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12 Best Decentralized Exchanges for 2024

The cryptocurrency industry aims to democratize financial services, and decentralized exchanges (DEXs) play a pivotal role in this revolution. Anyone with an internet connection and a crypto wallet can engage in trading digital assets through DEXs. This article explores the essence of decentralized exchanges and highlights the leading DEXs available today.

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Understanding Decentralized Exchanges

what is a DEX?

Decentralized exchanges are digital platforms that facilitate cryptocurrency trading on blockchain technology without intermediaries such as banks.

These exchanges contrast sharply with traditional stock exchanges or centralized cryptocurrency exchanges. On a DEX, the control lies with the users, spreading out the decision-making power instead of centralizing it. This decentralization ethos is at the heart of cryptocurrency’s vision, fostering financial autonomy and independence.

Additionally, DEXs offer greater robustness and privacy than their traditional counterparts. Users are not required to undergo identity verification via a Know Your Customer (KYC) process; instead, they simply connect their crypto wallets, select their desired crypto, and initiate transactions. 

Decentralized exchanges utilize various blockchain technologies, including smart contracts, tokens, and layers, although each DEX has its unique characteristics depending on its construction and user interface.

The Significance of DEXs

DEXs are crucial for financial inclusion in our digital era. Many globally lack access to traditional banking services and could benefit from the accessibility DEXs offer.

Moreover, as the world gradually moves away from dollar-centric trade and finance, DEXs provide necessary alternatives for transactions, particularly in regions facing economic instability or currency volatility.

decentralized exchange global usd debt
Global dollar-denominated debt: Bis.org

In times of financial instability, DEXs offer a reliable avenue for accessing cryptocurrencies anytime and from anywhere, ensuring equitable financial access regardless of one’s economic status or geographic location.

DEXs not only facilitate trading but also address broader economic issues such as currency shortages and trade limitations, offering decentralized solutions that empower individuals and businesses alike.

Top Decentralized Exchanges of 2024?

How to exchange DeFi tokens on Changelly and get $10 bonus:

To get the bonus you need to create a blockchain wallet on ZenGo use THIS LINK, invite friends to ZenGo using your personal promo code that can be found in Settings in ZenGo mobile app. Once your friend buys $500+ worth of crypto both of you will get $10 bonus.

Stormgain

CEX exchange
500x leverage
500x leverage
Availability
U.K., E.U., and 100+ countries
Welcome bonus
No
Cryptos
BTC, ETH, BCH, and 40+
Fees
No commission or withdrawal fees

dYdX

DEX exchange
Quick transactions
Quick transactions
Availability
E.U. and 100+ countries
Welcome bonus
$25
Cryptos
BTC, ETH, DOGE, and 35+
Fees
0%-0.05%

ApeX Pro

Dex exchange
Demo trading account
Demo trading account
Availability
100+ countries
Welcome bonus
No
Cryptos
BTC, XRP, ATOM, and 11+
Fees
0.02%-0.05%

OKX DEX

DEX exchange
Low trading fees
Low trading fees
Availability
Global
Welcome bonus
Up to $10,000
Cryptos
ETH, MATIC, FTM, 300+
Fees
Network fees

Curve

DEX exchange
Multiple liquidity pools
Multiple liquidity pools
Availability
Global
Welcome bonus
No
Cryptos
DAI, USDT, USDC, and 50+
Fees
0.04%

Balancer

DEX exchange
Custom AMMs
Custom AMMs
Available
Global
Welcome bonus
No
Cryptos
WETH, AAVE, DAI, and ERC-20 tokens
Fees
0.0001%-10%

Changelly

CEX exchange
Live support
Live support
Availability
100+ countires
Welcome bonus
$10 bonus
Cryptos
ETH, BNB, AVAX, and 3,000+
Fees
0.25%

PancakeSwap

DEX exchange
Low slippage
Low slippage
Availability
Global
Welcome bonus
No
Cryptos
BUSD, USDT, WBNB, and BEP-20 tokens
Fees
0.25%

SushiSwap

DEX exchange
User friendly
User friendly
Availability
Global
Welcome bonus
No
Cryptos
WBTC, WETH, ERC-20 and EVM compatible tokens
Fees
0.3%

Bancor

DEX exchange
Impermanent loss protection
Impermanent loss protection
Availability
100+ countries
Welcome bonus
No
Cryptos
WBTC, AAVE, rETH, and 100+
Fees
Varies

Dodo

DEX exchange
No minimum deposit for LPs
Availability
Global
Welcome bonus
No
Cryptos
ERC-20 and EVM chain tokens
Fees
0.3%

