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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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Languages
1
1
1
1
15
1
1
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3
Platform Age
1
13
40
21
9
1
Platform Reviews Rate Coverage Fees Rate
DeFi
98%
6 years old
Compare
Cheapest
tickThe platform is blockchain agnostic
tickUsers have full controll over their assets
tickUsers benefit platform’s revenue by staking LRC
518
Cryptos
136
Markets
Cheapest
DeFi
88%
5 years old
Compare
Cheapest
tick$114,238,913 USD currently invested (TVL)
tickInvestments in 73 coin pairs available
tickOperating on DeFichain protocol
518
Cryptos
337
Markets
Cheapest
DeFi
Saint Kitts and Nevis
87%
4 years old
Compare
Cheapest
tick$257,687,590 USD currently invested (TVL)
tickFinds the best rates
tickWell known and established protocol
518
Cryptos
55
Markets
Cheapest
DeFi
95%
3 years old
Compare
Cheapest
tick$37,693,489 USD currently invested (TVL)
tickInvestments in 10 coin pairs available
tickOperating on MultiverseX protocol
518
Cryptos
2
Markets
Cheapest
DeFi
66%
4 years old
Compare
Cheapest
tick$2,327,685,233 USD currently invested (TVL)
518
Cryptos
11,132
Markets
0.25%
Maker fee
0.25%
Taker fee
Cheapest
DeFi
66%
Compare
Cheapest
tick$1,132,777,734 USD currently invested (TVL)
tickInvestments in 1,352 coin pairs available
tickSupports 6 protocols including Arbitrum, Aribtrum One and Ethereum
518
Cryptos
56,409
Markets
Cheapest
DeFi
95%
6 years old
Compare
Cheapest
tick$55,065,306 USD currently invested (TVL)
tickInvestments in 118 coin pairs available
tickSupports 7 protocols including Optimism, Arbitrum and Ethereum
518
Cryptos
3,532
Markets
Cheapest
DeFi
83%
7 years old
Compare
Cheapest
tick$43,068,141 USD currently invested (TVL)
tickInvestments in 26 coin pairs available
tickOperating on Ethereum protocol
518
Cryptos
9,261
Markets
Cheapest
DeFi
84%
3 years old
Compare
Cheapest
tick$103,306,065 USD currently invested (TVL)
518
Cryptos
1,942
Markets
Cheapest
DeFi
66%
4 years old
Compare
Cheapest
tick$52,251,087 USD currently invested (TVL)
tickInvestments in 287 coin pairs available
tickOperating on Polygon protocol
518
Cryptos
9,932
Markets
Cheapest
DeFi
68%
3 years old
Compare
Cheapest
tick$15,561,618 USD currently invested (TVL)
tickInvestments in 28 coin pairs available
tickOperating on Fantom Opera protocol
518
Cryptos
1,920
Markets
0.2%
Maker fee
0.2%
Taker fee
Cheapest
DeFi
71%
Compare
Cheapest
tick$28,871,490 USD currently invested (TVL)
tickInvestments in 147 coin pairs available
tickOperating on Solana protocol
518
Cryptos
3,567
Markets
0.25%
Maker fee
0.25%
Taker fee
Cheapest
DeFi
77%
5 years old
Compare
Cheapest
tickVariety of products for traders
tickBuyback and burn model for Woo tokens
tickBoth web and mobile apps are available
518
Cryptos
6,878
Markets
Cheapest
DeFi
70%
4 years old
Compare
Cheapest
tick$4,399,303,656 USD currently invested (TVL)
518
Cryptos
2,504
Markets
Cheapest
DeFi
83%
4 years old
Compare
Cheapest
tick$917,210 USD currently invested (TVL)
tickInvestments in 7 coin pairs available
tickOperating on Carbon protocol
518
Cryptos
191
Markets
Cheapest
DeFi
91%
3 years old
Compare
Cheapest
tick$364,720,746 USD currently invested (TVL)
Cheapest
DeFi
69%
3 years old
Compare
Cheapest
tick$13,582,320 USD currently invested (TVL)
tickInvestments in 47 coin pairs available
tickOperating on Avalanche C-Chain protocol
518
Cryptos
972
Markets
Cheapest
DeFi
United Kingdom
67%
7 years old
Compare
67%
Cheapest
Checking rate
Rate Not Currently Available
tickVery low loan rates available
