Overview
A decentralized exchange, or DEX, is a cryptocurrency exchange that does not have a central authority or an intermediary that facilitates the trade of digital currency. Decentralized exchanges are non-custodial and do not keep their user funds on the exchange or in segregated accounts.
Crypto traders who use DEX must have a non-custodial offline wallet where they can keep their private keys and funds safely. Because funds are not kept by the DEX, it cancels out a single point of failure for security breaches, making it hard for malicious entities to track down users and attack their wallets.
Another feature of decentralized exchanges is that a lower trading fee is applied for either the taker, maker, or both.
In a crypto space where there are more than 15,000 cryptocurrencies and their associated projects, the following DEX crypto exchanges are the best options for any crypto investor or crypto trader, despite their trading needs or objectives.
Serum DEX
Overview
Serum DEX is a decentralized exchange as well as an innovative and versatile ecosystem that is known for its unparalleled speed and low transaction fees. Serum DEX was built on Solana, making it fully permissionless.
A benefit of Serum DEX is that its interface is simple and familiar to most users because it resembles that of centralized exchanges, without any inherent connection to them.
Features
| Feature | Information |
| Number of Markets | 68 |
| DEX type | Orderbook |
| Launch Date | August 2025 |
| Native Token | SRM |
| % Market Share | 0.14% |
Pros and Cons
| PROS | CONS |
| It mirrors a centralized exchange and automated market perfectly without sacrificing any decentralization | The exchange is still being developed |
| Built on the blockchain of Solana, making it lightweight | Inexperienced users may find it difficult to navigate the interface |
| The protocol uses several innovative mechanisms that can effectively reduce trading fees | |
| Low trading fees | |
| High-yield liquidity pools provided |
1inch Exchange
Overview
1inch is a popular DEX and aggregator that connects to different centralized and decentralized exchanges to find the best possible prices for crypto traders. 1inch is powered by its utility and governance token, 1INCH.
The token is also used to power the ecosystem and it facilitates liquidity mining by allowing for tokens to be staked, providing users with a steady income stream.
Features
| Feature | Information |
| Number of Markets | 1,946 |
| DEX type | Aggregator |
| Launch Date | March 2019 |
| Native Token | 1INCH |
| % Market Share | 0.5% |
Pros and Cons
| PROS | CONS |
| Robust technology that helps users find the best rates possible | There is limited support for fiat currency |
| Transaction fees are waived and there is minimized slippage because the protocol connects to both decentralized and centralized exchanges to source rates | GAS fees can be extremely high |
| Deposit and withdrawal fees are not charged | Unregulated exchange |
| High liquidity offered as a direct result of high trading volumes | Not suited for inexperienced users |
| Advanced traders can easily use limit orders when they trade different digital assets | |
| The exchange can be connected to various non-custodial wallets |
0X Protocol
Overview
0x Protocol is a DEX where ERC-20 tokens (based on the Ethereum blockchain) can be traded and exchanged. 0x offers peer-to-peer exchange of ERC-20 tokens by using smart contracts for transaction finality.
0x combines different technologies such as automated market makers and state channels to ensure increased security and fast transaction execution.
Features
| Feature | Information |
| Number of Markets | 557 |
| DEX type | Swap |
| Launch Date | July 2017 |
| Native Token | ZRX |
| % Market Share | 0.07% |
Pros and Cons
| PROS | CONS |
| Minimal slippage by dividing transactions between connected networks | Additional protocol fees apply |
| Competitive pricing using RFQ systems | The code is incomplete |
| Search engine services are offered to different markets and liquidity providers | There is no dedicated timeline for expected updates |
| User-friendly interface | |
| High uptime and lower revert rate | |
| The response time is lightning-fast |
PancakeSwap (V2)
Overview
PancakeSwap is the top-rated DEX in the crypto space according to trading volume, ranking, market share, and popularity. PancakeSwap uses AMM technology and can handle massive trading volumes daily.
PancakeSwap V2 is the most recent update to the protocol that will offer several improvements such as emission cuts, the ability to create referral programs, adding an automated buyback and burn mechanism, enabling automatic compounding on the SYRUP pools, and more.
Features
| Feature | Information |
| Number of Markets | 2,182 |
| DEX type | Swap |
| Launch Date | September 2025 |
| Native Token | CAKE, SYRUP |
| % Market Share | 4.8% |
Pros and Cons
| PROS | CONS |
| PancakeSwap provides traders access to tokens as they release on the Binance Smart Chain (BSC) | Users may face some losses when they yield farm |
| Users can connect different software wallets to the DEX including Trust Wallet, MetaMask, and others | Users can be exposed to scams that are inherent on the Binance Chain |
| The interface is user-friendly enough for beginners to understand it | |
| The DEX allows for interconnectivity with different blockchains | |
| Transactions on the platform are fast and reliable | |
| The transaction fees are much cheaper than on other DEX platforms |
Terraswap
Overview
Terraswap is an AMM that accommodates the use of smart contracts to match buyers and sellers and transaction finality. Terraswap operates on the Terra blockchain, and it allows for the decentralized exchange of a range of crypto coins.
