Best Decentralized Exchanges for 2024 – Top DEXs Compared

Decentralized exchanges enable investors to buy and sell crypto without going through an intermediary. Not only that but most decentralized exchanges support DeFi products, such as yield farming, staking, and loans.

In this guide, we compare the 14 best decentralized exchanges for 2024. Read on to get started with the best DEX exchange for low fees, supported tokens, DeFi tools, and more.

The Best DEX Crypto Exchanges Reviewed

Now that we have summarized the 14 best decentralized exchanges, let’s move on to our in-depth reviews.

1. Best Wallet – Overall Best Decentralized Exchange for 2024

Overall, we concluded that Best Wallet is the best decentralized crypto exchange. It’s a popular platform that allows you to manage multiple assets in one place. Best Wallet has its own exchange called Best Dex, where you can trade cryptos securely.

The platform also has an upcoming airdrop called the ‘BEST Token Airdrop.’ Early users can participate in this airdrop and get benefits like no gas fees and extra rewards. Using Best Dex can also earn you rewards in the form of BEST tokens.

The Best Wallet app also allows you to manage NFTs— where you can store, organize, and even trade your NFTs. 

It’s worth noting that Best Wallet is non-custodial and gives you complete control of your digital assets. It uses strong security methods like biometric features and multi-factor authentication to ensure high safety.

The app has useful features, like portfolio management, which allows you to track your investments in real time. It also provides market insights and news to help you stay informed.

Interested buyers can enter the Best Wallet Telegram channel and follow its X account to get the latest updates.

2. Exodus – Multi-chain wallet with an Integrated Decentralized Exchange

Buyers looking for a promising decentralized exchange should consider Exodus. It’s essentially a user-friendly wallet with an in-built DEX. You can manage, swap, and store your cryptos either using the platform’s browser extension or the phone’s app.

The wallet supports 50+ blockchains and lets you swap thousands of different cryptos.  You can buy cryptos using payment methods like debit cards, Apple Pay, and Google Pay— which makes it easy for new users to get started.

Exodus also works with Web3 applications, which means you can use dApps and manage NFTs without leaving the wallet.

The platform has also partnered with Trezor to offer high security. This allows you to keep your cryptos extra safe by storing them offline while still being able to use Exodus for transactions and swaps.

Its strong security features and built-in DEX make it a promising platform that can help new and experienced crypto users find a safe and quick way to store and trade cryptos.

3. OKX – Popular Exchange with Low Fees

OKX is a popular crypto exchange that is one of the top peer-to-peer crypto exchanges in the market. While OKX is best known for its centralized trading suite – which averages $1 billion in daily volume, its decentralized subsidiary is increasingly becoming popular. Put simply, OKX operates as a decentralized exchange ‘aggregator’. This means that it doesn’t directly facilitate trades. Instead, the OKX DEX aggregates prices from over 200 third-party decentralized exchanges. From the perspective of traders, this means that they can secure the best price possible. Not only when buying but selling too.

Moreover, OKX DEX supports 15 blockchain networks, enabling cross-chain trading. For example, this means that an investor can instantly swap USDT (Ethereum) for BUSD (Binance) at the best exchange rate in the market. We also like that OKX clearly displays each DEX in order of price, ensuring full transparency. The way it works is simple; the investor will connect their wallet to the OKX DEX and specify which tokens they wish to swap. Within microseconds, OKX will display which DEX is offering the best price.

Through its aggregator protocol, OKX will then facilitate the trade. The required tokens will then be deposited into the connected wallet. In addition to token swaps, OKX is also the best decentralized exchange to earn interest on crypto. Just like its token swap feature, OKX also uses its aggregator protocol to source the best yields possible. For example, suppose an investor is holding BNB in their wallet, and they wish to deposit the tokens into a savings account. Currently, OKX suggests that Alpaca Finance is offering the best rate, with an APY of 22.5%.

In this instance, there is no requirement to create an account with Alpaca Finance. Instead, the process can be completed directly with OKX. On top of savings accounts, OKX also offers access to dual investments, yield farming, vaults, and staking. Each of these tools offers competitive interest rates. The OKX DEX also supports an NFT marketplace and a decentralized wallet. We also like that OKX – like most decentralized exchanges, does not have a KYC policy in place. This means investors can buy, sell, trade, and earn interest on cryptos without revealing their identity.

