Finding the best DEX in 2024 can be challenging. With the crypto market full of alternatives that look so promising, it helps to have a guide to point you in the right direction or assist in narrowing down your options. That is the purpose of this article. By breaking down decentralized exchanges by the number of blockchains they support, fees, and outstanding features, we will help you find the best DEX option for your needs.
Key Insights
If you want to know more about the best decentralized crypto trading platforms, this article will walk you through several key points listed below.
- A simplified explanation of what decentralized exchanges are.
- Breakdown of the top ten best-decentralized exchanges in 2024.
- Criteria for how to determine the DEX when evaluated individually.
What are Decentralized Exchanges (DEX)?
Decentralized exchanges (DEXs) are cryptocurrency exchanges that run on a decentralized blockchain network. DEXs, as opposed to traditional centralized exchanges, allow users to trade cryptocurrencies without needing intermediaries such as brokers or custodians.
Users have complete control over their funds, and transactions take place directly between buyers and sellers through smart contracts. DEXs are frequently hailed for their transparency, security, and resistance to censorship, making them an attractive alternative for cryptocurrency users who prioritize privacy and decentralization.
Which Are the Best Decentralized Exchanges (DEX) in 2024?
The growing demand for cryptocurrencies has flooded the digital asset market with crypto exchanges. All these decentralized trading platforms promise to give users the best rates and trading experience, but some keep their promises better than others. Let’s explore the best DEX in 2024.
| DEX | Trading Fees | Number of Chain Supported | Mobile App |
|---|---|---|---|
| SushiSwap | 0.3% per trade | 25 | None |
| Curve Finance | 0.04% per trade | 12 | None |
| KyberSwap | 0.008% to 1% per trade | 12 | None |
| Thorchain | 0.3% per trade | 8 | None |
| Uniswap | 0.05% to 1% per trade | 6 | None |
| Dodo | 0.3% per trade | 5 | None |
| Balancer | 0.0001% to 10% | 4 | None |
| Pancake Swap | 0.25% per trade | 3 | None |
| Trader Joe | 0.3% per trade | 3 | None |
| QuickSwap | 0.3% per trade | 3 | None |
| Aevo | Taker fees: 0.05% of the notional. Maker fees: 0.03% of the notional | Ethereum, Arbitrum, Optimism | None |
11. Aevo: Binance Launchpool Decentralized Perpetual Trading Platform
Supported chains: Ethereum, Arbitrum, Optimism
Total Volume Locked (TVL): $96.94 million and growing
Aevo stands at the forefront of decentralized trading platforms, offering a revolutionary approach to crypto trading. Launched as an innovative project under the blockchain technology, Aevo has quickly gained traction in the crypto community for its commitment to decentralization and user empowerment.
With a growing total volume locked (TVL) currently surpassing $96.94 million, Aevo has established itself as a prominent player in the decentralized exchange landscape. Central to its appeal is the platform’s dedication to providing users with a secure, transparent, and efficient trading experience.
Key Features of Aevo:
- Advanced Liquidity Provision: aevo’s liquidity pooling mechanism ensures seamless and cost-effective trading for users. By pooling liquidity across various assets, Aevo minimizes slippage and transaction costs, enhancing the overall trading experience.
- Decentralized Governance: aevo’s community-driven approach allows users to actively participate in platform governance and decision-making processes. Through decentralized governance mechanisms, users can propose and vote on changes to the platform, ensuring that Aevo remains aligned with the interests of its community.
- Enhanced Security and Privacy: Aevo prioritizes user security and privacy by implementing robust encryption protocols and advanced privacy features. This commitment to security ensures that users’ funds and sensitive information are protected at all times.
- Community Engagement and Development: Aevo boasts a vibrant community of developers, traders, and enthusiasts who actively contribute to the platform’s development and growth. Through open-source collaboration and community-driven initiatives, Aevo continues to evolve and innovate, driving progress in the decentralized trading space.
