13 Best Decentralized Exchanges for Secure Crypto Trading in 2024

Every now and then, a new digital token and currency is developed on the internet. The number has risen to the point that the cryptocurrency market size is expected to grow well and reach $1902.5 million by 2028.

Considering the craze for NFTs and digital currencies among tech enthusiasts, the number of platforms and decentralized exchanges offering peer-to-peer trade and swap services is rising consistently to provide users with the best features and ease of investing.

As a beginner in the digital trading world, there are high chances of getting bluffed or confused when you get to choose from a pool of decentralized exchange platform options to start your crypto investing, earning, and payments journey.

This article will help you select the best exchange to smoothen your digital investing journey. It enlists the best decentralized exchanges for digital coins, which millions of investors trust. It offers a variety of additional crypto-related features with minimized trading costs and no interference from intermediaries.

Let’s begin!

 

What is a Decentralized Exchange?

A decentralized exchange, commonly known as a DEX, serves as a platform enabling individuals to trade cryptocurrencies directly with each other, eliminating the requirement for a central governing body or intermediary. In contrast to conventional centralized exchanges, where a sole entity manages operations and safeguards users’ funds, DEXs function on a network of dispersed nodes. This network empowers users to engage in direct peer-to-peer trading interactions.

Centralized vs. Decentralized Exchanges

When discussing cryptocurrency exchanges, two main models take center stage: centralized exchanges (CEXs) and decentralized exchanges (DEXs). These models come with their distinct merits and shortcomings, tailored to the varied requirements and inclinations of the cryptocurrency trading community. In the following sections, we’ll explore the fundamental contrasts that distinguish these two types of exchanges.

 

Aspect	Centralized Exchanges (CEXs)	Decentralized Exchanges (DEXs)
Control and Ownership	Operated by centralized entities, giving them control over user funds and the trading process.	Empower users with complete control over their funds and private keys, reducing the need to trust a third party.
Security	Generally, higher level of security due to centralized control and established security protocols.	Often considered less secure as they rely on smart contracts and decentralized systems, which may be vulnerable to bugs or attacks.
Anonymity	Often require KYC (Know Your Customer) procedures, compromising user anonymity for regulatory compliance.	Tend to offer higher levels of anonymity, allowing users to trade without revealing their personal information.
Liquidity	Generally offer higher liquidity due to larger user bases and established market presence.	May have lower liquidity compared to major centralized exchanges, but this gap is decreasing as DEXs grow in popularity.
Listing Flexibility	Centralized exchanges have greater control over listing new tokens, often requiring negotiations and fees.	DEXs offer more open access, allowing projects to list their tokens without intermediaries, fostering innovation.
Censorship Resistance	Prone to censorship and regulatory interventions, leading to potential trading restrictions.	Designed to be resistant to censorship, as transactions occur directly between users, making them harder to shut down.
Ease of Use	Generally offer user-friendly interfaces and customer support, suitable for newcomers.	Interfaces can be less intuitive for newcomers, requiring some familiarity with wallets and blockchain processes.
Smart Contract Risks	Minimal exposure to smart contract vulnerabilities, as trades occur off-chain within the platform.	Users face risks associated with smart contract bugs or vulnerabilities, which could lead to financial loss.

 

To sum it up, centralized exchanges offer a refined user experience, along with ample liquidity and heightened security measures. This makes them a favored option for numerous traders. Conversely, decentralized exchanges place a premium on privacy, granting users greater control, and fostering resistance to censorship. These qualities attract individuals who hold a deep appreciation for the foundational principles of blockchain technology. As the cryptocurrency landscape continues to mature, both CEXs and DEXs play pivotal roles in shaping the trajectory of digital asset trading.