Perhaps the main drawback with OKX is that some of the decentralized exchanges it aggregates prices from are unknown entities. We found that smaller DEXs will often advertise hugely unsustainable yields, so investors will need to do their own homework before proceeding. After all, OKX is essentially a middleman between investors and third-party DEXs. Moreover, OKX commissions are not displayed until the order is created.

4. AlphaX – Trade Crypto Derivatives on this Decentralized Exchange with up to 125x Leverage

AlphaX started as a centralized exchange (CEX) in 2023 but has recently upgraded to become a DEX. Anticipating the growing demand for on-chain services, the AlphaX DEX provides more security, transparency, and user-centric solutions. The trading platform supports the Ethereum blockchain and the Arbitrum Layer-2 network.

The new DEX’s main product is crypto derivatives trading, offering up to 125x leverage on top crypto futures like BTCUSDT, ETHUSDT, and SOLUSDT. Aside from keeping users’ crypto assets secured on the blockchain, AlphaX ensures that trading speeds remain as fast as possible. The site advertises transaction rates that rival those of CEXs.

Users can connect to the AlphaX platform with WalletConnect, OKX Wallet, or a MetaMask wallet. The exchange also lets traders sign up with an email address. Regardless of the sign-in method, users on the DEX remain anonymous and can enjoy all the benefits of AlphaX without KYC verification.

AlphaX keeps its asset management transparent via smart contracts so all transactions can be viewed on the blockchain. Although the platform’s order book matching occurs off-chain, AlphaX settlements are validated on-chain to maintain utmost security. If you want to learn more about the exchange, check out our in-depth AlphaX review. 

5. Changelly – Decentralized Exchange Aggregator for Swapping over 500 Cryptocurrencies

Founded in 2015, Changelly is a top crypto platform with a decentralized exchange aggregator called DeFi Swap. Partnered with over 20 cryptocurrency exchanges, the platform provides competitive swap rates at speeds averaging 5 to 40 minutes.

Changelly’s DEX aggregator supports token exchanges from over 500 coins and 7 blockchains. Users can swap cryptocurrencies within networks like Ethereum and BSC, but traders can also exchange tokens across networks. Changelly employs smart contracts and Automated Market Maker (AMM) mechanisms to execute the swaps.

One standout feature of Changelly is their 1:1 rate for swapping stablecoins. In this promotion, the platform offers a low-cost option for exchanging stablecoins cross-chain. However, a 0.05% service fee and network gas fees still apply, just as with all other transactions with DeFi Swap. Token exchange prices are scanned from over 100 decentralized exchanges to offer the lowest costs.

Crypto holders can access the Changelly DEX aggregator through Android and iOS mobile apps. The platform supports several wallets, including MetaMask, Exodus, Coinbase, and WalletConnect.

6. Uniswap – Top Decentralized Exchange for Trading ERC-20 Tokens Anonymously 

According to CoinMarketCap data, Uniswap is one of the largest decentralized exchanges for trading volume. Uniswap notes that since its inception, more than $1.4 trillion worth of cryptos has changed hands on its DEX. Initially, Uniswap specializes exclusively in ERC-20 tokens. In fact, newly launched ERC-20 tokens will often choose Uniswap as their initial exchange listing. However, Uniswap has since integrated other blockchain networks into its DEX. This includes Binance Smart Chain, Polygon, Celo, Optimism, and Arbitrum. This means that Uniswap is one of the best decentralized crypto exchanges for cross-chain swaps.

Just like OKX, Uniswap operates a no-KYC policy and it is actually one of the most highly-rated exchanges that don’t require ID information. Investors simply need to connect their wallet to Uniswap to begin trading. Uniswap never touches any of the cryptos on its DEX, as all transactions are facilitated by smart contracts. This ensures that investors can trade safely. Additionally, Uniswap also enables investors to provide liquidity for its exchange. As one of the best yield farming crypto platforms, investors will earn a share of any trading fees collected on the provided liquidity. Some of the most popular liquidity pools available include USDC/ETH, DAI/USDC, and WBTC/ETH. The main drawback with Uniswap is that it charges 0.3% in trading fees. Better rates are available elsewhere.

7. PancakeSwap – Leading DEX for Trading and Earning BSC Tokens

PancakeSwap is the best decentralized crypto exchange for trading Binance Smart Chain (BSC) tokens. Put simply, when a newly launched BSC token has completed its presale, PancakeSwap is often the first exchange listing. This makes PancakeSwap a great option for investing in new cryptocurrencies. PancakeSwap has a simple interface, making it simple to buy, sell, and trade BSC tokens. For instance, it’s just a case of connecting a supported wallet, choosing which tokens to swap, and the transaction will be completed near-instantly. When it comes to fees, PancakeSwap charges 0.25% to both buyers and sellers.