In an exciting development, Aevo recently launched on Binance Launchpool, further expanding its reach and accessibility to a broader audience of crypto enthusiasts. This collaboration with Binance underscores Aevo’s commitment to fostering partnerships and driving adoption within the crypto ecosystem.
Additionally, Aevo has announced an upcoming airdrop for the community, demonstrating its dedication to rewarding users and fostering community engagement. The airdrop presents an opportunity for users to participate in the Aevo ecosystem and benefit from its growth and success.
10. QuickSwap: Best for Affordable Crypto Transactions
Number of supported chains: 3
Most Active Trading Pair: SAND/WMATIC
Total Volume Locked (TVL): $134.82 million
QuickSwap is one of the leading crypto trading platforms. The platform is one of the best layer 2 defi projects and was launched in 2020 under the Polygon blockchain.
With at least $134 million in total volume locked, QuickSwap has become one of the best-decentralized exchanges on the Polygon network. The exchange’s popularity mainly comes from its impressively affordable trading fees.
Often, QuickSwap users pay nearly zero gas fees. The platform charges 0.3% for transactions, which is considerably affordable. There are also no transaction or withdrawal fees on other networks. Besides this, here are several other reasons to consider QuickSwap.
Why Should I Consider QuickSwap?
- High incentives for liquidity providers: Yield farming on QuickSwap is highly lucrative. The protocol pays 0.25% of the trading fees paid for a given trading pair to the contributors of that liquidity pool. A liquidity provider (LP) can also introduce new pools to create more liquidity for the platform.
- Fiat to crypto conversion: QuickSwap users can buy crypto from fiat. Using payment systems like bank transfers, credit cards, and Apple Pay, traders and investors can purchase a crypto asset directly in fiat.
- Pay Bills Using Crypto: It is also possible to pay bills using crypto through the Quick Swap exchange. If you have an account on the platform, you can pay credit card bills and mortgages using the Spritz application and any Polygon-compatible wallet.
9. Trader Joe: Best for High ROI
Number of supported chains: 3
Most Active Trading Pair: WAVAX/USDC
Total Volume Locked (TVL): $79.05 million
Another leading cryptocurrency exchange is Trader Joe’s. This Avalanche-based protocol is known for its range of competitive trading options. From its automated market maker (AMM) feature to margin trading and peer-to-peer lending, Trader Joe’s is impressive for any trader needing a highly-competitive and user-focused DEX.
However, trading options aside, Trader Joe’s popularity stems from the protocol’s high return on investment (ROI) opportunity. Typically, stakers who lock in the platform’s native token, $JOE, earn as much as 36% APR, which is impressively high. This makes Trader Joe’s one of the best platforms for lucrative ROI. At the same time, the exchange has other impressive features to explore, such as the ones provided below.
Why Should I Consider Trader Joe?
- Reduced trading fees: Gas fees are often a significant concern for cryptocurrency exchange users. Trader Joe’s has devised a way to resolve this challenge by incorporating a technical structure into its architecture. This reduces network congestion and, in turn, lowers the gas fees for a given transaction.
- Multiple trading options: Tragedy Joe is a one-stop shop for trading options. This DeFi hub has a wide range of trading services, making it impressively convenient for traders. Among these products, you will find crypto lending, the Joepegs NFT marketplace, staking, and yield farming.
- User-friendly interface: Besides the range of services and ROI that Trader Joe’s offers, the platform is also incredibly user-friendly. The trading dashboard is intuitively designed for any trader, novice or advanced, to navigate with ease.
8. Pancake Swap: Best for High-Reward Staking Pools
Number of supported chains: 3
Most Active Trading Pair: USDT/WBNB
Total Volume Locked (TVL): $2.18 billion
Pancake Swap, the Binance Smart Chain-backed exchange, is among the best-decentralized exchanges in 2024. The platform is primarily known for its highly rewarding staking pools. These pools enable users to lock up funds and receive impressive rewards.
