One of the first steps to getting started with cryptocurrency trading is choosing a cryptocurrency exchange that will allow you to trade. Many beginners will choose centralized exchanges (CEXs) like Binance or Coinbase, and then move on to decentralized cryptocurrency exchanges (DEXs) that offer greater privacy, security, and the ability to profit from newer, lesser-known cryptocurrencies.
While decentralized exchanges offer several benefits to cryptocurrency traders, there are hundreds of such exchanges in the market to choose from. To save you time in researching the best decentralized exchanges, we have prepared a list of the top 10 best decentralized cryptocurrency exchanges in 2023.
Best Decentralized Cryptocurrency Exchanges in 2023
Based on our detailed research, here are the top 10 best decentralized cryptocurrency exchanges for 2023, evaluated on metrics including features and functionality, security measures, trading fees, customer support, and more.
Best Wallet (Best DEX) - The most efficient fully integrated DEX in 2023
OKX DEX – The most versatile DEX for all trader categories
Uniswap – The best DEX for liquidity mining
PancakeSwap – A DEX specifically for new-age cryptocurrencies
SushiSwap – The Best DEX for ERC-20 Tokens
dYdX – The Best DEX for Trading Crypto Derivatives
QuickSwap – The best DEX for trading Polygon assets
Raydium – The Best DEX for the Solana Ecosystem
DeFi Swap – Best DEX for Collateralization
Curve – The best DEX for cross-chain swaps
Top Decentralized Exchanges 2023: Review - Full List
We have evaluated a wide range of decentralized cryptocurrency exchanges on various important parameters and listed down the top ten DEX platforms based on our evaluation.
Best Wallet (Best DEX) - The most efficient fully integrated DEX in 2023
Best Wallet is a comprehensive platform that offers a variety of options from multi-chain crypto wallets to best DEX to meet all your trading needs.
The exchange is an advanced self-custodial platform that allows users to monitor their complete portfolio and make informed trading choices. In addition, it provides first access to the latest popular token offerings.
One of the most promising products is Best DEX, a decentralized trading platform that aims to provide you with the most cost-effective trading by pairing you with the best liquidity pools. It allows you to enhance your trading strategy through real-time charts and news, detailed token data, and insights such as security reviews and community sentiment ratings.
Additionally, by staking BEST tokens, you can enjoy zero gas fees, early access to upcoming projects, unique voting privileges within the BEST ecosystem, exclusive airdrops, and more.
Why choose the best wallet?
✔️A comprehensive cryptocurrency trading, portfolio management and digital asset storage platform
✔️Advanced security features
✔️Provide first-class market intelligence and insights
✔️Profitable staking rewards
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OKX – The most versatile DEX for all trader categories
OKX is the seventh largest cryptocurrency exchange in the world by market capitalization and has built a reputation as a trustworthy exchange in the crypto world. The platform is based in Seychelles and has intentionally chosen not to serve the U.S. market. However, OKX remains a popular choice for traders in other regions, primarily due to its competitive trading fees.
Since its founding in 2017, OKX has grown to support over 500 trading pairs, covering top tokens such as Bitcoin, Ethereum and Ripple as well as emerging tokens that are still in their early stages.
While OKX offers a comprehensive trading experience for both beginners and experienced traders, it also has some features tailored for cryptocurrency experts. These include margin and spot trading capabilities. It also offers a mobile app that offers three different modes: Lite, Web 3, and Pro. Lite mode simplifies cryptocurrency purchases with a minimum purchase amount of just $5. Web 3 mode goes beyond cryptocurrencies, supporting features such as NFTs, DEXs, issuance platforms, NFT marketplaces, and collateralization. For those seeking more advanced trading capabilities, Pro mode is available, enabling derivatives and margin trading.
The platform also offers multiple “earning” programs such as savings, staking, dual investment, DeFi, fixed income, and flash trading. In addition, it provides financial support to those in need through the OKX lending service, which provides up to 20 borrowable assets and a flexible repayment structure.