According to PancakeSwap, more than 1.4 million traders have used its DEX in the prior month. Not only for trading tokens but yield services too. For example, PancakeSwap supports staking and yield farming. When staking its native token, CAKE, APYs of up to 43.5% are available. One of the best yield farming pools available is BNB/BUSD, with an APY of nearly 30%. Overall, PancakeSwap has over $2.5 billion in total value locked (TVL). That said, it is important to note that PancakeSwap only supports BSC tokens. This means that investors seeking the best altcoins on the Ethereum blockchain will need to look elsewhere.

8. Huobi (iToken) – Web 3.0 Wallet With Decentralized Trading and Yield Services 

Huobi is a top-five crypto exchange for trading volume, as per CoinGecko data. This popular exchange has since launched a web 3.0 platform – iToken. In a nutshell, iToken supports a range of decentralized services, from token swaps and wallet storage to NFT investments. iToken can only be accessed via its smartphone app, available for both Android and iOS devices. The app is completely decentralized, meaning that users control their private keys. What we really like about Huobi’s iToken app is that it supports over one million digital assets. This is because iToken is compatible with multiple blockchain networks.

This includes Ethereum, Binance Smart Chain, Solana, Tron, and several others. Moreover, we like that iToken comes with 24/7 customer support via the app. However, there are some major drawbacks to the iToken app. First, iToken does clearly display what swap fees it charges. Presumably, this is displayed at the time of placing the order. Second, and most importantly, iToken does not support DeFi earning services. This means that cryptos will sit idle in the iToken app, so opportunity costs need to be considered.

9. Kucoin  (Halo) – Buy, Sell, and Trade Thousands of Tokens Across Seven Blockchain Standards 

Kucoin recently rebranded its decentralized wallet app to Halo. Also available as a Chrome browser extension, Halo doubles up as a decentralized exchange. Halo supports seven blockchain standards, covering Ethereum, Binance Smart Chain, Polygon, KuCoin Community Chain, Avalanche, Arbitrum, and Fantom. This means that Halo users have access to tens of thousands of digital assets, including NFTs.  Halo comes with plenty of features, including a ‘smart wallet tracker’.

This enables users to track which tokens whale investors are buying and selling. Halo also comes with a user-friendly portfolio tracking, dashboard enabling users to assess their investments in real-time. Additionally, Halo also supports staking, ensuring that crypto tokens do not sit idly. Like many decentralized exchanges, Halo does not have a flat commission fee on token swaps. Instead, this is displayed when creating the order.

10. SushiSwap – Trade 400 Crypto Tokens and Earn Yields via Farming and Vaults 

SushiSwap is a popular decentralized exchange that was launched in 2020. Built on top of the Ethereum protocol, SushiSwap supports hundreds of ERC-20 tokens. SushiSwap has since launched a cross-chain feature, enabling users to access other blockchain standards. This includes Aritrum, Polygon, Fantom, Binance Smart, and Optimism. Evidently, there is no support for Bitcoin on SushiSwap. Moreover, just like Uniswap, SushiSwap charges swap fees of 0.3%.

In addition to offering a user-friendly interface to swap tokens, we like SushiSwap for its decentralized earning tools. This includes yield farming pools, enabling users to earn interest on any pair supported by the DEX. The most liquidity pools to consider include USDC/ETH, WBTC/ETH, and ETH/USDT. The main drawback with SushiSwap is that both trading volumes and TVL are on the low side. For instance, CoinMarketCap notes that SushiSwap facilitated just under $6 million worth of trading volume in the prior 24 hours.

11. ApeSwap – User-Friendly DEX With Cross-Chain Token Swaps and Yield Farming  

ApeSwap is an up-and-coming decentralized exchange that facilitates cross-chain token swaps. This includes tokens operating on Binance Smart Chain, Ethereum, Polygon, Telos, and Arbitrum. One of the best features of ApeSwap is its user-friendly interface. This makes ApeSwap one of the best decentralized exchanges for beginners. Alongside instant and anonymous token swaps, ApeSwap offers plenty of other features. This includes yield farming pools with huge APYs.

For instance, LGC/BNB and AVAN/BNB are currently yielding APYs of 109% and 202% respectively. ApeSwap also supports staking pools. Some of the best APYs available include CVL and FRUIT at 47% and 22% respectively. ApeSwap also enables users to lend out their crypto tokens for additional yields. Like many emerging DEXs, ApeSwap is limited when it comes to liquidity and volumes. According to CoinGecko data, just $1 million was traded in the prior 24 hours.