Although there are only a handful of pools on the protocol, Pancake Swaps staking categories are highly rewarding. One of the most rewarding pools is the CAKE pool. CAKE is Pancake Swap’s native token, and its pool offer users as much as 100% APY for staking the coin. This means a user who stakes $100 worth of CAKE can have $100 as a yield profit in a year, assuming CAKE prices remain constant. Besides that, here are a few of Pancake Swap’s most outstanding features.
Why Should I Consider Pancake Swap?
- Supports BEP-20 token exchanges: Most DEXs are designed to support ERC-20 tokens. However, Pancake Swap supports several BEP-20-based tokens, making the platform a compelling choice for traders seeking such tokens.
- No KYC Procedure: Pancake Swap does not require users to conduct Know Your Customer verifications due to its decentralized nature. It also doesn’t subject users to Anti Money Laundering process.
7. Balancer: Best for a Range of Yield Farming Strategies
Number of supported chains: 4
Most Active Trading Pair: SAND/WMATIC
Total Volume Locked (TVL): $157.13 million
Another impressive trading platform is Balancer. This Ethereum DEX launched in 2020 and has, so far, become one of the best-decentralized crypto exchanges for yield farming.
Balancer users get to explore multiple ways to earn passive income from their crypto assets. It is possible to create liquidity pools with more than two tokens on the platform. Liquidity pool creators also get more management features and better functionality to help create a more rewarding pool.
Additionally, automated money makers (AMMs) increase the exchange’s capital efficiency and arbitrage, resulting in better rewards. Below is a list of other benefits to choosing Balance as your preferred decentralized exchange.
Why Should I Consider a Balancer?
- Low gas fees: Balancer charges zero gas fees. This significantly reduces the cost of Ethereum transactions.
- Automatic Portfolio Management: Balancer uses Automated Money Makers. This allows the platform to manage any compatible Ethereum Virtual Machines (EVMs) trading portfolios.
- No starting costs for arbitrage: Using Balancer, buying cryptocurrency from one cryptocurrency exchange to another is possible without initial investment costs or capital.
6. Dodo: Best for Lowest Possible Swap Rates
Number of supported chains: 5
Most Active Trading Pair: USDT/USDC
Total Volume Locked (TVL): $3.886 million
Dodo is another popular crypto trading exchange and for good reason. The platform offers users the lowest possible swap rates across multiple DEXs.
To achieve such cost efficiency, Dodo uses the SmartTrade tool. This feature analyzes crypto prices across various trading platforms and adjusts Dodo’s rates to be lower than all analyzed comparisons.
What’s even more impressive about this platform is that it has a rate-complaint contact. This means Dodo users have a designated contact they can reach out to and ask for a fee reduction if the platform charges them a swap rate higher than what is offered on other mainstream exchanges. Other than this, here are some other benefits of trading on Dodo.
Why Should I Consider Dodo?
- Create your tokens: Dodo allows users to create crypto tokens without programming knowledge. Once these tokens exist, the platform generates initial issuance and liquidity for them; it also enables liquidity mining from a graphical user interface, simplifying the process for non-technical investors.
- Fragmented NFT trading: Fragmented NFT trading on Dodo generates profits for assets whether they have low-value and high turnover or high-value and low turnover.
5. Uniswap: Best for Stability
Number of supported chains: 6
Most Active Trading Pair: WMATIC/USDC
Total Volume Locked (TVL): $104.32 million
Although crypto trading is one of the leading reasons people vet crypto exchanges, there’s more to consider with these platforms. Uniswap, for instance, is best known for the level of stability it offers for token swapping.
For blockchain developers looking to build scalable dApps with stable token exchange features, This Polygon-based cryptocurrency exchange is one of the best exchanges to consider. Uniswap is impressively stable because, as a Polygon DEX, it constantly receives version upgrades. These upgrades also give the exchange other impressive features, like liquidity and disbalance protection. Aside from that, let’s explore the other impressive features that Uniswap offers.
