Are you curious about the future of Crypto Trading? Or are just juggling through pages trying to save more and gain more in 2024? Or are you a newbie confused with what the so called DEXes are? Well, then, let’s dig out more!
To begin with, decentralised exchanges (DEXes) are peer-to-peer (P2P) marketplaces that allow cryptocurrency buyers and sellers to trade directly without a central authority.
But with so many options to choose from, how do you know which is the best decentralised exchange for your needs? Is Uniswap still the top dog, or have new alternatives emerged? What factors should you consider when making a decision?
In this comprehensive guide to the best decentralised crypto exchange, we’ll break down everything you need to know. So, buckle up as we get along on this one-on-one guide and dig out everything that you need to know!
What’s The Best Decentralised Exchange? - An Overview
Before we get into the nitty-gritty, here is an overview of the best decentralised exchanges of 2024. This is due to their advanced trading platform and low fees. Additionally, these top performers have access to liquidity, user trusts, and stacking features for generating passive income.
Best Decentralised Platforms | Best For | Token | TVL |
Best for Ethereum | UNI | $4 billion+ | |
Best for Stablecoins | CRV | $4 billion+ | |
Best for low fees | 1INCH | $5 million+ | |
Best for BNB Smart Chain | CAKE | $2 billion+ | |
Best for derivatives | DYDX | $350 millon+ | |
Best for weighted pools | BAL | $1 billion+ | |
Best for liquidity provider rewards | SUSHI | $400 million+ | |
Best for high-performing precision trades | APEX | $85 million+ | |
Best for trade and Earn | KNC | $5 million+ | |
Best for Cardano | SUN | $7 million+ |
10 Best Decentralised Exchanges in Details
Now that you understand DEXes, let’s look at the top 10 best decentralised crypto exchanges that will most probably rule the market in 2024. We will give an overview of each platform, including its key features, pros and cons, so you can easily compare and choose the best DEX for you:
1. Uniswap
Uniswap is the world’s biggest decentralised exchange. You can use the Uniswap exchange to buy, sell, and trade ERC-20 tokens on the Ethereum blockchain. As the leading decentralised exchange, Uniswap remains king of the DEX hill with its pioneering automated market maker (AMM) model.
Uniswap remains a go-to choice for DeFi projects launching tokens and has the highest trading volumes in the space. With liquidity of around $4 billion locked into the protocol, it has the deepest trading pools of any DEX.
Quick View:
- TVL: $4.09 billion
- Supported chains: 6
- Governance token: UNI
Key Features:
- The largest liquidity pools and trading volumes in DeFi.
- They are pioneering the AMM model with staking and liquidity pools.
- A wide range of ERC20 token trading pairs.
- The DEX has an easy-to-use and mobile-friendly interface.
Pros of Uniswap:
- The DAO governs Uniswap, which ensures transparency and efficiency.
- The DEX has deep liquidity and a range of trading pairs.
- Uniswap does not require personal information or KYC.
- Uniswap is one of the best decentralised exchanges for yield farming.
Cons of Uniswap:
- Uniswap only supports ERC20 tokens on Ethereum.
- The high gas fees make small trades expensive.
- It has limited advanced trading options.
2. Curve
Curve is a popular crypto decentralised exchange for securely trading stablecoins and other pegged cryptocurrencies like BTC using a decentralised protocol. The innovative design allows for capital-efficient pools and minimal slippage for high trade sizes. Currently, Curve supports blockchain, including Ethereum, Polygon, Fantom, and Avalanche.
Curve also has a native token, CRV, which you can buy or earn by providing liquidity to specific liquidity pools. You can stake your CRV tokens on other popular yield farming protocols, like Convex Finance.
Quick View:
- TVL: $4.2 billion
- Supported chains: 11
- Governance token: CRV
Key Features:
- Specialising in stablecoin and wrapped token trading.
- It supports 11 blockchain networks for cross-chain trading.
- It is governed by CRV token holders.
Pros of Curve:
- Curve is the leading DEX for stablecoin swaps.
- They have attractive fee rewards for liquidity providers.
- The platform charges low trading fees.
Cons of Curve:
- The platform does not have a mobile app; you must access it through the website.