Uniswap

DEX exchange
Adequate liquidity
Adequate liquidity
Availability
Global
Welcome bonus
No
Cryptos
LINK, GRT, ENS and ERC-20 tokens
Fees
0.3%

Exploring Different Types of Decentralized Exchanges

There are several types of DEXs, each catering to different needs in terms of functionality and pricing:

  • Automated Market Makers (AMMs) stand out as the most prevalent type of DEX. They use algorithms to set prices for crypto assets in real-time without relying on traditional order books.
  • On-chain order book DEXs maintain a ledger of all potential trades for a crypto asset on a blockchain. Market prices are determined by the matching of buyers and sellers on this order book, while assets are held in user wallets.
  • Off-chain order book DEXs take a different approach by processing transactions through a centralized mechanism, though final settlements occur on-chain. This structure allows for efficient trade clearing but relies partly on centralized elements.
  • DEX aggregators enhance liquidity and trading by pooling data from multiple DEXs, providing traders with optimal pricing and improved trade execution across various platforms.

What are the top decentralized exchanges (DEX)?

Platform

Best Feature

Fees

Coins

Bonuses

StormGain DEX | Sign Up

No verification needed

No additional commissions for depositing or withdrawing funds

BTC, ETH, LTC, XRP, ERC-20, multi-asset support including POW and POS coins and tokens

No

dYdX | Sign-up

Free monthly trading option

No fees for deposits or withdrawals. Perpetual trades are free for everyone, up to $100,000 every month.

ETH, BTC, SUSHI, ATOM, YFI, CRV, AVAX, MATIC, MKR, SOL, ZRX, FIL, UMA, AAVE, UNI, COMP, SNX, 1INCH, ALGO, LINK, DOT, XMR, ZEC, DOGE, ADA, BCH, EOS, LTC

No bonus for new users

APEX Pro | Sign-up

Trade-to-earn activity

Transaction fee: 0.1%
Typical Maker fee: 0.02%
Typical Taker fee: 0.05%

BANA, USDC, BTC, ETH, XRP, CATOM, and DOGE

Regular activities with airdrops, bonuses and rewards for users

Uniswap | Sign-up

Adequate liquidity on many trading pairs

0.3% fee for swapping tokens

ERC-20 tokens

No

Curve | Sign-up

Yield farming

0.04% trading fee

ERC-20 stablecoins, WBTC, ETH, FRAX, AVAX, multiple asset support

No

Balancer | Sign-up

Versatile automated market maker

Pool fees are between 0.0001% to 10%

ERC-20 tokens

No

PancakeSwap | Sign-up

Low transactions cost

0.25% trading fees

BEP-20 tokens

No

Sushiswap | Sign-up

Staking and farming

0.3% trading fees

ERC-20

No

Bancor | Sign-up

Impermanent loss protection

No trading or withdrawal fees from the Bancor protocol itself, each pool is set with a specific trading fee paid to the liquidity provider

ERC-20

No

DODO | Sign-up

Smart trade

0.3% transaction fee

ERC-20 and EVM compatible chain tokens

No

OKX DEX | Sign-Up

Aggregates orders across multiple exchanges and chains.

N/A

10+ chains, 100+ DEX and 100,000+ coins

No

Is the Future Decentralized?

Decentralized exchanges offer enhanced autonomy and security compared to centralized exchanges. Recent events have underscored the vulnerabilities of centralized platforms, making the case for the increasing relevance of DEXs.

Since the collapse of major centralized exchanges, there has been a significant shift towards decentralized platforms. Users are increasingly recognizing the benefits of DEXs, where they are not exposed to the risks of central authority failures.

The ftx collapse is a direct double indictment of the regulatory apparatus. first, users were pushed onto offshore jurisdictions because of the complete lack of operational clarity. second, sam was deep in bed with the “protectors”, and they didn’t do a thing. Resounding failure.

Foobar, DeFi and NFT founder: Twitter

The comparison between the risk and reward of using DEXs versus centralized exchanges has become clearer, especially in light of recent events (the FTX collapse in November 2022). As decentralized platforms continue to mature, their adoption is expected to rise.

The Enduring Presence of Decentralized Exchanges

As with any innovation in the cryptocurrency space, it’s essential to thoroughly vet any DEX before engaging in trades. A good practice is to only invest what you can afford to lose and to trade on platforms where the code has been verified by independent smart contract auditors.

DEXs offer significant security advantages over centralized exchanges and are poised to grow in popularity as more people learn about and adopt cryptocurrency.

Frequently asked questions

How are DEXs genuinely decentralized?

What distinguishes DEX platforms from DeFi platforms?

Are DEX sites secure?

Trusted

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