What to Consider When Choosing a Decentralized Exchange

As the crypto market continues to evolve, decentralized exchanges (DEXs) have gained significant popularity for their enhanced security, privacy, and user control. However, not all DEXs are created equal. When selecting the right decentralized exchange for your trading needs in 2023, there are several crucial factors to consider. These factors ensure a seamless trading experience while safeguarding your assets and personal information:

1. Security Features: Prioritize DEXs with a strong focus on security. Look for platforms that implement multi-signature wallets, cold storage solutions, and advanced encryption techniques. Audited smart contracts and a history of successful security measures should be part of your assessment.
2. Liquidity: Liquidity is essential for efficient trading. Opt for DEXs with a wide range of trading pairs and active users. Higher liquidity minimizes slippage and ensures you can easily execute trades at the desired prices.
3. User Interface (UI) and Experience (UX): A user-friendly interface simplifies trading and navigation. Choose a DEX with an intuitive UI/UX design that makes it easy to place orders, monitor your portfolio, and access essential information without a steep learning curve.
4. Trading Fees: DEXs employ various fee models. Some charge a percentage of the trade, while others may have fixed fees. Research and compare the fee structures of different exchanges to ensure they align with your trading frequency and budget.
5. Decentralization Level: Not all DEXs are equally decentralized. Some may still rely on centralized components, affecting the overall security and censorship resistance. Evaluate the level of decentralization the platform offers, considering factors like order book hosting and governance mechanisms.
6. Privacy and Anonymity: If privacy is a concern, choose a DEX that prioritizes anonymity. Look for exchanges that don’t require extensive personal information during the registration process and allow for pseudonymous trading.
7. Cross-Chain Support: The ability to trade across multiple blockchains expands your trading opportunities. Consider a DEX that supports a wide range of blockchain networks, allowing you to access a diverse selection of tokens.
8. Community and Development: An active and engaged community often signifies a healthy and well-maintained exchange. Research the development team, their responsiveness to issues, and the frequency of updates to ensure the platform remains up to date and secure.
9. Reviews and Reputation: Check reviews and testimonials from other traders to gauge the DEX’s reputation. Positive feedback regarding security, customer support, and overall reliability is a good indicator of a trustworthy platform.
10. Regulatory Compliance: While DEXs offer greater privacy, some jurisdictions might still impose regulations. Ensure the DEX complies with the legal requirements of your region, reducing potential risks in the long run.

By carefully considering these factors, you can make an informed decision when selecting a decentralized exchange that aligns with your trading preferences and security needs in 2023. Remember that the cryptocurrency landscape is constantly evolving, so staying informed about the latest developments is crucial for a successful trading journey.

List of the Top Decentralized Crypto Exchanges

Here is a list of the ten best-decentralized exchanges for 2024:

1. Uniswap

Founded in: 2018

24hr Volume: $166,738,826.70

No.of Tokens: 30+ 

Fees: 0.3%

Uniswap is one of top decentralized exchanges (DEXs) and automated makers that allows investors, liquidity providers, and developers to participate in crypto investing and trading on a single platform using smart contracts.

The ecosystem of Uniswap can help its users earn, sell, and buy various assets and NFTs by integrating with hundreds of DeFi apps, integrations, and in-built tools, which include Boardroom, Rotki, Unbound Finance, Future Swap, Ondo Finance, and MetaMask.

Uniswap also allows its investors to participate actively in the platform’s governance through an on-chain governance process.

You can share your valuable opinions and help shape the platform’s future through various governance apps, including the governance portal, governance forum, and snapshot. The process involves temperature checks, consensus checks, and governance proposals.

This decentralized platform also allows web3 developers, designers, users, and educators to join the Uniswap community using various platforms, including Reddit, Discord, Uniswap Labs, Uniswap Grants Program, and DeFi Education Fund.

Uniswap has a trade volume of over $1.4T, 143+ million transactions, 300+ integrations, and 4400+ community delegates.

Pros

• Has a huge market capitalization 
• Provides a secured network
• Offers governing rights

Cons

• Poses the risk of liquidity loss 
• No KYC process
• Provides slow network speed

2. 0x

Founded in: 2016

24hr Volume: $19,406,884 

Fees: You can start for free with custom pricing available for enterprises

No. of Tokens: 10+

0x is one of the oldest decentralized exchanges that provide users a gateway to perform various crypto trading actions, including coin swapping. It automates the process and path of execution to get the best yields for the investors.

It is supported on the leading smart contract networks, including Ethereum and Polygon.

0x is a UX-friendly marketplace that integrates with a whole suite of NFT APIs, including coin registry, Tx relay, order book, and swap API. The platform simplifies your DeFi journey by offering gasless approvals and swaps.

It allows users to effortlessly swap their digital currencies with slippage and MEV protection, unlimited digital assets, competitive pricing, low revert rates, and RFQ liquidity.

