DEXs (decentralized crypto exchanges) are blockchain-based apps that facilitate large-scale crypto asset trading among multiple users. By using DEXs, cryptocurrency traders make direct transactions without having to entrust their funds to a third party. Decentralized crypto exchanges were intended to eliminate the need for any authority to oversee and allow deals within a given exchange.
Can you Buy Crypto on a Decentralized Exchange?
Some cryptocurrencies, like Decentralized Crypto Token, can only be purchased with another cryptocurrency on decentralized exchanges. To buy Decentralized Crypto Token, you’ll need to first purchase Ethereum (ETH) and then use ETH to buy Decentralized Crypto Token.
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Decentralized Exchanges
Read on and learn about the top decentralized exchanges for crypto trading.
List of Top Decentralized Exchanges for Crypto Trading
As one of the first automated market makers, Uniswap allows users to assume the role of liquidity providers by contributing their assets to decentralized liquidity pools.
Besides its DEX functionality, PancakeSwap also offers a whole host of other features, including an array of yield farms, a Binance Coin prediction market, a lottery game, initial farm offerings, an NFT market, and more.
Sushiswap is a fully decentralized on-chain protocol for exchanging tokens through a process of automated market-making (AMM) which uses ‘liquidity pools’ rather than an orderbook. This innovative system lets anyone make a liquidity pool for their own token by providing ETH and an ERC20 of their choice, and ensures automatic price discovery.
KyberSwap is a decentralized exchange (DEX) aggregator and liquidity protocol that achieves the best rates for crypto traders through liquidity aggregation, while providing capital-efficient and higher returns for liquidity providers. KyberSwap is the main protocol in Kyber Network’s liquidity hub.
It’s a decentralized exchange, built into the Waves blockchain. The DEX allows users to trade their tokens — including WAVES, BTC and any other assets issued on the Waves platform — completely trustlessly and without having to move their funds to a centralized exchange.
dYdX is a unique decentralized exchange because it allows users to go long or short on Ethereum with up to 5x leverage in a permissionless fashion. dYdX also provides cross-margin lending and borrowing.
0x protocol is a decentralized exchange on the Ethereum blockchain in which orders are transported and confirmed off-chain, massively reducing gas costs and reducing congestion on the main Ethereum chain. Transactions only run through the Ethereum network when a trade finalizes, allowing users to reduce the gas fees associated with trading operations.
The platform provides a powerful swap solution that allows users to trade stablecoins and other close-in-price assets with a minuscule fee of just 0.04% — half of which goes to liquidity providers, and the other half goes to stakers of the CRV token.
IDEX is a decentralized exchange operating on the Ethereum blockchain. IDEX is the first Ethereum based decentralized smart contract exchange to support real-time trading. The exchange consists of a smart contract, a trading engine, and a “transaction processing arbiter”. The smart contract is responsible for storing all assets and executing trade settlement. The user has to verify all trades using their private keys.
They have their own token called Airswap Token (AST). AirSwap created their Swap Protocol to enable transaction free trading. The Swap Protocol uses smart contracts on the Ethereum blockchain to settle orders. Everything else is handled off-chain.
What is the Safest Decentralized Crypto Exchange?
That’s for good reason: Coinbase Pro, the robust exchange powering Coinbase, is one of the largest and safest platforms out there. (In fact, Coinbase Pro was a top contender for our Best Overall Cryptocurrency Exchange.)
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A decentralized exchange that runs on the Polygon Network in order to provide faster and cheaper transactions on Ethereum.
SpookySwap is one of the first Decentralized Exchanges (DEXs) running on Fantom using an Automated Market-Making (AMM) protocol. It allows users to trade tokens without any intermediary. Furthermore, following the Halloween theme, SpookySwap’s interface is user-oriented, bringing seamless experiences to users.
AstroSwap is unusual among decentralized exchanges, since it is running on Velas. It is primarily built for Cardano users, who can use the Swapz bridge to trade their Cardano native assets on AstroSwap without needing to wait in a queue. The platform offers generous incentives and is very similar to PancakeSwap in its user experience, making it super simple for most traders.
Like most DEXs, SundaeSwap is an automated market maker, which means it provides essentially unlimited liquidity for traders while allowing users to provide liquidity and earn trading fees. SundaeSwap is expected to drop its beta label and move towards community governance soon.
The platform aggregates liquidity both from its own user-contributed liquidity pools, as well as partner platform Serum’s order books, helping to ensure users always get the best price for their assets. The platform also offers frequent NFT drops through its DropZone feature and hosts a wide variety of both Raydium and Fusion yield farms, which help users earn rewards for staking their Raydium LP tokens.
Trader Joe is a comprehensive decentralized platform for crypto trading. It works on the Avalanche network. The main objective of the platform is to provide a DeFi platform for its users that is innovative and highly secure. You can swap, stake, lend, farm, borrow, and perform all such trading activities from a single interface. Users get a completely integrated and easily accessible decentralized finance platform.
The cheapest way to place this trade may involve swapping your Ethereum between several different protocols and for several different currencies before it arrives at Wrapped Bitcoin. The advantage of doing this is that it may mean you can buy Wrapped Bitcoin at a cheaper price.
Serum is a decentralized exchange (DEX) built natively on Solana that utilizes an order book model rather than an automated market maker (AMM). The core design of Serum is centered around its on-chain central limit order book (CLOB) which is similar to such mechanisms found within traditional finance, but is fully decentralized and permissionless, allowing users to circumvent a middle-party and interact directly with a smart contract to execute trades from an order book.
Osmosis is a proof of stake blockchain that serves as an automated market maker (AMM) protocol for the Cosmos ecosystem. AMMs are typically pools of digital assets managed by a smart contract used to enable decentralized trading. The liquidity pools and smart contracts replace the order book system; liquidity providers lock their assets into the pool and earn fees when people trade in these pools.
Jupiter’s smart router algorithm supports multi-hop swap routing and trade splitting. Multi-hop routing allows swapping between tokens in a single transaction even if there is no direct market. Multihop routing also aids in better price discovery by swapping through price inefficient markets. Jupiter’s trade splitting swaps will split the trade into smaller trade sizes and send them to different DEXes in order to reduce price impact and get better prices for large-size trades or trades with tokens that have shallow liquidity spread across a number of DEXes.
Is it Legal to use a Decentralized Exchange?
A question I’ve been asked frequently is that if such a DEX is decentralized enough, would it be exempted from the regulation of exchange? The answer is that if a DEX satisfies the definition of “exchange” under the securities law, it’s subject to regulatory compliance, despite the “decentralized” nature.
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Is Coinbase Centralized or Decentralized?
For example, our retail trading site Coinbase.com is a centralized custodial service, while Coinbase Wallet is a decentralized self-custody service where users interact directly with the blockchain and are in control of their own private keys and digital assets.
