Best 10 Decentralized Exchanges (DEXs) To Trade Crypto In 2024

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10-best-DEXs-crypto

Decentralized exchanges (DEXs) provide a platform for trading cryptocurrencies without the need for a centralized order book. Instead, trades are made possible through liquidity pools, allowing traders to buy or sell tokens directly, without the need for another party. One of the key features of most DEXs is the ability to trade anonymously, without the need to create an account.

Keep reading as we dive into the top 10 decentralized exchanges for 2024. We’ll evaluate these exchanges based on their fees, the variety of supported cryptocurrencies, security measures, liquidity, and the range of DeFi tools they offer.

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10 Best Decentralized Exchanges to Trade Crypto in 2024

  1. Uniswap
  2. PancakeSwap
  3. Curve Finance
  4. Raydium
  5. Orca
  6. THORChain
  7. Trader Joe
  8. SushiSwap
  9. Camelot
  10. Balancer

Table of Comparison

Decentalized Exchange (DEX)BlockchainFocusProsCons
1. UniswapEthereum, Ethereum Layer 2 blockchains, BNB Chain, Avalanche,… (16 chains)General tokensHuge liquidity, high token selectionsEthereum’s high gas fee, lack of professional trading tools
2. PancakeSwapBNB Chain, Arbitrum, Aptos, Ethereum, Base, Polygon, Linea, zkSync Era,… (9 chains)BNB Chain ecosystemLarge user base, gamified featuresLimited to BNB Chain ecosystem, legal concerns
3. Curve FinanceEthereum, Arbitrum, Celo, Gnosis, Optimism, Avalanche, Base, Fantom,… (13 chains)Stablecoins, pegged assetsLow-slippage on large-volume stableswapLimited to stable assets, complex ve-tokenomics for beginners
4. RaydiumSolanaSolana ecosystemHigh liquidity, Concentrated liquidity poolsLimited to Solana ecosystem, complex liquidity provision
5. OrcaSolanaSolana ecosystemTop trading volume DEX, low fees, user-friendly, high yields, eco-friendlyLimited to Solana ecosystem, complex liquidity provision
6. THORChainThorchain, Ethereum, Bitcoin, Bitcoincash, Avalanche, Dogechain, Litecoin, Cosmos, BNB Chain.Multi-chain liquidityMulti-chain support, Bitcoin ecosystem, token utilities.Security concerns, Impermanent loss for liquidity providers
7. Trader JoeAvalanche, Arbitrum, BNB Chain, EthereumAvalanche ecosystemUser-friendly, fee-sharing for token holders, strong communityFocus more on Avalanche ecosystem, impermanent loss for liquidity providers
8. SushiSwapBNB Chain, Ethereum, Celo, Moonbeam,… (35 chains)Liquidity incentivesMulti-chain support, strong liquidity incentives, launchpadHistory of controversies, slow updates recently
9. CamelotArbitrumArbitrum ecosystem, launchpadArbitrum native DEX, high capital efficiency, launchpad, token utilitiesLimited to Arbitrum only, complex in liquidity provision
10. BalancerEthereum, Arbitrum, Gnosis, Polygon, Avalanche, BaseCustomizable poolsCustomizable pools, earn feesComplex pool creation, not ideal for simple swaps

1. Uniswap

10-best-DEXs-Uniswap

Always can be found in every top-DEX list, we’re talking about Uniswap. The DEX continues its dominance with massive liquidity pools, a vast array of tokens, and its central role in the Ethereum ecosystem. Uniswap is the largest and the top 1 DEX by daily trading volume as of April 2024, with an average daily trading volume of $1.4 billion.

Uniswap’s governance token is UNI, which allows owners to vote on changes to the protocol. This is the first DEX to introduce the automated market maker (AMM) model, which sets it apart from traditional order book exchanges. Uniswap V4, the latest iteration of the Uniswap protocol, is a significant advancement in DEXs and AMMs.

  • Pros: Huge liquidity, wide token selection, Ethereum dominance, community-driven, relatively user-friendly.
  • Cons: Ethereum network congestion can lead to high fees, may still lack some advanced features for experienced traders, and risks from low-cap tokens.

2. PancakeSwap

10-best-DEXs-Pancakeswap

PancakeSwap is the leading decentralized exchange for BNB-based tokens. It offers premium liquidity and ever-growing trading volumes. More than 17 million trades have been executed in the prior 30 days. PancakeSwap offers a user-friendly experience. After connecting a wallet simply choose which cryptocurrencies to swap.

