10 Best Decentralized Exchanges (DEXs) in 2024

Decentralized trading volumes continue to rise, even more so since the FTX saga. Crypto traders now favor anonymity and non-custodial ownership, with no requirement to trust traditional centralized exchanges or custodians.

Read on to discover the best decentralized exchanges, how they work, and what best practices to follow. Get started with a top-rated DEX in under five minutes.

Top Decentralized Exchanges for Traders: Full Reviews

Traders should choose carefully when selecting a DEX. Consider which networks are supported (e.g., Ethereum or Solana), what fees are charged, and whether the platform offers a safe experience.

Other important factors include crypto liquidity, trading tools, and supported DeFi products like staking. We cover these metrics in the following sections, where the top decentralized exchanges are reviewed in full.

1.  Best Wallet – Fee-Free DEX Tools Within a Non-Custodial Wallet App

Best Wallet is a great option, not only for decentralized trading but also for secure, non-custodial storage. It’s a hybrid wallet app for iOS and Android, allowing traders to buy and sell cryptocurrencies without opening an account. This is because Best Wallet comes with an integrated DEX.

As such, any cryptocurrencies purchased are instantly added to the wallet balance. Best Wallet supports over 60 blockchains, making it a great choice for diversification. This includes Ethereum, Solana, Avalanche, TON, Litecoin, and Bitcoin. Custom tokens can also be added via the contract address. 

The Best Wallet DEX offers a user-friendly and fee-free experience. What’s more, Best Wallet obtains the best available exchange rate in real time. It obtains prices from partnered liquidity pools, based on the coins being exchanged. Best Wallet will soon launch DCA tools, limit orders, and derivative trading.

2. Exodus –  Swap Thousands of Tokens Without Leaving the Wallet Interface  

Exodus is another option for combining wallet services with a fully-fledged DEX. Launched in 2015, Exodus offers a non-custodial wallet for desktops, mobiles, and browsers. Every operating system imaginable is supported, including Windows, Mac, Android, and iOS.

Exodus is compatible with over 50 blockchains, including secondary tokens. This includes everything from Solana and BNB Chain to Litecoin, Bitcoin, and Ethereum. With over 10,000 cryptocurrencies, it’s one of the best altcoin exchanges available. Exodus is free to download, and the DEX offers competitive exchange rates. It also supports cross-chain trading.

Everything is conducted within the Exodus wallet, so there’s never a requirement to connect with other platforms. That said, Exodus also supports external dApps like PancakeSwap, OpenSea, Aave, Uniswap, and Compound Finance. Exodus offers 24/7 customer support but only via email.

3. OKX – Trusted DEX Aggregator With Industry-Leading DeFi Yields 

OKX is a trusted crypto exchange with a fully-fledged Web 3.0 ecosystem. Its decentralized platform offers real-time trading across thousands of tokens. The most popular blockchains are supported, including Bitcoin, Solana, BNB Chain, Polygon, Arbitrum, and Ethereum.

OKX also supports cross-chain trading. For instance, you can instantly swap ETH for BNB or SOL for ARB. Prices are aggregated from hundreds of liquidity providers, meaning traders get the most competitive exchange rates available. OKX’s DEX doubles up as a top DeFi platform.

It offers competitive yields on other 5,700 DeFi products, including stablecoins. For example, trades are currently earning APYs of up to 10.75% on USDT deposits. This liquidity pool is aggregated from DeltaPrime, and it has over $6.3 million in total value locked.

4. AlphaX – Trade Leveraged Crypto Futures in a Decentralized Environment 

The next DEX to consider is AlphaX, which specializes in perpetual futures. These instruments are similar to delivery futures, but they never expire. What’s more, AlphaX futures offer leverage of up to 125x, converting a $100 stake into $12,500 worth of trading capital. AlphaX also supports short selling.

Unlike other perpetual futures platforms, AlphaX is completely decentralized. Trading positions are executed on-chain, ensuring transparency and legitimacy. What’s more, AlphaX uses layer-2 solutions, resulting in lightning-fast and scalable execution speeds with minimal fees.