OKX has a multi-tiered fee structure, with market maker fees ranging from 0.080% to 0.060% and miner fees ranging from 0.1% to 0.080%. These rates are affected by the number of OKB tokens held by the user.
Why choose OKX?
✔️Multiple listings of over 500 cryptocurrencies
✔️Lower transaction fees compared to other DEX platforms
✔️ Provide multiple earning opportunities through staking and dual investment
✔️Mobile-friendly user interface
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Uniswap – The best DEX for liquidity mining
Uniswap is one of the top decentralized exchanges in terms of trading volume. Since its launch, Uniswap has processed more than $1.5 trillion in cryptocurrency trades on its platform.
Initially, Uniswap only served ERC-20 tokens and became a popular choice for emerging ERC-20 tokens seeking their first exchange listing. However, Uniswap has now expanded its influence by integrating multiple blockchain networks such as Binance Smart Chain, Polygon, Celo, Optimism, and Arbitrum. This makes Uniswap a one-stop solution for cross-chain cryptocurrency swaps.
Uniswap does not require any KYC procedures, and users can start trading directly by connecting their wallets. All cryptocurrency transactions on the platform are managed by smart contracts, ensuring that users' assets remain intact and transactions are conducted securely.
In addition, Uniswap also provides investors with the opportunity to provide liquidity to its platform. As a top competitor in the field of liquidity mining, contributors can get a part of the transaction fees from the provided liquidity. Some well-known liquidity pools include pairs such as USDC/ETH, DAI/USDC, and WBTC/ETH.
Uniswap charges a fixed transaction fee of 0.3% as commission, which is slightly higher than some other decentralized exchange platforms. See also our guide to the best Uniswap coins to buy.
Why Uniswap?
✔️Compatible with more than 300 dApps
✔️Specialized liquidity mining platform
✔️No mandatory KYC process
✔️Very effective in cross-chain token swaps
✔️High liquidity level
PancakeSwap – A DEX specifically for new-age cryptocurrencies
PancakeSwap is one of the most popular decentralized exchanges for trading Binance Smart Chain (BSC) tokens. More importantly, it is the go-to platform if you are looking to make an early investment in a potentially promising BSC token.
The platform features an extremely easy-to-use user interface and a streamlined process for buying, selling, and exchanging tokens. You simply connect to a compatible wallet, select the token you want to trade, and you can make an instant trade. PancakeSwap charges a fee of 0.25% from both buyers and sellers.
In the past 30 days, the platform has served nearly one million users and completed more than 10 million transactions. The platform also provides staking and liquidity mining functions, which can earn up to 43.5% APY.
However, you must note that PancakeSwap is specifically for BSC tokens. If you are interested in trading non-BSC tokens, you will need to explore other decentralized exchanges.
Why choose Pancakeswap?
✔️Primary listing destination for new BSC tokens
✔️User-friendly interface
✔️Get high returns through mining and staking mechanisms
✔️No KYC process required
SushiSwap – The Best DEX for ERC-20 Tokens
SushiSwap is a well-known decentralized exchange based on the Ethereum protocol launched in 2020. It supports a wide range of ERC-20 tokens and has cross-chain capabilities to interface with other blockchain systems such as Arbitrum, Polygon, Fantom, Binance Smart Chain, and Optimism. Similar to Uniswap, SushiSwap also charges a fixed transaction fee of 0.3%. However, the platform does not support Bitcoin.
In addition to a simplified token swap interface, SushiSwap also offers decentralized yield farming channels, such as its liquidity mining pools. These pools allow users to earn interest on supported pairs on the DEX, some of the important pairs include USDC/ETH, WBTC/ETH, and ETH/USDT.
Why SushiSwap?
