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Home Platforms Decentralised Crypto Exchanges

Best Decentralised Crypto Exchanges (DEX)

A decentralised crypto exchange, or DEX for short, is an exchange that allows peer to peer conversion of crypto tokens. As the platform is decentralised, it never has control of the private keys to your crypto. DEX's also normally require no Know Your Customer (KYC) and Anti-Money Laundering (AML) checks.
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What is a Decentralised Exchange (DEX)?

A decentralised exchange is a marketplace that connects buyers and sellers of crypto tokens directly to one another without any intermediary. This allows someone that wants to buy Ethereum with USDC to match with someone who wants to buy USDC with Ethereum, for example. This is known as a peer-to-peer marketplace.

Decentralised exchanges are facilitated by smart contracts on the blockchain. These contracts allow parties to exchange tokens without ever releasing custody of their private keys. The biggest decentralised exchanges operate on the Ethereum network.

 

Why Are Decentralised Exchanges Important?

Decentralised exchanges overcome the issue of trust with financial middlemen. This is known as counterparty risk.

Decentralised Exchanges (DEXs) significantly reduce counterparty risk

This is the case with the trust required of traditional fiat financial service companies and centralised crypto companies. When using these companies we must trust that they have sound risk management strategies and are operated with integrity.

We incur counterparty risk when using these companies. These companies could, and sometimes have, gone bust, become illiquid or been hacked, resulting in a loss of some or all of our funds.

These centralised organisation address this counterparty risk by providing insurance and guarantees in addition to evidence of their track record.

Decentralised exchanges overcome the counterparty risk by substantially removing the middleman. This means that you are transacting directly with the person on the other side of the trade via a smart contract, and it is very likely that this smart contract will successfully execute.

Decentralised exchanges also provide transparency over how they are operated, with fully open source code that can be reviewed and audited by anybody. There is also transparency over how the exchange is governed, how decisions are reached and how trading fees are distributed amongst investors.

 

What Different Types of DEX Are There?

The two main types of decentralised exchange are:

 

What Are DEX Liquidity Pools?

DEX Liquidity Pools provide liquidity to the DEX marketplace. They ensure that there are sufficient funds in the marketplace to allow buyers and sellers to transact efficiently.

Each trading pair, for example the ETH-USDC pair on SushiSwap, has its own liquidity pool.

You can invest crypto in a liquidity pool and receive financial rewards for doing so.

 

How Big is the DEX Market?

The DEX marketplace is very substantial and growing extremely quickly. In 2021 over $1 trillion USD was traded on decentralised exchanges.

 

How Do You Use a DEX?

Using the biggest decentralised exchanges is relatively easy.

  1. You will need an existing cryptocurrency wallet such as Metamask and you will need some crypto funds on this wallet to exchange.
  2. Visit the website of your chosen DEX and open their DEX app (normally top right corner of the screen).
  3. Allow the DEX to connect to your wallet.
  4. Enter the token that you want to sell and the token you'd like to receive in return.
  5. Click exchange and authorise the transaction on your wallet.

 

What Fees Do DEXs charge?

There are 2 fees associated with using a DEX:

  1. Trading Fee - This is the fee associated with exchange itself and is typically less than 1%.
  2. Network Fee - This is the fee associated with the network upon which the trade is taking place, for example Ethereum.

Note that the network fees can be much larger than the trading fee.

 

Who Runs Each DEX?

The idea behind decentralised exchanges is that they are fully decentralised, thereby eliminating a single point of failure that would be susceptible to hacks, sabotage or coercion.

Most DEXs are run as Decentralised Autonomous Organisations (DAOs). These DAOs are run by a group of people that have invested in the project, normally by acquiring some of the project's native token. In return, investors can vote for changes to the DEX, for example, fee levels. 

 

Can I Exchange Fiat for Crypto on a DEX?

No, decentralised exchanges only allow the exchange of crypto for crypto. You will need to use a centralised exchange to convert between fiat and crypto as they will have to facilitate the interaction with the traditional banking system.

 

Do I Reliniquish Control of My Crypto Private Keys on a DEX?

No, you always retain control of your private keys when using a DEX. This is because there is no middleman who is facilitating the transaction. You are interacting directly with the counterparty.

 

Are DEX's Code Base Opensource?

Yes, the source code for most decentralised exchanges is opensource and can be viewed by anybody, normally on GitHub. The source code can also be copied and used to create new competing decentralised exchanges.

 

Advantages of DEXs

  • Anonymous - You will not have to provide any personal information or complete KYC and AML checks in order to use a DEX.
  • Massive Token Coverage - There are a huge number of tokens available to trade on DEXs as it is relatively easy to get your token listed on a DEX as opposed to a centralised exchange.
  • Reduced Counterparty Risk - On a centralised exchange there is a risk that the middleman (the exchange) may be hacked or become illiquid. This is called counterparty risk. On a DEX you are interacting directly with the party on the other side of the trade, so the counterparty risk is reduced.
  • Can be Used by Anyone - The only thing required to use a DEX is an internet connection. This makes the very popular in countries with poor existing banking and ID systems.

Disadvantages of DEXs

  • Look Out For Scams - The huge number of tokens and the relative ease with which a new token can be added to a DEX means that you need to be very careful which tokens you exchange. You need to make sure that the token you are planning to exchange with is the correct spelling and legitimate.
  • Sometimes Harder to Use - The documentation and help available on some DEXs is very limited. You will often have to educate yourself on how to use them safely.
  • Potential Code Bugs or Exploits - The code running the DEX may have bugs that have not yet been discovered. They may also contain malicious code. Check reviews and any available audits before trusting a DEX.
  • Check Liquidity - You should check that the DEX you are using has good liquidity. Low liquidity could result in significant price slippage on the exchange.
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Article by Matt
30 September 2022 (Updated 16 May 2024)

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