AlphaX supports some of the best altcoins, including FLOKI, Ethereum Classic, 1Inch, Kava, Ethereum, and Solana. Unlike many crypto DEXs, traders have access to advanced charting tools. This includes technical indicators and custom time frames. Not to mention decentralized order books and volume bars.

5. Changelly – Trade Over 500 Cryptocurrencies via a Direct Wallet Transfer  

Changelly, while not technically a decentralized exchange, offers non-custodial trading tools. In a nutshell, Changelly obtains cryptocurrencies from trusted liquidity providers, and the purchased coins are transferred directly to the buyer’s wallet.

This process represents a decentralized experience, considering that Changelly never holds or stores them. What’s more, Changelly swaps don’t require an account or any personal information. This ensures that, just like DEXs, users can trade anonymously.

Changelly is also a great option for building a diversified portfolio. It lists more than 500 cryptocurrencies, ranging from Bitcoin, Dash, and Ethereum Name Service to Polygon, Decentraland, and IOTA. All supported cryptocurrencies come with cross-chain capabilities, and fees amount to 0.25%.

What Is a Decentralized Exchange? (DEX)

Decentralized exchanges, or DEXs, have revolutionized the crypto trading industry. DEXs allow traders to buy and sell cryptocurrencies without an intermediary, such as a centralized exchange or brokerage. This means the ‘trust factor’ no longer exists.

Put otherwise, crypto traders don’t need to worry about becoming the next FTX victim, as decentralized exchanges never hold client funds. In fact, unlike traditional trading platforms, there’s no account opening process when using a DEX. This keeps DEX traders anonymous at all times.

Here’s an example of how DEXs work:

• Traders connect a private wallet to the DEX, such as Exodus or MetaMask
• That connected wallet is funded with ETH
• The trader uses that ETH to purchase SHIB
• Smart contracts automatically exchange ETH for SHIB, and the SHIB is deposited in the trader’s connected wallet

Most DEXs have removed the order book process, which is a core requirement for ts centralized counterparts. Instead, DEXs leverage a new settlement system called ‘automated market maker’ (or AMM).

Here’s an overview of how automated market makers work:

• AMM uses liquidity pools, which convert to conventional trading pairs
• Let’s use SOL/WIF as an example
• Anyone can deposit SOL and WIF into the pool, which provides the DEX with liquidity
• This allows a trader to swap SOL for WIF, and vice versa
• This generates trading fees, a percentage of which is sent to those providing liquidity

Crucially, the AMM model automatically adjusts the pair’s price based on demand and supply. For instance, suppose an overwhelming majority of traders swap SOL for WIF. This would benefit the WIF price greatly. Conversely, if more people are swapping WIF for SOL, WIF’s price will decline.

Our Criteria When Rating the Top Decentralized Exchanges

Traders have hundreds of decentralized exchanges to choose from. We ranked the top 10 providers based on an impartial methodology, where the most important metrics were prioritized. This includes supported networks, fees, security, and trading tools, such as leverage and indicators.

We’ll now elaborate on our methodology.

Supported Networks

First, we explored which networks were supported by each exchange. This will determine which cryptocurrencies can be traded. For example, some DEXs only list SPL tokens, which are native to the Solana ecosystem. This is great for buying Solana meme coins like Bonk and dogwifhat.

However, if you’re interested in ERC-20 tokens like Pepe and Shiba Inu, you’d need a DEX that supports the Ethereum network. We prioritized DEXs that support the widest range of networks and cross-chain functionality.

This means cryptocurrencies can be traded even if they operate on different networks. Best Wallet, for instance, offers cross-chain swaps on 60 networks. For instance, you can swap ARB (Arbitrum) for USDT (Ethereum) or BNB (BNB Chain) for WIF (Solana).

Pricing System

Prices are also important when choosing a crypto DEX. However, the pricing system will vary depending on the type of DEX. For example, standard commissions will be charged by standalone DEXs, considering they have native liquidity pools. Uniswap is a good example here, which charges 0.3% per slide.

