Best Decentralized Crypto Exchanges

We put over 50 apps to the test to find the best crypto exchanges in 2024. Explore the results below to find the best platform for your needs.

Updated February 2024   |  Affiliate Disclosure

Finding the best DEX can be tough. There are 200+ DEXs according to CoinMarketCap and nearly 300 according to CoinGecko. This post will guide you on the best decentralized exchanges in the crypto world. We used a number of criteria like popularity, trading volume, features, ease-of-use, reputation, and more.

1Inch exchange

1Inch

1,000+

Coins

0%

Trading Fee

10+

Blockchains

The 1Inch Exchange scans prices across many DEXs to give you the lowest prices for your trades. Because of that, it has deeper liquidity and less slippage than other DEXs so you always get the best market rates. Since 1Inch is one of the most popular DEXs in the world and gives you the best rates, it's our #1 pick. It supports 10 blockchains including Ethereum, BNB Chain, Polygon, Optimism and Avalanche so you can trade 1000s of tokens. 

  • Multi-chain support
  • Supports 10 blockchains and 100+ protocols to give you the best rates
  • $245B+ total volume and 3.5M+ total wallets

Uniswap

Uniswap

1,000+

Coins

0.30%

Trading Fee

ETH

Blockchain

Uniswap is the largest DEX in the world based on trading volume according to CoinGecko. It's built on the Ethereum blockchain allowing you to trade thousands of ERC-20 tokens in just a few taps. As of this writing, it has $11.34B TVL and $1.53B in 24hr trading volume. You can also trade on Layer 2 networks like Polygon and Optimism to avoid high ETH gas fees. To use it, you just need to connect a wallet such as MetaMask or Trust Wallet.

  • Largest DEX in the world by trading volume (110M+ all time trades and $1.1T+ all time trade volume)
  • Trade thousands of ERC-20 tokens
  • Easy user interface with 300+ Dapp integrations

PancakeSwap

Pancakeswap

1,000+

Coins

0.25%

Trading Fee

BSC

Blockchain

Pancakeswap is the largest DeFi exchange on the BNB Chain where you can trade thousands of BEP-20 tokens. It's very easy to use and as of this writing, it has 1.9 million users in the last 30 days. The network fees are usually just a few cents, so its attractive if you want to make lots of trades without worrying about high transaction fees. Pancakeswap also has liquidity pools, yield farming, an NFT marketplace, lotteries, and more.

  • Very low network fees on the BNB Chain
  • Easy user interface with millions of users
  • Lots of features: Swap, stake, yield farm, play lottery and more

What Is A DEX?

A decentralized exchange (DEX) is a peer-to-peer marketplace where you can trade tokens without any intermediaries. They're convenient because you can trade thousands of tokens without having to provide ID, KYC or an email address. Just connect your MetaMask or crypto wallet and you're ready to trade.

What Is The Largest DEX?

Uniswap is the largest DEX in the world right now with 68% market share on ETH according to Dune. It has 110M lifetime trades with $1.1T in lifetime trading volume. According to CoinGecko, it's followed by Pancakeswap and Curve Finance by highest trading volume.

Other DEXs

There are hundreds of decentralized exchanges and many of them are starting to grow in popularity. While these don't have as many users as the choices above, they might be worth looking into.

  • GMX is currently the largest DEX on the Arbitrum and Avalanche network. It offers perpetual trading with up to 50x leverage.
  • ApeX is another DEX for derivatives traders. It was built by Bybit, a massive CeFi exchange with over 4 million users.
  • NFTperp is a perpetual futures DEX for NFTs, where you can go long or short on Bored Apes, Crypto Punks, and more.
  • Mux Network aggregates liquidity from various platforms like GMX and offers up to 100x leverage.

What To Look For In A DEX

The best decentralized exchanges will offer low fees, lots of trading pairs, anonymity, no KYC, ease of use, and have lots of users and trading volume. You also want it to have a good reputation and track record but this is harder to judge since the industry is so new. If it checks all the boxes, you'll minimize your fees, your trades will execute instantly, and you'll have a better trading experience.

What Are The Risks of Decentralized Exchanges?

  • Fake Websites & Tokens: Anyone can list tokens on a DEX so there are many scams and fake websites as well. Always make sure that you're on the official website and that you're trading the official token. Also, they will never ask for your seed phrase.
  • Smart Contract Risk: A DeFi protocol is only as secure as the smart contracts behind it. You should be extra cautious with new DeFi protocols that don't have a track record
  • Rug Pulls: There is no shortage of scam tokens and rug pulls in the crypto world. Always do your research before deploying funds.

Final Thoughts

Decentralized Exchanges remove the need for banks and brokers and have been growing in popularity with the rise in DeFi. There are risks to be aware of when trading on DEXs, but if you take the necessary precautions they can be a great way to trade thousands of tokens anonymously. They also provide many ways to earn passive income and generate yield depending on your risk tolerance.

In our opinion, these are the top platforms based on the data. These DEXs have over 1 million users and the highest market share and trading volume in the world right now.

Author

At RankFi.com, our goal is to be your trusted source for crypto reviews, guides and research. We seek out researchers with extensive crypto knowledge and firsthand experience using dozens of CeFi and DeFi platforms.


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