✔️Flexible participation in various blockchain systems
✔️Increase decentralized profit potential through liquidity mining
✔️Instant token swap
✔️Reliable liquidity pool
dYdX – The Best DEX for Trading Crypto Derivatives
dYdX is a top decentralized exchange designed specifically for cryptocurrency derivatives trading. It is particularly good at perpetual contract trading. The platform enables traders to predict cryptocurrency trends without directly owning the assets.
One of the most interesting features is the potential 20x leverage, which is very attractive for traders with a higher risk appetite. You can access dYdX through your desktop browser or its dedicated iOS app, but the Android version has not yet been released.
dYdX exchange covers a wide range of cryptocurrencies, including but not limited to Bitcoin, Ethereum, Cardano, Bitcoin Cash, Dogecoin, etc. In addition, features such as advanced charting tools and complex technical indicators on dYdX provide additional value to cryptocurrency investors.
Finally, dYdX offers an interesting fee structure to its users. The platform charges no commission for users with a monthly trading volume below $100,000. Beyond this range, it charges a commission of 0.05%, which decreases further as the trading volume increases.
That being said, dYdX may not be suitable for beginners as it offers a variety of advanced features through a complex user interface and is more suitable for experienced traders.
Why dYdX?
✔️Provide up to 20x leverage
✔️Advanced charts and technical indicators for in-depth analysis
✔️Trade with minimal fees, especially for medium transaction volumes
QuickSwap – The best DEX for trading Polygon assets
QuickSwap has become the go-to decentralized exchange for Polygon-based assets. It allows traders to swap ERC-20 assets on Polygon’s high-speed second-layer blockchain, ensuring transactions are fast and gas fees are near zero.
The platform offers both standard swaps and limit orders, providing users with ample flexibility when trading. QuickSwap has $70 billion worth of assets in liquidity and has a daily trading volume of $5 to $10 billion.
In addition to trading, QuickSwap also provides a way to obtain more tokens through various liquidity mining methods. Several pairs of tokens related to MATIC offer dual mining incentives, enabling users to receive both MATIC and QUICK tokens as rewards. The platform also utilizes the high-speed Polygon network to provide an unusually high level of transaction speed.
Why QuickSwap?
✔️Reduce gas fees and achieve economical and efficient transactions
✔️Fast transactions due to Polygon’s efficient performance
✔️Multiple income streams and double earning opportunities
Raydium – The Best DEX for the Solana Ecosystem
Raydium is an automated market maker and trading platform built for Solana. It draws funds from its pool and the ledger of its DEX partner Serum. This helps users get the best price when trading. In the one year since its establishment, Raydium has completed $420 billion in transactions and has become an important player in the Solana world.
The key services provided by the platform to users are trading, mining, and staking. In addition to this, it also has a launch pad called AcceleRaytor, which provides support for important Solana projects such as Star Atlas and Genopets.
Raydium charges a fixed transaction fee of 0.25% and does not require users to undergo any KYC requirements to start trading. You just need to connect a Solana-compatible wallet to the platform and top it up with some SOL tokens to pay for trading fees.
Why choose Raydium?
✔️Simple user interface
✔️No KYC requirement is required
✔️Combine your own pool and partner ledgers to get the best transaction price
DeFi Swap – Best DEX for Collateralization
DeFi Swap is a promising decentralized exchange built on Binance Smart Chain that enables users to swap between more than 50 cryptocurrencies, including various tokens and stablecoins. The platform has an intuitive interface that is easy to use even for beginners.
Given that DeFi Swap adopts a decentralized model, there are no middlemen involved. It also does not require any KYC process. Users can start trading directly without registering or verifying an account. Getting started with DeFi Swap is very simple.
Simply visit their website, connect your favorite cryptocurrency wallet, and you are good to go. For user convenience, DeFi Swap has been integrated with leading cryptocurrency wallets such as Metamask and WalletConnect. Once connected, swapping between cryptocurrencies becomes a breeze, with transactions completed in seconds and only paying a 0.3% exchange fee.
