10 Best Decentralized Exchanges 2024 (Expert Reviewed)

Looking to buy, sell, and trade cryptocurrency on a decentralized exchange? 

Our team of experts have surveyed the market to find the best decentralized exchanges for investors. By the time you’re finished reading, you’ll understand which exchanges offer the best prices and features for investors like you. 

The top 10 decentralized cryptocurrency exchanges

Most Popular

Learn More

Uniswap

Uniswap is the world’s biggest decentralized exchange. You can use Uniswap to buy, sell, and trade ERC-20 tokens on the Ethereum blockchain. Uniswap also allows you to add your crypto into Uniswap’s liquidity pools to generate yield.

CoinLedger Rating: 9.4/10

Pros & Cons

• 
  One of the most trusted decentralized exchanges
• 
  Low fees (typically 0.3% on most transactions)
• 
  Easy-to-use interface
• 
  Ample liquidity
• 
  Support for Ethereum and EVM-compatible networks (Polygon, Optimism, Avalanche, Binance Smart Chain, and more!)
• 
  Buy crypto with credit/debit card with Moonpay!

• 
  Credit/debit card purchases can be subject to high fees (2.55-3.25%)
• 
  Recently introduced a 0.15% additional interface fee on major coins like DAI and ETH.

Best for Stablecoins

Learn More

Curve

Curve is a decentralized exchange originally designed to allow users to swap stablecoins of similar value. This design helps to help protect liquidity providers and mitigate impermanent loss. Curve is considered one of the safest and most trusted decentralized exchanges in the space. As a result, many investors use Curve to earn low-risk staking rewards!

CoinLedger Rating: 9.1/10

Pros & Cons

• 
  Trusted exchange in the DeFi space
• 
  Very low fees (around 0.04%)
• 
  Curve offers APYs up to 10% on cryptocurrencies like sETH!

• 
  Complex platform — recommended for experienced DeFi users only
• 
  Designed for stablecoin trading, supports a limited number of cryptocurrencies

Best for Low Prices

Learn More

1inch

1inch is a decentralized exchange aggregator. That means the platform searches different decentralized exchanges on the Ethereum blockchain to find the lowest fees and best prices for your trades. 1inch allows users to buy, sell, and trade ERC-20 tokens. The exchange even allows you to make purchases with a debit/credit card through Moonpay!

CoinLedger Rating: 9.1/10

Pros & Cons

• 
  Because 1inch is an aggregator that pulls prices from other exchanges, it supports hundreds of blockchains and cryptocurrencies!
• 
  1inch does not charge additional fees — however, you are required to pay for transaction fees from the exchanges that 1inch aggregates from.
• 
  1inch is available on mobile on the App Store and Google Play!

• 
  Somewhat complex — not recommended for DeFi beginners
• 
  Some investors have turned to platforms that aggregate from aggregators like 1inch — such as Defillama

Best for Binance Smart Chain

Learn More

PancakeSwap

PancakeSwap is a decentralized exchange built on the Binance Smart Chain (BSC). PancakeSwap has billions of dollars in liquidity, is considered beginner-friendly, and allows users to buy, sell, and trade BSC-based assets. Because the platform is built on the BSC, users pay very low blockchain gas fees.

CoinLedger Rating: 8.9/10

Pros & Cons

• 
  Low fees (0.25% on spot trading). In addition, Binance Smart Chain has lower gas fees than other blockchains!
• 
  Beginner-friendly!
• 
  PancakeSwap has passed security audits from companies like Slowmist.
• 
  PancakeSwap offers high APYs from pools and farms!

• 
  Only supports the Binance Smart Chain — which has been criticized for being more centralized than other blockchains.
• 
  PancakeSwap does not have a mobile app.

Best for Derivative Trading

Learn More

dYdX

dYdX is a decentralized exchange that supports lending, borrowing, margin trading, and perpetual trading. These types of transactions are not available on other decentralized exchanges, making dYdX a good option for experienced traders. In addition, dYdX has partnered with Starkware — an Ethereum Layer 2 scaling solution. As a result, the exchange features low blockchain gas fees.