This means traders pay $3 for every $1,000 traded. While this might seem competitive, it’s not. AlphaX, for example, charges just 0.05%. This reduces the commission to $0.50 for every $1,000 traded. Meaning – AlphaX is 6 times cheaper than Uniswap.

However, DEXs don’t use standard commissions that aggregate prices from external liquidity pools. Instead, they source the best exchange rate and oftentimes, add a markup. That said, Best Wallet offers a fee-free experience, meaning it has some of the lowest DEX prices in the market.

No KYC Requirements 

KYC has become the industry standard at centralized exchanges. Traders must provide personal information and ID verification documents. This goes against Satoshi Nakamoto’s vision of anonymous, peer-to-peer transactions.

• Fortunately, the best decentralized exchanges offer a KYC-free experience.
• Traders can buy and sell cryptocurrencies through a self-custody wallet.
• This means the only information the DEX has is the wallet’s public address, which isn’t tied to the trader’s identity.

No DEXs with KYC requirements were considered for this guide, ensuring complete privacy.

Security and Safety

The best decentralized crypto exchanges ensure a safe and secure trading experience. At its core, this means DEXs should never hold client cryptocurrencies. Instead, trading transactions should be executed by decentralized smart contracts.

This means a smart contract directly exchanges the swapped cryptocurrencies and redeposits them into the trader’s wallet. Crucially, this ensures traders aren’t required to trust the DEX. This is unlike centralized platforms, which are custodians of the client’s funds.

DeFi Products

Some DEXs offer broader DeFi products, allowing traders to maximize their returns. For example, OKX offers thousands of staking pools, covering the best cryptocurrencies to buy. This includes APYs of 8.9% on ETH, 7.27% on SOL, and 19.03% on BONK.

OKX also offers liquidity pools with even higher yields. For example, you can earn over 184% by funding the BONK/ETH pool. Uniswap is also a good option for earning DeFi yields. It supports thousands of liquidity pools, ranging from large-cap to micro-cap markets.

Trading Tools

Legacy DEXs, such as Uniswap and SushiSwap, offer limited trading tools. They’re more suited for quick and seamless token swaps. However, new-age DEXs like AlphaX have revolutionized the space. For example, AlphaX supports perceptual futures in a fully decentralized environment.

This enables traders to apply leverage on dozens of markets, including Bitcoin, Ethereum, and Solana. What’s more, traders can even short-sell cryptocurrencies, allowing them to profit from bearish cycles. AlphaX also offers pricing charts and analytical tools like technical indicators.

How to Use a Crypto DEX: Beginner’s Guide

If you like the sound of decentralized exchanges but aren’t sure where to start, read on. We’ll now explain the step-by-step process.

Step 1: Download a Free Wallet

We mentioned that our top pick, Best Wallet, is both a DEX and a non-custodial wallet. However, you might want to use a separate wallet when trading on a DEX. We like Exodus, a free wallet used by millions of traders.

Visit the Exodus website and download a wallet to a suitable device. This should be the device you’re most comfortable trading on.

Those who prefer desktop devices can download the Windows, Mac, or Linux software. There’s also a browser extension for Chrome. If you prefer mobile trading, download the Exodus app for iOS or Android. All supported options are free.

Next, open Exodus, create a new wallet and choose a strong password.

Step 2: Transfer or Deposit Crypto

The Exodus wallet balance must be funded before you can trade cryptocurrencies. You can either transfer crypto from another wallet location. Or directly buy some crypto with fiat money.

Here’s what you need to do:

Option 1: Transfer Crypto to Exodus

If you have crypto elsewhere (such as another wallet or on an exchange), you can easily transfer the coins to Exodus.

• Open Exodus and click the ‘Receive’ button
• Click the coin you want to deposit, followed by ‘Copy’
• Transfer the coins to the address you just copied
• Alternatively, scan the wallet QR code and complete the transfer

Depending on the network, the coins should arrive in 0-10 minutes.

Option 2: Buy Crypto on Exodus

Don’t have any crypto? You can buy some coins instantly with various payment methods.