Related: Experts’ Guide: The Best Polygon DEX You MUST KNOW.
Why Should I Consider Uniswap?
- No KYC procedures: Uniswap is a non-KYC crypto exchange. This means that all users need to do is sign up for the exchange. There is no requirement to submit personally identifiable information to access the platform’s features, as is the case in many traditional centralized exchanges.
- Liquidity Mining: This is another of Uniswap’s impressive features. It allows users to make extra cash by providing liquidity to a pool of their choice. Miners are then eligible to earn commissions from all the trades for the trading pairs in the pool.
4. Thorchain: Best for Cross-Chain Compatibility
Number of supported chains: 8
Most Active Trading Pair: BTC/THORChain
Total Volume Locked (TVL): $112.77 million
Traders seeking a decentralized crypto exchange with impressive inter-blockchain compatibility will enjoy Thorchain. This liquidity network platform facilitates effective communication between at least eight blockchains.
Thorchain users can exchange tokens from different blockchain networks, irrespective of the chain’s layer. This feature is efficient for multi-chain traders. It eliminates the need for a multi-blockchain registration process and gives users one interface to interact with multiple networks and their assets. Other than this, let’s discuss other Thorchain benefits.
Why Should I Consider Thorchain?
- Cross-chain compatibility: Thorchain is compatible with at least eight blockchain protocols, making it highly effective for multi-chain traders.
- High liquidity: While an increase in volatility may be rewarding for day-trading activities, it makes crypto markets less attractive to more long-term investors. To curb this, Thorchain ensures it provides liquidity for its pools at all times.
3. KyberSwap: Best for Cross-Chain Liquidity Strategies
Number of supported chains: 12
Most Active Trading Pair: STMATIC/USDC
Total Volume Locked (TVL): $15.8 million
KyberSwap is another leading decentralized exchange. Since its launch in 2018, the protocol has worked to deliver the best cross-chain liquidity strategies. One of these is the exchange’s concentrated liquidity feature.
Concentrated liquidity is an investment strategy that allows LPs to offer liquidity at a specific price range within the market. This gives investors a chance to make more precise and strategic liquidity offerings. In turn, these liquidity offerings generate profitable earnings for LPs and more capital for the exchange. Above these, here are other benefits that KyberSwap offers its users.
Why Should I Consider KyberSwap?
- Low Platform Fees: KyberSwap is one of the most affordable decentralized exchanges in the crypto space. The platform’s users do not pay any platform fees. There are also no management or aggregation fees.
- Instant Trading: KyberSwap’s instant trading feature allows users to generate instant trades. It eliminates the need for deposits, order books, and wrappings. Instant trading also gives users a chance to choose how to run their trades, either by low gas fees or high returns.
2. Curve Finance: Best for Lowest Fees
Number of supported chains: 25
Most Active Trading Pair: AM3CRV/AMWETH
Total Volume Locked (TVL): $73.18 million
Curve comes in second as one of the best DEX in 2024. This top-ranking decentralized exchange aggregator connects multiple trades across several DeFi platforms. With the trades in one location, it becomes easier for traders to analyze cross-chain prices and determine the best deals, saving time and increasing the efficiency of their trades. This top DEX crypto platform also has other outstanding features, as discussed below.
Why Should I Consider Curve Finance?
- Lowest Fees: Curve Finance has one of the lowest fees across all DEXs. The platform charges only 0.04% per trade.
- Low Slippage: Curve Finance provides low slippage for its users. This reduces the risk of incurring losses for a particular trade, ensuring more profits.
- Top-notch Security: This decentralized cryptocurrency trading platform uses well-vetted smart contracts to manage and oversee transactions. It also gives bug bounty money to blockchain security experts to detect and fix any security concerns in the network.