CoinLedger Rating: 9.0/10

Pros & Cons

• 
  Very low fees (up to 0.05%)
• 
  More than 100 cryptocurrencies available for trading!
• 
  Support for margin and derivative trading (rare for decentralized protocols)

• 
  Margin trading is risky and is for experienced traders only!
• 
  Interest rates can be highly volatile for lenders

Best Hybrid Exchange

Learn More

IDEX

IDEX is an exchange built on Ethereum. IDEX notably provides a hybrid approach between centralized and decentralized exchanges. The platform offers unique features for traders — including the ability to execute multiple transactions simultaneously with low fees!

CoinLedger Rating: 8.9/10

Pros & Cons

• 
  Low fees (up to 0.125%)
• 
  Buy cryptocurrency with fiat currency through Wyre
• 
  Open multiple trades at a time!
• 
  Customer support through live chat!

• 
  Ethereum and EVC-compatible assets only.
• 
  Not a good fit for investors who value decentralization due to its hybrid approach.

Best Automatic Portfolio Manager

Learn More

Balancer

Balancer is unique among decentralized exchanges because it functions as both an exchange and an automatic portfolio management tool. Balancer liquidity pools support up to 8 crypto-assets — which means that when you contribute liquidity, you get exposure to all of the assets in the pool.

CoinLedger Rating: 8.5/10

Pros & Cons

• 
  Balancer’s liquidity pools are a unique way to get exposure to multiple crypto assets at a time!
• 
  Anyone can create a Balancer liquidity pool and manage the ratio between assets.
• 
  While Balancer has faced security challenges in the past, the protocol has since been audited for security by ConsenSys Diligence and other third-parties!

• 
  Because Balancer pools are customizable they can have high fees — fees can range from 0.0001% to 10%.
• 
  Balancer has faced security issues in the past — including a hack in 2020.

Best Aggregator of Aggregators

Learn More

Defillama

Defillama is a DeFi analytics tool that has recently released a DEX aggregator. The tool aggregates from ‘aggregator’ exchanges like 1inch — giving users the best deals available!

CoinLedger Rating: 8.7/10

Pros & Cons

• 
  Does not charge additional fees — the platform makes money from referring users to other aggregators!
• 
  As an aggregator of aggregators, Defillama supports a wide range of chains and networks!
• 
  Comes with privacy features — including the ability to hide your IP address!

• 
  Very limited user interface with no price charts
• 
  Some users complain that Defillama simply adds extra steps when aggregators like 1inch typically already have the best prices available.

Best Cross-Chain Exchange

Learn More

Osmosis

Osmosis is a cross-chain exchange built on the Cosmos blockchain. Osmosis supports trades between blockchains like Bitcoin, Ethereum, Solana, and Avalanche!

CoinLedger Rating: 8.8/10

Pros & Cons

• 
  Cross-blockchain trading supported!
• 
  Low fees (0.1% on most trades)
• 
  Osmosis has been audited by firms like SlowMist.
• 
  Users have praised Osmosis for its smooth user interface!

• 
  Not as battle-tested as other platforms on this list
• 
  Has been criticized for lack of transparency around distribution of the protocol’s native token OSMO.

Best Bitcoin Decentralized Exchange

Learn More

StackSwap

StackSwap is a decentralized exchange built on the Stacks ecosystem — a Layer 2 solution for Bitcoin. StackSwap allows users to trade BTC for other cryptocurrencies and get started with Stacks — which enables DeFi built on Bitcoin.

CoinLedger Rating: 7.9/10

Pros & Cons

• 
  Support for BTC and access to the Stacks ecosystem
• 
  Low fees (0.30% on all trades)
• 
  StackSwap uses AI models to continuously improve the platform’s performance.

• 
  Significantly smaller & less liquidity than other exchanges on this list
• 
  While the Stacks ecosystem has existed for multiple years, it hasn’t picked up traction amongst DeFi users.