Pros

• Free to access with no registration or verification process
• Easy integrations with various crypto applications and exchanges
• High network speed

Cons

• Compatible with only ERC 20

3. PancakeSwap

Founded in: 2020

24hr Volume: $178,770,830.78

No. of Tokens: 50+

Fees: starts at 0.01%

PancakeSwap is one of the best decentralized exchanges offered by Binance Smart Chain. It has a large number of crypto investors. It allows investors to simply buy, sell, and deposit any currency coin on a smart contract by connecting the digital wallet to the platform without registering.

It is compatible with various crypto wallets, including Metamask, Binance, Coinbase, Opera, MathWallet, BraveWallet, and Blockto.  PancakeSwap currently works on the leading two blockchains, including Binance and Ethereum.

Besides regular trading, PancakeSwap offers its users to win money in the form of digital assets through trading competitions, predictions, lotteries, and pottery. Investors can also earn the native coin of this platform by providing funds in the liquidity pool.

PancakeSwap has secured over 1.4 million users, made approximately 17 million trades, and staked over $2.8 billion in the last 30 days.

Pros

• Presents an appealing interface
• Offers diversified services 
• Charges low transactional cost

Cons

• Works only on web
• Not compatible with BTC

4. IDEX

Founded in: 2017

24hr Volume: $204,232,874

No. of Tokens: 26+

Fees: starts at 0.125%

IDEX is one of the leading and pioneer decentralized platforms that runs on the Ethereum blockchain compatible with real-time currency trading.

The protocol supports various crypto wallets, including MetaMask, Trust, Coinbase, BitKeep, WalletConnect, and Keystore File. It also lets you buy and sell digital money by providing your private key or Mnemonic phrase to connect your wallets.

You can unlock rewards up to 50% of the cost in the form of IDEX LP coins by staking your money in liquidity pools, farms, referrals, and trade.

The platform also offers real-time insights into the current digital market conditions, where you can search for the current position of your desired currency.

Pros

• Offers highly intriguing interface
• Provides security with open source smart contracts

Cons

• Limited options of pairing
• Compatible only with ERC20
• Works on web only

5. Curve

Founded in: 2020

24hr Volume: $68,472,156.81

No.of Tokens: 48+

Fees: starts at 0.04%

The Curve is one of the leading decentralized exchanges (DEXs) and rewarding platforms that turns your shopping cashback into crypto rewards. The digital money can be converted into the currency of your choice, including Bitcoin, Ethereum, and Cardano.

The platform allows you to earn cashback for debit and credit card spending. You can earn an additional cashback of 1.0% on cryptos with every Curve purchase.

It has a unique feature that offers smart rules for its users. It allows you to automate your card spending by setting up money rules for yourself based on priority.

Pros

• Charges low trading cost
• Offers versatility in swaps
• Offers great rewards

Cons

• Limited crypto options
• Complex mechanism

6. 1inch

Founded: 2019

24hr Volume: Approximately $204 million

No. of Tokens: 20+

Fees: None for Fusion mode transactions. Fees vary on other protocols based on gas and liquidity costs.

1inch is a leading DEX aggregator that identifies the best prices for cryptocurrency trades across multiple decentralized exchanges. It operates on Ethereum, BNB Chain, Polygon, Arbitrum, Avalanche. It has broad token compatibility and optimal transaction rates through the Pathfinder algorithm.

The platform supports a wide array of wallets: MetaMask, Trust Wallet, Coinbase Wallet, and others.

Also, users can earn rewards through staking, liquidity pools, and participating in the 1inch DAO. 

Pros

• Aggregates prices across multiple DEXs
• Supports gasless transactions in Fusion mode
• Offers a large selection of tokens and networks

Cons

• Higher complexity compared to single DEX platforms

7. SundaeSawp

Founded in: 2022

24hr Volume: $178,615.11

No. of Tokens: 24+

Fees: starts at 0.10%

SundaeSwap is one the most appealing digital exchanges that allows users to buy, sell, and swap various digital currencies and automate liquidity pooling. The protocol works on the Cardano blockchain. 

You can easily connect various digital wallets, including, Nami, Eternal, Gero Wallet, FlintWallet, CardWallet, NuFi, Begin, and Typhon, to begin trading on SundaeSwap. You can easily track your liquidity position live on the exchange.