12. dYdX – Trade Crypto Derivatives With 20x Leverage in a Decentralized Environment

We found that dYdX is the best decentralized exchange for trading crypto derivatives. The platform specializes in perpetual contracts, which are crypto futures without a maturity date. In other words, dYdX enables traders to speculate on the future direction of cryptos without owning anything. Moreover, dYdX offers leverage of up to 20x, which will appeal to high-risk traders. dYdX can be accessed via desktop browsers or an iOS app. The Android app is still in development and will be launched soon.

This decentralized exchange supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, Cardano, Bitcoin Cash, Dogecoin, and dozens more. dYdX will also appeal to seasoned crypto traders that seek high-level charting tools and technical indicators. In terms of fees, there are no commissions to pay when trading under $100,000 within a 30-day period. Anything above this will attract a 0.05% commission, which is reduced as volumes increase. Ultimately, while dYdX is a great option for experienced traders, the platform won’t be suitable for newbies.

13. Kine – Trade Bitcoin and Other Large-Cap Cryptos With Leverage of up to 200x

Similar to dYdX, Kine is one of the best DEX crypto exchanges for peer-to-peer trading with leverage. That said, while dYdX is capped at 20x, Kine offers leverage of up to 200x. This means that for every $10 staked, trading capital of up to $2,000 is available. Kine claims that it offers guaranteed liquidity and zero-slippage execution, in addition to cross-chain swaps. The latter includes Ethereum, Polygon, Avalanche, and Binance Smart Chain.

Trading volumes on Kine are well above the market average, with $300 million worth of cryptos changing hands in the prior 24 hours. Moreover, Kine has already attracted over 100,000 active users, which is impressive considering it was only launched in 2021. Kine has also set up a fiat deposit facility via a Remitano integration. However, this requires users to go through a KYC process.

14. Curve – Cross-Chain Token Swaps Across 11 Networks – Plus Liquidity Pools 

The final option to consider is Curve. Founded in 2020, Curve is a decentralized finance platform that offers token swaps and liquidity pools. The platform supports 11 blockchain networks, including Ethereum, Polygon, Kava, Fantom, and Avalanche. This covers thousands of tradable tokens. Moreover, Curve is also one of the best decentralized exchanges for low-fee trading. On average, the platform charges just 0.04% on token swaps.

By providing much-needed liquidity to Curve, investors can earn passive income with competitive APYs. Currently, ETH/vETH2 is yielding an APY of 17.4%. While STBT/3CRV offers an APY of 6.8%. In terms of volumes, Curve attracted over $129 million in the prior 24 hours, which is around its daily average. Like most decentralized exchanges, Curve uses the automated market maker (AMM) model. This means users can swap tokens without needing a seller at the other end of the trade.

What is a Decentralized Cryptocurrency Exchange?

Unlike centralized platforms – such as Coinbase and Gemini, decentralized exchanges do not require users to open an account or provide any personal information. Instead, traders connect their wallets to the decentralized exchange and can begin trading immediately. This is a much safe option when compared to centralized exchanges, as DEXs never touch user funds. On the contrary, all token swaps are conducted by decentralized smart contracts.

Additionally, the best DEXs offer yield services, enabling users to earn interest. This often includes staking, yield farming, dual investments, and more. The main drawback with decentralized exchanges is the industry is still fragmented. This means that many DEX platforms do not attract sufficient levels of liquidity. This can result in unfavorable pricing for traders.

How do DEX Exchanges Work?

In this section, let’s take a closer look at how decentralized exchanges work.

Automated Market Maker

As noted above, decentralized exchanges use the automated market maker, or AMM. In simple terms, this removes the need for order books, as found on centralized exchanges. This is because AMMs function via liquidity pools. As such, traders can swap tokens directly from the liquidity pool, so there is no requirement for a seller at the other end of the trade.

For example, let’s suppose a decentralized exchange enables traders to swap Ethereum (ETH) and Tether (USDT). For the ETH/USDT pool to function, it requires sufficient liquidity. After all, an investor can not swap their ETH for USDT (or visa-versa) if there are not enough deposited tokens in the pool.

This is where investors come in. Otherwise known as yield farming, investors can add funds to DEX liquidity pools to earn income. The decentralized exchange will share some of the trading fees it collects every time somebody uses the liquidity pool to swap tokens.