1. SushiSwap – The Best Overall DEX
Number of supported chains: 25
Most Active Trading Pair: USDC/WETH
Total Volume Locked (TVL): $33.61 million
At the top of the best DeFi exchange list is SushiSwap. The exchange earns this position because of the numerous blockchain platforms it supports. In total, SuchiSwap is compatible with at least 25 blockchains. This makes it one of the exchanges with the highest number of cryptocurrencies, totaling a minimum of 436 coins and 679 trading pairs.
Besides this, the protocol has a range of crypto investment activities to explore. From trading, elastic yield farming, staking, and crypto lending, there are many ways to generate returns from SuchiSwap, and the platform has more upsides, as discussed below.
Why Should I Consider SushiSwap?
- DeFi Platform Payment Solution: SushiSwap has one of the most efficient payment solutions for DAO salaries across multiple DeFi platforms. This includes a vesting schedule generated through the protocol’s Furo streaming feature.
- Sushi Token Vault: This is an additional yield distributed to a pool of tokens on SushiSwap. It offers users better deposit and withdrawal rates as well as flash loans.
What to Look For When Selecting A DEX?
There are no clear-cut criteria for selecting the best DEX. However, there are several factors that, if considered, can help you narrow down your choices. Let’s discuss these factors and explain their importance in selecting the best DEX crypto platform.
Supported Blockchains
The best-decentralized exchanges need to support several blockchain protocols. This is important because a broader range of supported blockchains results in more supported cryptocurrencies. DEXs with more support for blockchains also allow users to diversify their investment portfolios and capitalize on the investment opportunities offered by different networks.
Feestop dex crypto
The cost of transactions on a given exchange is also something to consider when choosing your preferred DEX. You need to select a DEX with minimal fees to increase your profit margins. The most important fees to analyze are gas, platform, transaction, and withdrawal. Alternatively, you can use a DEX aggregator because they do the cost analysis for you.
Trading Options
The top decentralized exchanges offer multiple strategies for generating income from crypto. Therefore, find a platform with multiple trading options. From price action trading to staking, leverage, futures, perpetual trading, and liquidity pools, the more it has, the better it is for your investment needs.
Potential Returns
A crypto exchange is there to help you earn from your digital asset investment. This means you need to find a platform with enriching investment opportunities. Analyze its commissions for liquidity providers and APY for stakers to determine which site is best for you.
Security
Security is another important consideration when choosing a decentralized exchange platform. Exchanges are often subject to hacker attempts and scamming, so you need to find one with robust security features to keep your data safe and insurance for your assets in case of a successful security breach.
FAQs
Which crypto DEX is best to invest in 2024?
There are several reputable crypto DEX where you can swap tokens. Among these exchanges, you should consider SushiSwap, Curve Finance, KyberSwap, Thorchain, Uniswap Dodo, Balancer, Pancake Swap, Trader Joe, and QuickSwap.
Which DeFi exchange has the lowest fees?
Curve Finance is one of the DeFi exchanges charging the lowest fees. This platform charges only 0.04% per trade. Pancake Swap charges 0.25%, while most other decentralized exchanges charge between 0.3% and as much as 10%.
Is Binance a decentralized exchange?
Binance is not a decentralized exchange. This trading platform is centralized. However, it is among the most popular exchanges, primarily because of its low trading fees.
Are DEX Safe?
The majority of DEXs are safe. But there are a few individuals who try to scam people through falsified platforms. To be able to tell legitimate from illegitimate DEXs, you need to do your due diligence on the platform.
An excellent place to start is by reading the exchange’s whitepaper. Try to understand their offering to customers, how they intend to achieve it, and how they will benefit in the process. Avoid platforms that make exaggerated promises.
Besides this, look into the platform’s online reviews. Check their Twitter page and read through the comments. Join their Discord servers to interact with users and gauge their satisfaction with the platform. Lastly, visit ranking sites like TrustPilot to see customer reviews and concerns.
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