In addition, the platform's native token DEFC provides a range of benefits. Users can enjoy passive income simply by holding tokens. DeFi Swap also opens up a market through its liquidity pool and lock-up mechanism. Users can contribute their tokens to the liquidity pool or lock them for a period of time to receive a fixed income.
Why choose DeFi Swap?
✔️Exchange 50 cryptocurrencies in seconds
✔️Multiple earning opportunities through staking, liquidity mining, and static rewards
✔️User-friendly interface suitable for all types of traders
Curve – The best DEX for cross-chain swaps
As the decentralized finance space grows rapidly, Curve has established itself as a professional DEX in token swaps and lucrative liquidity pools. The platform adopts the automated market maker (AMM) model, ensuring that users can smoothly exchange tokens without relying on the corresponding sellers.
Curve supports 11 blockchain networks, including well-known networks such as Ethereum, Polygon, Kava, Fantom, and Avalanche. In addition, Curve also adopts a low-fee model, and the average token exchange fee of only 0.04% is very attractive.
Additionally, Curve offers users multiple passive income opportunities, allowing them to participate in liquidity pools that offer high APYs.
Why choose Curve?
✔️Enable seamless cross-chain transactions on 11 blockchain networks.
✔️Provide attractive returns to liquidity providers.
✔️The average token exchange fee of 0.04% is highly competitive.
✔️Extensive network support
✔️Provide affordable buying and selling operations
✔️Continuously high trading volume
What are decentralized cryptocurrency exchanges?
Decentralized cryptocurrency exchanges (DEXs) are blockchain-based applications that allow people to buy cryptocurrencies without the involvement of intermediaries or third parties. They use automated systems such as smart contracts, for example, to connect buyers and sellers who are interested in making a trade. In addition, DEX platforms also allow people to trade directly with each other without ceding any control to other parties, including the exchange itself.
In addition to trading, these platforms also provide people with more ways to earn passive income. For example, DEXs use "liquidity pools" instead of regular order books, where people can deposit their own cryptocurrencies for the opportunity to earn from the trading fees of every trade made by other users.
Check out our guide to the best cryptocurrency sectors to consider investing in this year.
How We Evaluated the Best Decentralized Exchanges — What You Need to Consider
Our evaluation of the best decentralized cryptocurrency exchanges is based on several factors that may be overlooked by investors or traders, especially newbies.
These factors include security features, transaction fees, trading costs, ease of use, regulatory compliance, list of supported assets, trading capabilities, available advanced trading mechanisms and algorithms, level of automation, and available payment methods.
Our list of the top ten decentralized cryptocurrency exchanges has been carefully considered and exhibits a good balance across all of these parameters.
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in conclusion
Choosing the right decentralized cryptocurrency exchange is crucial for successful trading. Since your funds are at risk when trading cryptocurrencies, it is crucial to choose a reliable, cost-effective, and feature-rich platform. In our comprehensive guide, we evaluated the top ten cryptocurrency exchanges, with the best DEX with the best wallet becoming our top recommendation for the best decentralized exchange in 2023.
Best Wallets - Manage Your Cryptocurrency
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Access multi-chain DeFi and Web3 Dapps
Have your own OpenAI chatbot assistant
Early access to upcoming tokens and ICOs
Integrated decentralized exchange for buying and trading cryptocurrencies
Store cryptocurrencies and NFTs with industry-leading security
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Frequently asked questions
What is the best DEX currently?
While there are many DEXs that investors or traders can choose from, our top recommendations are Best Wallet, OKX DEX, and Uniswap.
Are DEXs safe?
DEXs are generally one of the safest ways to buy or sell cryptocurrencies. However, in order to keep funds, DEXs require liquidity. This limitation makes DEXs somewhat risky for large platforms that handle large amounts of cryptocurrencies and funds.
Are CEX and DEX the same?
No, CEXs are centralized exchanges, which means they are controlled by some kind of authority. DEXs, on the other hand, are decentralized, which means they are not controlled by any single entity.
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