- It is limited to the popular stablecoin pairs.
- The user interface is complex and outdated.
3. 1inch
1inch is a unique decentralised exchange that does not operate a liquidity protocol. Instead, it aggregates and splits orders across major DEXes like Uniswap, Curve, and more. It helps you find the lowest fees to execute a trade without digging through different exchanges and trying to figure it out yourself.
Its native token is 1INCH, which you can buy, sell, or swap. You can also stake your 1inch tokens on the platform. Additionally, 1inch has liquidity pools, which you can use to earn rewards.
Quick View:
- TVL: $5.9 billion
- Supported chains: 12
- Governance token: 1INCH
Features:
- 1inch provides aggregates pricing and liquidity data across DEXs.
- It has its own wallet where users can stake and claim rewards.
- The DEX splits orders across multiple exchanges.
Pros of 1inch:
- 1inch enables huge effective liquidity by aggregating DEXs.
- The DEX works seamlessly with MetaMask and WalletConnect.
- It has an intuitive and user-friendly interface.
- Supports tokens across multiple networks
Cons of 1inch:
- The split orders can have a higher gas cost in aggregate.
- 1inch platform is not the best decentralised crypto exchange as it has to deal with multiple DEXs.
4. PancakeSwap
PancakeSwap is the most popular decentralised exchange for the BNB smart chain. It allows investors to swap BEP-20 tokens easily using popular non-custodial wallets like Trust Wallet. It uses an AMM design similar to Uniswap but focuses on providing an engaging user experience.
PancakeSwap has a large number of crypto investors. It allows investors to buy, sell, and deposit any crypto coin on a smart contract connecting the digital wallet to the platform. It is compatible with crypto wallets, including Ledger, Cypherock, Binance, MathWallet, and Blockto.
Quick View:
- TVL: $2.1 billion
- Supported chains: 3
- Governance token: CAKE
Key Features:
- PancakeSwap provides various services for earnings like betting, staking, lotteries, and yield farming to earn a passive income.
- It supports thousands of BSC tokens.
- You can integrate wallets, which is enough to start trading. You do not need to sign up or register.
Pros of PancakeSwap:
- It has a clean and user-friendly interface.
- PancakeSwap charges low transaction fees compared to Ethereum.
- Earn yields via farming and staking tools.
- You can access newly launched BSC projects on PancakeSwap.
Cons of PancakeSwap:
- It has limited bridging to other chains like Ethereum.
- You can only trade Binance Smart Chain tokens.
- PancakeSwap is a relatively young project with a smaller total volume.
5. dYdX
dYdX is building the decentralised future of crypto derivatives. It’s a hybrid decentralised exchange to open leveraged perpetual and futures contracts on major digital assets. dYdX enables up to 20x leverage to amplify your profits and losses. This makes it a platform geared more towards experienced traders seeking volatility exposure.
dYdX also has a native token, DYDX, which you can buy. You can also earn DYDX tokens for trading using the protocol and stake your tokens to earn a yield.
Quick View:
- TVL: $3.5 million
- Supported chains: 1
- Governance token: DYDX
Key Features:
- dydx has its own Android and iOS mobile apps, which help you trade and track from any location.
- It is one of the leading and best decentralised crypto exchanges for derivatives and leverage trading.
- The DEDX allows you to trade perpetual contracts on cryptos with leverage of up to 20x.
Pros of dydx:
- Their Layer 2 solution provides high transaction speed and lower trading fees.
- Seamless cross-margin trades across markets
- Provide various income opportunities, from trading to staking.
- It has a well-designed interface focused on trading.
Cons of dydx:
- dydx has only a limited number of token pairs.
- The DEX is unsuitable for beginners as it is more complex than basic spot trading.
6. Balancer
The balancer is one of the best decentralised crypto exchanges. It runs on the Ethereum blockchain and uses smart contracts and the AMM protocol.
The balancer is a unique DEX that works as a kind of index fund using Balancer pools. It provides a similar service to Uniswap or PankcakeSwap in that you can swap crypto tokens using smart contracts and liquidity pools.
Quick View:
- TVL: $1 billion
- Supported chains: 4
- Governance token: BAL
Key Features:
- Balancer has a unique feature called CFPM (Constant Function Market Maker). It helps minimise additional costs while swapping.