tickNo origination or early redemption fees
tickInterest accrued every second
518
Cryptos
0%
Exchange fees
Cheapest
Checking rate
Rate Not Currently Available
DeFi
58%
3 years old
Compare
58%
Cheapest
tick$180,097,368 USD currently invested (TVL)
tickInvestments in 284 coin pairs available
tickSupports 12 protocols including Fuse Sparknet, Arbitrum and Optimism
518
Cryptos
164
Markets
Cheapest
DeFi
46%
10 years old
Compare
46%
Cheapest
tick$63,682,428 USD currently invested (TVL)
tickInvestments in 5 coin pairs available
tickSupports 5 protocols including Ethereum, Binance Smart Chain and Avalanche C-Chain
Cheapest
DeFi
80%
3 years old
Compare
80%
Cheapest
tick$28,382,094 USD currently invested (TVL)
tickInvestments in 62 coin pairs available
tickSupports protocols including Binance Smart Chain and Huobi Eco Chain
518
Cryptos
1,679
Markets
Cheapest
DeFi
77%
4 years old
Compare
77%
Cheapest
tick$267,441,366 USD currently invested (TVL)
tickInvestments in 396 coin pairs available
tickSupports 4 protocols including Arbitrum, Ethereum and Avalanche C-Chain
518
Cryptos
10,351
Markets
Cheapest
DeFi
71%
Compare
71%
Cheapest
tick$740,213,211 USD currently invested (TVL)
tickInvestments in 19 coin pairs available
tickSupports protocols including Arbitrum, Ethereum and Polygon
518
Cryptos
Cheapest
DeFi
40%
2 years old
Compare
40%
Cheapest
tick$211,383 USD currently invested (TVL)
tickInvestments in 3 coin pairs available
tickOperating on Polygon protocol
518
Cryptos
773
Markets
Cheapest
DeFi
96%
4 years old
Compare
96%
Cheapest
tick$19,190,153 USD currently invested (TVL)
tickInvestments in 86 coin pairs available
tickSupports 14 protocols including Aribtrum One, Arbitrum and Optimism
518
Cryptos
22
Markets
Cheapest
DeFi
77%
3 years old
Compare
77%
Cheapest
tick$3,834,861 USD currently invested (TVL)
tickInvestments in 35 coin pairs available
tickSupports protocols including Binance Smart Chain, Polygon and Telos EVM
518
Cryptos
3,646
Markets
Cheapest
DeFi
94%
3 years old
Compare
94%
Cheapest
tick$3,701,537 USD currently invested (TVL)
tickInvestments in 6 coin pairs available
tickSupports 6 protocols including Arbitrum, Ethereum and Binance Smart Chain
Cheapest
DeFi
82%
3 years old
Compare
82%
Cheapest
tick$84,628,496 USD currently invested (TVL)
tickInvestments in 145 coin pairs available
tickOperating on Osmosis protocol
518
Cryptos
7,704
Markets
Cheapest
DeFi
80%
5 years old
Compare
80%
Cheapest
tick$53,662,325 USD currently invested (TVL)
tickInvestments in 59 coin pairs available
tickOperating on Ethereum protocol
518
Cryptos
27
Markets
Cheapest
DeFi
98%
3 years old
Compare
98%
Cheapest
tick$86,979,050 USD currently invested (TVL)
Cheapest
DeFi
87%
17 years old
Compare
87%
Cheapest
tick$605,836,671 USD currently invested (TVL)
tickInvestments in 190 coin pairs available
tickSupports 4 protocols including Arbitrum, Ethereum and Polygon
518
Cryptos
6,582
Markets
Cheapest
DeFi
60%
3 years old
Compare
60%
Cheapest
tick$183,199 USD currently invested (TVL)
tickInvestments in 9 coin pairs available
tickOperating on Binance Smart Chain protocol
518
Cryptos
9
Markets
Cheapest
DeFi
5%
4 years old
Compare
Cheapest
tick$4,540,369,989 USD currently invested (TVL)
tickInvestments in 15 coin pairs available
tickOperating on Tron protocol
Cheapest
DeFi
100%
4 years old
Compare
100%
Cheapest
tick$52,172,439 USD currently invested (TVL)
Cheapest
DeFi
97%
3 years old
Compare
97%
Cheapest
tick$26,483,723 USD currently invested (TVL)
tickInvestments in 14 coin pairs available
tickSupports protocols including Ethereum and Polygon
518
Cryptos
1
Markets
Cheapest
DeFi
90%
2 years old