What is a decentralized exchange? 

A decentralized exchange allows users to buy, sell, and trade cryptocurrencies without a centralized intermediary to provide liquidity and verify transactions. Instead, other users provide liquidity and transactions are verified through the blockchain. 

This arrangement allows crypto users to make transactions without the need for financial middlemen like centralized exchanges or banks. 

Is Coinbase a decentralized exchange? 

Coinbase is not a decentralized exchange. Coinbase is centralized — which means that the platform acts as the middleman for buyers and sellers and has the power to censor transactions. 

Decentralized exchanges typically allow users to trade peer-to-peer through anonymous wallets like MetaMask.

Centralized vs. decentralized exchanges

Centralized exchanges like Coinbase are typically considered better for new investors who may not understand the complexities of decentralized finance. Unlike decentralized exchanges like Uniswap, centralized exchanges typically have easy UI, support chat functionality, and can be linked to your bank account. 

The advantages of decentralized exchanges 

There are many reasons why investors may choose to use a decentralized exchange. 

No custody

Centralized exchanges take custody of your cryptocurrency. This can lead to situations like the FTX collapse, where millions of investors lost access to their crypto. On the other hand, decentralized exchanges allow users to trade while custodying their crypto in their own wallets.

Larger selection of cryptocurrencies 

Centralized exchanges often take time to approve new cryptocurrencies for trading. As a result, decentralized exchanges often have a larger selection of coins to buy, sell, and trade. 

Censorship resistant

Because decentralized exchanges are controlled by centralized liquidity providers, there is no middleman that can censor and restrict transactions. 

What important factors should I consider when choosing a cryptocurrency exchange? 

There are several factors you should consider when choosing a decentralized exchange. 

Liquidity 

Liquidity is a measure of how quickly your crypto-assets can be swapped for other crypto-assets. If your exchange has low liquidity, you may have trouble buying and selling different cryptocurrencies. 

Reputation 

To protect your crypto holdings, it’s important to choose a decentralized exchange with a reputation for trustworthiness and security. 

User interface 

A good user interface allows you to make more efficient trading decisions. Because what constitutes a good user interface is somewhat subjective, you should try out multiple exchanges to see which works best for you. 

How do I get started with a decentralized wallet? 

To get started with a decentralized exchange, you can follow this three-step process.

1. Get started with a wallet: Find a wallet that allows you to interact with decentralized protocols like Uniswap. MetaMask and Coinbase Wallet are two popular wallets that come with easy-to-use Google Chrome extensions. 
2. Fund your browser wallet: You’ll need cryptocurrency to get started making transactions on a decentralized exchange. To get started, you should buy cryptocurrency on a centralized exchange and transfer it to your wallet. 
3. Connect your wallet to a decentralized exchange: Once you’ve funded your wallet, you can start making trades and providing liquidity to your decentralized exchange of choice. 

Are decentralized exchanges legal in the US? 

Decentralized exchanges like Uniswap are legal in the United States.

Do decentralized exchanges report to the IRS? 

Starting in the 2025 tax year, decentralized exchanges like Uniswap may be required to issue Form 1099-DA to customers and the IRS. Due to regulations written into law with the Build Back Better Act, decentralized exchanges that fail to comply with these policies may not be allowed to operate in the United States. 

It’s possible that decentralized exchanges will need to introduce KYC policies to comply with reporting requirements.

Do I need to pay tax on decentralized exchange transactions? 

Though transactions on decentralized exchanges are pseudo-anonymous, you should report your cryptocurrency taxes. 

Remember, transactions on blockchains like Bitcoin and Ethereum are publicly visible.  In past years, the IRS has worked with contractors like Chainalysis to analyze blockchain transactions and crack down on crypto tax fraud. 

If you’re looking for an easy way to simplify the tax reporting process, CoinLedger can help. The platform integrates with blockchains like Ethereum, Binance Smart Chain, and Solana. Just enter your wallet address and let the platform pull your transactions automatically! 

Get started with a free account today.