- Balancer’s active community of users contributes to the platform’s growth.
- Smart portfolio management is possible with custom weights in a single Balancer pool.
Pros of Balancer:
- Highly flexible and customisable trading pools. You can select the type of pool you want while creating the pools.
- They support up to eight assets in each pool.
- Balance DEX enables innovative structured products like index funds.
Cons of Balancer:
- It has more complexity compared to static AMM designs.
- The balancer is new as compared to other popular DEXes. Thus, they lack the brand and userbase of Uniswap and 1inch.
7. SushiSwap
SushiSwap started as a direct fork of Uniswap, which then introduced the native token SUSHI for rewarding users. Also, the platform offers more earning opportunities, including crypto staking and farming.
Built on top of the Ethereum protocol, SushiSwap supports six other blockchains, including BNB Smart Chain, Arbitrum One and Moonriver.
Quick View:
- TVL: $400 million
- Supported chains: 7
- Governance token: SUSHI
Features:
- You can buy and sell over 400 tokens without opening an account on SushiSwap.
- Distributes SUSHI rewards for liquidity providers
- It provides staking and yield farming for extra income.
Pros of SushiSwap:
- The DEX has a familiar UX and pool design as a Uniswap fork.
- It provides cross-chain trading across Ethereum, BSC and more.
- Sushiswap has transparent fees.
Cons of SushiSwap:
- The platform has a limited number of supported tokens compared to other DEXs.
- It has more complexity than Uniswap’s minimalist AMM.
8. Apex Protocol
Apex Pro is known as one of the best decentralised crypto exchanges for its elastic AMM model. This model improves capital efficiency and makes transactions feel like spot trading. It has a simple user interface, and features make it easier for beginners.
Apex can share liquidity between separate chains using advanced methods like multi-party computation. It routes trades to the optimal liquidity source. This enables seamless multi coin swaps between the Ethereum, Polygon, BSC, and Avalanche networks.
Quick View:
- TVL: $85 million
- Supported chains: 7
- Governance token: APEX
Key Features:
- The Apex protocol enables cross-chain liquidity sharing across networks.
- The Dex is built using advanced MPV (Multi-Party Computation) technology.
- It provides additional benefits like staking and yield.
Pros of Apex Protocol:
- It operates on the order book model, which involves a single, unified order book that spans multiple networks.
- It has gas-efficient trades via bridge-free routing.
- Apex Protocol charges relatively low fees.
Cons the Apex Protocol:
- Apex Protocol offers limited trading instruments.
- It had smaller volumes and available liquidity than the leaders.
9. KyberSwap
This is the leading product of the Kyber Network. The platform is commonly compared to Uniswap. The exchange operates with multiple liquidity pools.
Kyberswap operates like every other DEX on the list. Some unique features make them stand out compared with other decentralised exchanges. Kyberswap functions with multiple liquidity pools. Unlike Uniswap, Kyberswap works like an aggregator, which means it sources liquidity from other DEXes.
Quick View:
- TVL: $5 million
- Supported chains: 13
- Governance token: KNC
Features:
- KyberSwap is a DEX aggregator, allowing trades across liquidity sources.
- They offer opportunities for stalking, swapping, and farming to earn rewards.
Pros of KyberSwap:
- Kyberswap supports popular wallets and allows you to trade without leaving your wallet applications.
- Kyber Swap supports over 70 ERC20 tokens, including stablecoins like DAI, USDC, and TUSD.
- They have thousands of available swap pairs.
Cons of KyberSwap:
- KyberSwap does not support assets that are not built on Ethereum.
- It does not support fiat deposits on its platform.
10. SundaeSwap
SundaeSwap is one of the most attractive cryptocurrency exchanges that allows users to buy, sell, and swap various cryptocurrencies. The protocol works on the Cardano blockchain.
SundaeSwap is a decentralised exchange for the Cardno blockchain that lets you swap ADA and Cardano tokens and provide liquidity to earn rewards. You can easily connect your digital wallets, including Nami, Eternal, FlintWallet, CardWallet, and NuFi, to begin trading tokens on SundaeSwap.