Compare
90%
Cheapest
tick$74,574,500 USD currently invested (TVL)
tickPioneering innovative crypto yield products
tickDiverse non-traditional crypto investment products
518
Cryptos
Cheapest
DeFi
90%
5 years old
Compare
90%
Cheapest
tick$62,259,211 USD currently invested (TVL)
tickInvestments in 27 coin pairs available
tickSupports 8 protocols including Optimism, Arbitrum and Ethereum
518
Cryptos
1,022
Markets
Cheapest
DeFi
94%
6 years old
Compare
94%
Cheapest
tick$119,319,800 USD currently invested (TVL)
tickInvestments in 29 coin pairs available
tickSupports 7 protocols including Bitcoin Cash, Doge and Bitcoin
518
Cryptos
29
Markets
Cheapest
DeFi
5 years old
Compare
Cheapest
tickStrong backers and contributors
tick$657,275 USD currently invested (TVL)
Cheapest
DeFi
3 years old
Compare
Cheapest
tick$40,702 USD currently invested (TVL)
tickInvestments in 1 coin pair available
tickOperating on Ethereum protocol
Cheapest
DeFi
United States
3 years old
Compare
Cheapest
tick$53,398,903 USD currently invested (TVL)
tickInvestments in 8 coin pairs available
tickOperating on Ethereum protocol
Cheapest
DeFi
4 years old
Compare
Cheapest
tick$48,751,198 USD currently invested (TVL)
tickInvestments in 2 coin pairs available
tickOperating on Ethereum protocol
Cheapest
DeFi
3 years old
Compare
Cheapest
tickFounders and team is displayed on the website
tick$15,570 USD currently invested (TVL)
Cheapest
DeFi
3 years old
Compare
Cheapest
tick$13,417,105 USD currently invested (TVL)
tickInvestments in 19 coin pairs available
tickOperating on Binance Smart Chain protocol
518
Cryptos
56
Markets
Cheapest
DeFi
3 years old
Compare
Cheapest
tick$6,541,266 USD currently invested (TVL)
tickInvestments in 17 coin pairs available
tickSupports 4 protocols including Optimism, Ethereum and Avalanche C-Chain
Cheapest
DeFi
3 years old
Compare
Cheapest
tick$3,200,821 USD currently invested (TVL)
tickInvestments in 29 coin pairs available
tickSupports 11 protocols including Arbitrum, Optimism and Ethereum
Cheapest
DeFi
3 years old
Compare
Cheapest
tick$69,905 USD currently invested (TVL)
tickInvestments in 2 coin pairs available
tickOperating on Arbitrum protocol
Cheapest
DeFi
Compare
Cheapest
tickStrong names among the investors
tick$1,339,144 USD currently invested (TVL)
tickInvestments in 8 coin pairs available
518
Cryptos
Cheapest
DeFi
3 years old
Compare
Cheapest
tick$182,532 USD currently invested (TVL)
tickInvestments in 1 coin pair available
tickOperating on Ethereum protocol
Cheapest
DeFi
3 years old
Compare
Cheapest
tick$11,487,670 USD currently invested (TVL)
tickInvestments in 24 coin pairs available
tickOperating on Near protocol
518
Cryptos
148
Markets
Cheapest
Important Message Definda does not provide any financial advice. All information is provided for research purposes only. DeFi is a rapidly evolving industry. Most businesses in the sector are very young and it is possible that some of them could go out of business in the future. Such an event could result in the loss of your investment. You should do your own research or consult a financial advisor before investing any money. Please read and satisfy yourself with our terms before continuing to use our website. We offer a free impartial comparison service of savings, loans and other DeFi products. We may receive a small commission from some of the companies listed, but this never influences our rankings. If you spot any errors in the information listed then please contact us at info@definda.com.

 

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 17 March 2024)

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