Features
| Feature | Information |
| Number of Markets | 22 |
| DEX type | Swap |
| Launch Date | November 2025 |
| Native Token | LUNA, MIR |
| % Market Share | 0.04% |
Pros and Cons
| PROS | CONS |
| Users can stake LUNA on the platform to earn interest | Future regulation risks are deterring users |
| User-friendly interface | There is a limited selection of crypto coins that can be swapped |
| Offers native mobile trading platforms | |
| Associated with an expanding ecosystem that offers rich functionality on DApps |
dYdX
Overview
dYdX is an Ethereum-based decentralized borrowing and lending platform that facilitates crypto users from around the world.
dYdX also offers crypto traders margin trading and aims to bring conventional trading tools to the blockchain, allowing crypto traders to add a competitive edge to their trading activities. dYdX, along with a few other innovative platforms, aims to take Decentralized Finance (Defi) to the next level, boosting its real-world adoption.
Features
| Feature | Information |
| Number of Markets | 10 |
| DEX type | Orderbook |
| Launch Date | April 2019 |
| Native Token | DYDX |
| % Market Share | 3.2% |
Pros and Cons
| PROS | CONS |
| Traders can use leverage up to 1:25 when they trade | Only a few margin trading pairs are available |
| Users can go either long or short on positions | Only offers a few tradable crypto assets |
| The platform offers interest on staked tokens | |
| Smart contracts are used for transaction settling | |
| Minimum trade sizes |
Kyber DMM
Overview
Kyber Dynamic Market Maker (Kyber DMM) refers to a powerful and innovative DEX that provides traders with the best prices by leveraging liquidity aggregation. In addition, Kyber DMM is the first protocol to use dynamic market-making technology, maximizing the use of capital through amplified pools.
Features
| Feature | Information |
| Number of Markets | 33 |
| DEX type | Swap |
| Launch Date | April 2025 |
| Native Token | KNC |
| % Market Share | 0.0017% |
Pros and Cons
| PROS | CONS |
| Amplified tools are provided, giving users high capital efficiency | Low market share when compared to other projects |
| Reduced slippage guaranteed | A limited selection of crypto coins listed |
| There are no centralized oracles and thus fewer threats to the network | |
| Dynamic fees are charged |
Binance DEX
Overview
Binance DEX is a decentralized exchange that was created by Binance, the largest cryptocurrency exchange in the cryptocurrency sector. Binance is a centralized exchange that is massive and has millions of users, and its DEX is heading in the same direction.
Binance DEX offers lower trading fees, a range of tradable crypto coins, and improved security.
Features
| Feature | Information |
| Number of Markets | 88 |
| DEX type | Orderbook |
| Launch Date | February 2019 |
| Native Token | BNB |
| % Market Share | 0.007% |
Pros and Cons
| PROS | CONS |
| Some of the lowest trading fees in the crypto space | Slow transaction times because of high trading volumes |
| Non-custodial and less vulnerable to security breaches | Fiat currency deposits are not accepted |
| BNB is one of the most popular alternative coins | Beginner traders may find the platform extremely complex and intimidating |
| High liquidity and high trading volume | |
| Disaster Recovery and Emergency protocols are used on the platform |
UniSwap (V3)
Overview
UniSwap is an AMM DEX that provides users access to several types of cryptocurrencies spread across different blockchains. Users can exchange different crypto pairs and the pricing is set according to mathematical formulas that use smart contracts.
UniSwap V3 is the most recent update that allows liquidity providers to allocate liquidity to a range of closed intervals relating to the price of an asset as opposed to the overall range of prices.
Features
| Feature | Information |
| Number of Markets | 667 |
| DEX type | Swap |
| Launch Date | May 2025 |
| Native Token | UNI |
| % Market Share | 3.9% |
Pros and Cons
| PROS | CONS |
| UniSwap is non-custodial | There is no verification of projects, and this can lead to the circulation of fake coins as part of scams |
| There is no KYC or account verification process, allowing for anonymous trading | Transactions can fail because of inadequate GAS fees or low liquidity |
| UniSwap has a low transaction fee of 0.03% | |
| There is secure smart contract coding on the platform | |
| Beginner and advanced users are given access to new projects as they launch |
Sushiswap
Overview
Sushiswap is another popular DEX that was built on the Ethereum blockchain. Sushiswap contains a network of users that operate a platform that facilitates crypto trades. Users lock their assets into a smart contract, allowing other traders to buy and sell cryptocurrencies from these liquidity pools.
Features
| Feature | Information |
| Number of Markets | 460 |
| DEX type | Swap |
| Launch Date | September 2025 |
| Native Token | SUSHI |
| % Market Share | 0.6% |
Pros and Cons
| PROS | CONS |
| Users can swap a wide range of crypto coins | Risk of loss involved if users are less bullish on SUSHI as opposed to ETH |
| There are no risks involved with yield farming or staking | |
| Transactions are carried out using smart contracts | |
| Users can earn generous interest by staking tokens | |
| Users have access to crypto lending and borrowing services |
FAQ
What are the typical fees that decentralized exchanges charge?
Typical fees charged are that of the maker (seller) and the taker (buyer) and the fees will differ between exchanges. Exchanges can either charge a dynamic fee or a flat rate.
Why do people use DEX?
The main reason revolves around the fact that users have complete control of their funds, private keys, and data. Users can trade anonymously without providing any personal information about themselves.
How secure is DEX?
They are more secure than centralized exchanges because they do not have custody of users’ funds, making them less vulnerable to security breaches.
How do crypto exchanges make their money?
They make their money from commissions, fund collection, market making, and several other revenue streams.
How does a DEX differ from a conventional crypto exchange?
Centralized exchanges are an intermediary that facilitates transactions between buyers and sellers and keeps their client funds, while decentralized exchanges are non-custodial, provide anonymity, and accommodate peer-to-peer transactions.
Top 4 Brokers