Anonymous Token Swaps

Decentralized exchanges offer a simple and speedy token swap process. Users simply need to connect their wallet to the DEX, and they can begin trading. Best of all, decentralized exchanges do not hold user funds. In fact, they are not directly involved in a trade. Instead, DEXs operate via decentralized smart contracts.

For instance, let’s suppose a trader wishes to swap BNB for BUSD. Once their wallet is connected and the order is confirmed, the smart contract will deduct the BNB tokens. Simultaneously, the smart contract will then deposit BUSD tokens into the investor’s wallet. This removes the need to trust another market participant, including centralized exchanges and sellers.

Fees

Even the best decentralized exchanges charge fees. Just like centralized exchanges, this is usually a flat commission based on the size of the trade. For instance, Uniswap charges 0.3% per trade.

However, do note that traders also need to cover GAS fees when using a decentralized exchange. This is because each trade deploys a new smart contract that must be executed via the blockchain.

Benefits of Decentralized Cryptocurrency Exchanges

The main benefits of decentralized exchanges are discussed in the sections below.

Anonymity

Decentralized exchanges enable traders to buy and sell crypto without opening an account. And as such, there is no requirement for traders to reveal their identity.

This will appeal to many traders, considering that centralized exchanges often deploy KYC procedures. To trade on a decentralized exchange, traders only need to connect their wallet to the platform.

Safety

It goes without saying that decentralized exchanges are a lot safer than their centralized counterparts. This is because DEXs never hold or control user funds.

Instead, they merely provide an interface for traders to swap tokens via smart contracts. This ensures that traders are always in control of their digital assets.

Cross-Chain Swaps

The best decentralized exchanges facilitate cross-chain swaps. This means that traders are no longer restricted by which tokens they can buy and sell without an intermediary.

For example, OKX enables users to swap BUSD (Binance Smart Chain) with Tether (Ethereum) or  XRP (Ripple) with Polygon (Ethereum).

Earn Passive Income

We also found that top decentralized Bitcoin exchanges enable users to earn passive income.

While availability will vary from one DEX to the next, this can include:

• Staking: At DEXs like OKX, investors can deposit their tokens into a staking pool to earn passive income. Yields will vary depending on the token. Oftentimes, low-cap cryptocurrencies offer the highest yields.
• Yield Farming: This earning tool requires investors to deposit tokens into a DEX liquidity pool. By providing the DEX with liquidity, the investor will receive a share of collected trading fees.
• Savings Accounts: Investors can also earn income by depositing tokens into a crypto savings account. The DEX will lend the money to another user via a collateralized loan (usually 50%). The investor will earn interest, covered by the borrower.

Crucially, the above DeFi earning tools ensure that investors can maximize their returns.

Decentralized Exchanges vs Centralized Exchanges

The main difference between decentralized and centralized exchanges is in terms of custodianship.

• Centralized exchanges are custodians, meaning they are responsible for looking after client digital assets.
• Decentralized exchanges never hold client assets, even when offering DeFi earning tools. Instead, all transactions are deployed by decentralized smart contracts.

While centralized exchanges attract significantly higher levels of liquidity, investors need to trust that their funds are safe. One only needs to look at the recent collapse of FTX, which resulted in its users losing billions of dollars.

On the flip side, decentralized exchanges are not 100% risk-free. While transactions are executed by smart contracts, there is every chance that hackers will find a vulnerability. If this is the case, user funds are at risk – especially those held in liquidity and staking pools.

P2P Crypto Exchange Fees

As noted earlier, there are generally two fees to consider when trading on a decentralized exchange:

• Commission: Decentralized exchanges are required to make money to remain operational. As such, traders will pay a small commission when buying and selling cryptos.
• GAS Fees: Smart contracts keep decentralized transactions safe and private. However, they also attract blockchain GAS fees.

Additionally, an indirect fee to consider is slippage. This is when the traders get a less favorable price due to insufficient levels of liquidity.

Conclusion

Decentralized exchanges are a great alternative to centralized platforms. Not only in terms of anonymity, low fees, and support for multiple blockchain networks – but earning interest too.

In our view, Best Wallet is the best decentralized crypto exchange. The platform has an upcoming ‘BEST Token Airdrop,’  where users can participate and get benefits like no gas fees and extra rewards. It’s worth noting that using ‘Best DEX’ can also earn you rewards in the form of BEST tokens.

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Kane Pepi

Editor

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Kane Pepi

Editor

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…

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