• Click the ‘Buy’ button
• Choose the currency and type in the purchase amount
• Select the coin you want to buy
• Complete the KYC instructions and enter the payment details

The coins will be added to your Exodus balance instantly.

Step 3: Connect Exodus to Best Wallet DEX

You can now visit the Best Wallet DEX. Click the ‘Trade’ button followed by ‘Connect Wallet’.  Next, click on ‘WalletConnect’. A QR code will appear.

Open Exodus and find the WalletConnect option. Scan the QR code displayed by Best Wallet. If you’re using Exodus’ desktop software, you can copy and paste the WalletConnect code.

Step 4: Trade Crypto on the Best Wallet DEX

You can now start trading cryptocurrencies on the Best Wallet DEX. 

First, choose which cryptocurrencies you want to trade. For example, we’ve opted to trade USDT for Basic Attention Token.

We’re trading 70 USDT, and are quoted 436.865 BAT. Once confirmed, USDT will be deducted from the Exodus wallet. And within seconds, BAT will be deposited into the same wallet.

Cryptocurrency DEXs: The Benefits 

The best decentralized exchanges offer the following benefits:

• Complete Privacy: Tired of providing centralized platforms with personal information, social security numbers, and ID verification documents? Then DEXs will be for you. Not only can you trade anonymously, but you won’t need to register for an account. Just connect a wallet and start trading.
• Control Your Assets: Even when you’re trading on DEXs, you always retain full control of your digital assets. This is because of the smart contract system. The DEX never touches the funds, as smart contracts swap cryptocurrencies via the blockchain. This increases security considerably and removes the counterparty risks associated with centralization.
• Accessibility: DEXs are super accessible. It doesn’t matter where you live or how much you’re looking to trade; DEXs are for everyone. All that’s required is a crypto wallet that’s funded with some tokens. You’ll then have access to the multi-billion dollar DEX scene. What’s more, DEXs can be accessed on any device, from mobiles and desktops to browser extensions.
• Find Crypto Gems: Whether it’s Shiba Inu, dogwifhat, or Bonk, the most successful cryptocurrencies of all time started life on a DEX. This is because new cryptocurrencies don’t have enough liquidity or volume to list on centralized exchanges. As such, DEXs are great for discovering the next crypto to explode.
• Transparency: DEXs operate on the blockchain protocol, meaning the entire trading ecosystem is transparent. We mentioned that DEX transactions are backed by smart contracts. They’re instantly posted to the blockchain so anyone can view transactions in a public setting. This is a huge win for the average trader.

Cryptocurrency DEXs: The Downsides 

Now, let’s discuss the downsides of decentralized exchanges:

• Higher Fees: DEX trading can be more expensive than centralized exchanges. In addition to the trading commission, traders must also cover the network fee. This is required whenever buying and selling cryptocurrencies. Network fees can be expensive during busy periods, especially when trading tokens on the Ethereum blockchain.
• Intimidating for Beginners: Some traders might be used to the traditional investment process. This covers opening an account, depositing fiat money, and choosing which assets to buy. DEXs do things differently. Traders connect a self-custody wallet, fund it with crypto, and trade pairs via liquidity pools. This can be an intimidating process for first-timers.
• Scam Tokens: DEXs are inclusive, so they enable anyone to add tokens to the ecosystem. All that’s needed is a unique contract address and some liquidity. However, this also invites fraud. Many tokens on DEXs are aimed at scamming traders. They’ll add a token with the same name as a popular project, hoping to trick unsuspecting victims into buying it.
• Liquidity Issues: DEXs often struggle with liquidity, especially new cryptocurrencies that have just launched. This creates wild pricing swings, unfavorable spreads, and high slippage. This creates volatile and murky trading conditions.

Conclusion

Decentralized crypto exchanges are the future; they support non-custodial trading in an anonymous and safe environment. This makes centralized exchanges, brokerages, and custodians redundant. While there are many legit DEXs to choose from, our top pick is Best Wallet.

This secure wallet provider comes with an in-built DEX. It supports cross-chain trading across thousands of tokens, and fees are often industry-leading. DEX trades are automatically connected to the wallet balance, meaning Best Wallet is super convenient.

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