The protocol actively promotes democratizing the ownership and profitability of crypto trading. Connecting your digital wallet to the ISO rewards makes you eligible for significant winnings on the exchange.

Pros

• Offers clear and precise interface
• Backed by leading crypto partners
• Offers quantitative ISO rewards  

Cons

• Limited options of wallets

8. Bisq

Founded in: 2014

24hr Volume: $130,941.30

No.of Tokens: 120+ 

Fees: For BTC: 1.1% and for BSQ: 0.55%

Bisq is one the best decentralized exchanges offering a secure network for users to buy and sell Bitcoin and other leading digital currencies by exchanging fiat money without any registration or mediator interference.

The key features of the platform include no verification, private P2P network, open-source code, and simple to use interface.

Bisq offers its coin, BSQ, to the users, which can be burned by the traders when they pay the exchange costs. On using BSQ as swapping cost, users get an additional discount on the dealings.

To get a clear view of the exchange, Bisq offers a transparent reporting of the Bisq performance on the Bisq Market. It displays the price index, current price, latest trades, statistics, and transactions.

Bisq is available for download on various systems, including Windows, macOS, Debian, Red Hat, and Arch Linux.

Pros

• Offers diversified payment options
• Multilingual platforms
• Provides access without long verification process

Cons

• High transactional cost
• Lack of liquidity

9. ApeX Protocol

Founded in: 2022

24hr Volume: Data not publicly available.

No. of Tokens: 10+

Fees: There’s no accurate information.

ApeX is a decentralized derivatives exchange with cross-margined perpetual contracts on the Ethereum blockchain. The platform operates with an automated market maker system. It also offers an order book interface via ApeX Pro, which delivers enhanced trading functionality powered by StarkWare’s StarkEx scalability technology.

The platform supports a range of wallets, including MetaMask and WalletConnect, and provides unique incentives through its $APEX and $BANA tokens. Users can earn rewards from staking $APEX, the governance token, or participate in “Trade-to-Earn” events to receive $BANA rewards. It can be reinvested or traded within the ecosystem.

Pros

• Transparent, permissionless trading
• High-performance perpetual contracts with scalability from StarkEx

Cons

• Limited token support outside Ethereum-based assets

10. GMX

Founded in: 2021

24hr Volume: $126,016,454,006

No.of Tokens: 30+

Fees: starts at 0.10%

GMX is one of the leading decentralized marketplaces that offers crypto traders with reduced liquidation risk, optimal costs, and a simple swap interface on Avalanche and Arbitrum. The platform also has its coins, including GMX and GLP, which act as governance and liquidity providers assets.

The platform allows the buying and selling of leading cryptocurrencies, including BTC, ETH, and AVAX, which enables compatibility with leading wallets like MetaMask, Coinbase, and WalletConnet.

You can actively participate in the governance and voting process of GMX’s decision by joining its community.

Pros

• Offers low transaction cost
• Provides the users with governing and voting rights
• Available on both web and application

Cons

• No point of grievance and fraud redressal
• Integrates with only three crypto wallets

11. Verse DEX

Founded in: 2022

24hr Volume: $106,134.09

No. of Tokens: 12+ 

Fees: 0.3% per swap

Verse DEX is a simple-to-use decentralized platform that allows crypto traders to earn profits in the form of digital money by swapping, pooling, farming, and staking their coins. The decentralized platform works on majorly three kinds of blockchains: Ethereum, Smart Bitcoin Cash, and Centralized.

MetaMask and WalletConnect are the two types of digital wallets compatible with Verse’s swapping and DeFi money pooling. By farming your coins on Verse, you can earn up to 163% APY.

With the analytics section of Verse, users can get real-time insights into prices, capitalization, liquidity pairs, and trading volumes of various digital assets and cryptocurrencies. 

Pros

• Real-time market analytics
• Supports 12+ currencies

Cons

• Integrates with limited wallets

12. Dexilon

Founded in: 2021

No. of Tokens: 10+

Fees: starts at 0.10%

Dexilon is a one of its kind decentralized marketplaces that allows users to freely buy and sell various digital currencies, including Bitcoin, Ethereum, Cardano, Solana, Polygon, ApeCoin, Avalanche, and Cosmos Hub, with the real-time display of their price, market capitalization, volume, supply, and change.