Quick View:
- TVL: $7.3 million
- Supported chains: 1
- Governance token: SUNDAE
Key Features:
- SundaySwap is Cardano’s leading and best decentralised exchange.
- The DEX focuses on native Cardano ecosystem tokens and projects.
- It has lower fees than Ethereum network DEXs.
Pros of SundaeSwap:
- The crypto exchange offers a clear and precise interface.
- They offer quantitative ISO rewards to their users.
- Its straightforward AMM design makes it easy to use.
Cons of SundaeSwap:
- SundaeSwap DEX only supports Cardano-based assets and projects.
- They have limited options for wallets.
Our Verdict On Best Decentralised Exchanges
While each DEX has its strengths, the top choices depend on your specific needs. This list explores the ten best decentralised exchanges (DEXs) across various blockchains, catering to different user needs and preferences.
General Trading
- Uniswap: Best for deep liquidity and a variety of tokens, but high gas fees limit small trades.
- PancakeSwap: Best for low fees and user-friendliness on the BNB Chain, limited to BSC tokens.
Advanced Trading
- dYdX: Best for margin trading and derivatives, limited token pairs and complex for beginners.
- 1inch: Best for finding the best prices by aggregating DEXs, potentially higher gas costs, and complex order management.
- Curve: Best for stablecoin swaps with low fees, limited pairs and a complex interface.
- Balancer: Best for customisable liquidity pools and portfolio management, complex and newer compared to others.
- SushiSwap: It has a familiar interface with cross-chain and yield farming, limited tokens and is more complex than Uniswap.
- KyberSwap: Best for wide token support and wallet integration, limited to Ethereum and no fiat deposits.
- SundaeSwap: Best for the Cardano ecosystem with low fees, limited to Cardano tokens and projects.
- Apex Protocol: promising cross-chain liquidity sharing and gas efficiency, limited instruments and lower volume.
Important Factors Should To Consider
With new DEXes launching frequently, it helps to have a framework for objectively evaluating the best decentralised exchange as per your goals. Consider these key elements when picking the best decentralised crypto exchange for trading:
1. Security Features
Choose the DEXes that strongly focus on security. DEXes use security measures like multi-signature wallets and cold storage solutions. They also rely on review audits, track records, bug bounties, and insurance funds to ensure safety.
2. User Interface And Experience
DEX tools remain complex for beginners. Choose a platform with user-friendly layouts, educational resources, and robust analytics to simplify your trading process.
3. Community Support
Expanding communities show that developers and users actively promote long-term adoption and growth. This facilitates liquidity growth, which is essential for swap viability.
4. Reviews And Reputation
Platforms with overwhelmingly positive support and usage momentum tend to signal better outcomes than untested new DEX, which can disappear overnight.
5. Liquidity Depth
Examine token pair reserves to understand trade size constraints. If pool resources are adequate, sufficient liquidity can lead to substantial slippage on larger swaps.
6. Trading Fees
DEXs operate various fee models. Some charge fixed fees, while others may charge a percentage of the trade. Research and compare the fee structures of different exchanges to ensure they align with your trading frequency and budget.
7. Supported Tokens
Wider asset selection opens up more trading flexibility, especially if you prioritise access to exotic altcoins or emerging NFT and metaverse projects with growth potential.
Conclusion
Even though there are exciting new models and players in the decentralised market, possessing fundamental knowledge helps you avoid confusion and risks. This will result in profitable trading on decentralised crypto exchanges.
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Frequently Asked Questions
Which Is The Best Decentralised Exchange?
Uniswap is the best decentralised exchange for most cryptocurrency traders because of its superior liquidity and volumes, robust smart contracts, and broad token support. It is also the world’s most popular DEX and has a very easy-to-use interface.
What Are The Top 5 DEX Protocols For 2024?
The top 5 best decentralised exchanges for 2024 include Uniswap, Curve, PancakeSwap, 1inch, and dYdX. These are the best DEXes in terms of factors like asset selection, incentives, blockchain speed, advanced trade types, etc.
Do Decentralised Exchanges Charge Fees?
Yes, like centralised exchanges, decentralised exchanges charge trading fees. The best decentralised exchanges in the industry typically charge 0.1-0.3% trading fees.
