Decentralized exchanges offer several benefits, including increased privacy, reduced risk of hacking, and control over one's own funds. They also provide access to a broader range of tokens and typically have lower fees than their centralized counterparts.

Additionally, DEXs are known for promoting financial inclusion by providing services regardless of geographical location or financial status.

Taxes and decentralized exchange transactions

Transactions on decentralized exchanges are subject to the same tax regulations as those on centralized platforms. This includes reporting capital gains and losses from cryptocurrency transactions.

It's essential to maintain detailed records of all trades, as each transaction could be a taxable event depending on your jurisdiction. Learn more in our DeFi tax guide, and when in doubt, consult a crypto tax professional.

Final verdict about the best DeFi exchange in 2024

OKX: Best DeFi exchange overall
OKX stands out as the best overall DeFi exchange in 2024 due to its innovative aggregator protocol, which sources optimal prices from over 200 third-party DEXs. Supporting 15 blockchain networks for cross-chain trading, OKX offers a comprehensive range of DeFi services, including savings accounts, staking, yield farming, vaults, and more.

Nomiswap: Best DeFi exchange for low fees
Nomiswap, introduced in early 2022, is renowned for its innovative approach to trading fees, offering users just 0.1% trading fees. With a CeDeFi ecosystem, a robust referral program, and competitive APYs on staking and farming, Nomiswap is a cost-effective and feature-rich choice.

Uniswap: Best DeFi exchange for beginners
Uniswap is an excellent option for beginners, offering a user-friendly interface and a straightforward swapping process. It supports a wide range of tokens, making it accessible to users looking to start their DeFi journey. Uniswap's liquidity and adaptability across various blockchain networks make it an optimal choice for trading ERC-20 tokens and participating in the DeFi ecosystem.

Best decentralized exchange FAQs

Here are answers to frequently asked questions about the best DeFi exchange for crypto and what is the best DeFi exchange. DeFi users will also find our comprehensive DeFi tax guide helpful when strategizing and preparing their crypto taxes.

What crypto exchanges are decentralized?

Decentralized crypto exchanges (DEXs) operate without a centralized authority or intermediary. Some well-known decentralized exchanges include Uniswap, SushiSwap, Curve, PancakeSwap, and dYdX.

What are the benefits of decentralized cryptocurrency exchanges?

Decentralized cryptocurrency exchanges offer several advantages. Firstly, they provide greater user control and privacy because users trade directly from their wallets, reducing the risk of hacks or data breaches associated with centralized platforms.

Secondly, DEXs often have lower fees since they eliminate intermediaries, making them cost-effective for traders. 

Additionally, decentralized exchanges are accessible to a global user base. They also contribute to the overall decentralization and security of the cryptocurrency ecosystem by reducing single points of failure.

Finally, DEXs support a wide range of tokens, promoting innovation and diversity within the crypto space.

Is Coinbase decentralized?

Coinbase’s retail trading platform at Coinbase.com is a centralized exchange.

Coinbase Wallet, however, is a decentralized self-custody platform that allows users to engage directly with the blockchain and retain complete control over their private keys and digital assets.

What is a P2P crypto exchange?

A Peer-to-Peer (P2P) cryptocurrency exchange operates as a platform where users can directly engage in digital currency trading with one another.

Through these platforms, users can browse listings created by sellers and choose the one offering the most suitable payment method, all while retaining complete control over their assets.

What factors should you consider when choosing a decentralized exchange?

Several factors should be considered when choosing a DEX to ensure it meets your trading needs and provides a secure and efficient experience. Firstly, security is paramount. Look for exchanges with a strong track record, multiple security audits, and a transparent team. User interface and experience are also crucial; a user-friendly platform can make navigating and executing trades much easier, especially for beginners.

Additionally, consider the range of supported tokens. Some DEXs offer a broader selection, allowing for more diverse trading opportunities. Fees are another important aspect. Lower transaction and trading fees can significantly impact your overall profitability. Lastly, the liquidity and trading volume of the exchange should be checked. Higher liquidity ensures you can execute trades quickly and at your desired prices, reducing the risk of slippage. By evaluating these factors, you can select a DEX that works for your goals and provides a safe, efficient trading environment.

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.
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.

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