The dealings on the Dexilon, including deal settlement and liquidations, are entirely transparent. It offers various crypto derivatives, including liquid, perpetual futures, cash-settled delivery futures, and exotic derivatives.

One of the platforms’ unique features is that its costs are redistributed among the takers and makers.

Pros

• Diversified crypto features
• Offers a testnet to ensure risk-free trading
• Offers rewards with pooling, swapping, and farming

Cons

• Connects with a single wallet
• Limited trading pairs
• Limited awareness among people

13. Jupiter

Founded in: 2021

24hr Volume: Data not publicly available.

No. of Tokens: 20+

Fees: Transaction fees depend on Solana blockchain rates.

Jupiter is a decentralized exchange aggregator that optimizes trades on the Solana blockchain. Jupiter leverages its advanced routing engine to find optimal token-swapping paths. Unlike traditional DEXs, it supports various wallet connections, including Phantom, Solflare, and Ledger.

Jupiter offers features like limit orders for precise trading and dollar-cost averaging (DCA) for scheduled token purchases. It supports cross-chain transactions between Solana and other blockchains like Ethereum.

Pros

• Transparent fees and high liquidity through aggregated DEXs
• Intuitive and user-friendly interface.

Cons

• Reliant on Solana DEX liquidity, which may affect less popular tokens.

Best Decentralized Exchanges Comparison

 

Decentralized Platform	Fees	Available Currencies	Summary
Uniswap	0.3% for coin swapping	10+	Allows active participation in decentralized platform’s governance and integration with 70+ crypto tools, wallets, and aggregators.
PancakeSwap	The percentage of swapping cost is divided into four tiers: 0.01%, 0.05%, 0.25%, and 1%	50+	Interactive and engaging user interface. Varied options to earn crypto include swapping, liquidating, farming, staking, pooling, and predicting. Offers an extensive collection of leading NFTs and integrations with top crypto wallets.
Curve	0.04% for swapping	48+	Simple-to-use interface and plenty of rewarding options with every purchase on the decentralized platform.
1inch	Fees vary on protocols based on gas and liquidity costs.	20+	It has broad token compatibility and optimal transaction rates through the Pathfinder algorithm.
Ox	You can begin free	10+	Offers various APIs for different tasks, including swap, relay, order book, and coin registry. Collaborates with many crypto elements, including fintech, web3 developers, exchanges, custodians, institutions, and market makers.
IDEX	Irrespective of the type of liquidity, the transaction costs apply at 0.125%.	26+	Real-time investing and digital currency tracking. It connects with various wallets and even provides access to connect wallets with the private key.
SundaeSwap	The swapping costs are divided into three tiers: 0.1%, 0.3%, and 1%, depending on the type of liquidity pool.	24+	Offers substantial ISO rewards and active participation in governance for all the users.
Bisq	The trading cost rate for BTC is 1.1%, and BSQ is 0.55%.	120+	Simple user interface with no registration and verification requirement for trading. Provides a dashboard to showcase the health and performance of Bisq.
ApeX Protocol	There’s no accurate information.	10+	Decentralized derivatives exchange with cross-margined perpetual contracts on the Ethereum blockchain.
GMX	Fees for open trade and borrowings apply at 0.1%.	30+	Simple platform with three trading options: long, short, and swap with leading cryptocurrencies.
Verse DEX	Charges are 0.3% per coin swap.	12+	Provides real-time analytics on liquidity pairs and coins.
Dexilon	Transaction costs start at 0.20% for takers and 0.10% for makers.	10+	Offers zero gas fee with real-time liquidity position tracking.
Jupiter	Transaction fees depend on Solana blockchain rates.	20+	Transparent fees and high liquidity through aggregated DEXs.

 

Conclusion

The decentralized exchanges discussed above are amongst the top in terms of reduced trading fees, innovative features, and smooth peer-to-peer transactions. 

Consider any of the above based on your requirements: buying, selling, swapping, or winning various digital currencies. These decentralized exchanges provide you easy access to directly perform actions and promote the smooth adoption of NFTs and coins.

Additionally, opting for a reliable and trusted decentralization exchange when investing in cryptocurrencies is recommended as it saves you money and time you spend on intermediaries, further paying minimized dealing cost to the decentralized platform.