PancakeSwap has also introduced cross-chain trading. This enables users to swap BNB tokens with other network standards, such as Ethereum, Arbitrum, Aptos, Polygon, and Base. In terms of fees, PancakeSwap charges a 0.07% commission on buy and sell orders. This is reduced to 0.02% when supplying PancakeSwap with liquidity.

In addition to token swaps, PancakeSwap offers many other features. This includes staking and yield farming, allowing users to earn passive income. PancakeSwap also offers a crypto lottery – the jackpot is currently over $38,000.

  • Pros: Huge user base on Binance Smart Chain, gamified features, strong focus on BSC ecosystem tokens, often has low fees.
  • Cons: Limited to BNBCHAIN ecosystem, potential regulatory concerns with BSC-based tokens.

3. Curve Finance

10-best-DEXs-Curve

If you frequently trade stablecoins, Curve Finance is your go-to. It makes it super easy and cheap for users to swap stablecoins like USDC, DAI, and pegged tokens like Liquid-Staking Derivatives tokens with low fees and hardly any price difference (slippage). It’s specially designed for trading stable assets, which means you can trade big amounts without worrying about losing value. This makes Curve a favorite spot for those looking to swap stablecoins efficiently.

Besides trading, Curve lets you add your assets to liquidity pools to earn rewards, including trading fees and CRV, Curve’s governance token. Holding CRV not only boosts your earnings but also lets you have a say in Curve’s future decisions. Plus, with opportunities to earn more rewards through yield farming, Curve has become a key player in the DeFi world, especially for those focused on stablecoins.

  • Pros: Minimal slippage, specialized in stablecoin swaps, deep liquidity for stablecoins, low fees.
  • Cons: Limited to stablecoins and pegged assets, can be more complex for beginners.

4. Raydium

10-best-DEXs-Raydium

Raydium is a top-rated decentralized exchange built on the Solana network. It’s one of the largest for SOL-based trading volume; Raydium executed more than $131 million worth of trades in the prior 24 hours. Leveraging Serum’s central order book, Raydium provides users access to a wider ecosystem, enhancing trade opportunities and liquidity. Users can earn rewards through yield farming and staking options, providing additional incentives beyond trading.

Raydium is also a great option for investing in brand-new Solana projects from the ground up. This is because Raydium offers a launchpad to crypto startups. Raydium not only helps with the fundraising process but also with listings.

  • Pros: high liquidity, fast transactions on Solana, and unique hybrid model combining AMM with an order book.
  • Cons: can be complex for beginners and is dependent on Solana’s network stability

5. Orca

10-best-DEXs-Orca

Another top user-friendly decentralized exchange on the Solana blockchain, Orca is designed with both new and seasoned traders in mind. It stands out by making trading easy and efficient, thanks to its quick, low-cost token swaps and special “Whirlpools” that offer liquidity providers the chance to earn more from their investments. These Whirlpools also mean better prices and less price slippage for those trading. Plus, Orca looks out for its users with a Fair Price Indicator, alerting them if a trade’s price strays too far from the market rate, helping avoid unexpected high slippage.

With the ORCA token, users can earn rewards, get a piece of the trading fees, and vote on big decisions for Orca. Orca is not just about easy trading; it shows its commitment to both user experience and the planet, highlighted by its Climate Fund initiative.

  • Pros: user-friendly interface, low fees, and innovative concentrated liquidity pools “Whirlpools” for higher yields.
  • Cons: Limited to Solana ecosystem, Whirlpools adds complexity and risks to liquidity providers.

6. THORChain

10-best-DEXs-Thorchain

THORChain is a popular decentralized exchange that supports some of the best cryptocurrencies to buy. This includes Ethereum, Cosmos, Bitcoin Cash, Litecoin, Dogecoin, and BNB. You can easily swap your preferred tokens without creating an account. This includes cross-chain swaps.

In terms of trading fees, THORChain charges 0.3% per slide. This is the case with cross-chain orders too, which offers great value. Moreover, you can reduce your trading fees by holding vTHOR tokens.

  • Pros: multi-chain support, token utilities for holders
  • Cons: Impermanent loss for liquidity providers, THORChain has experienced security breaches in the past.

7. Trader Joe

10-best-DEXs-TraderJoe

Trader Joe is the best decentralized exchange for trading AVAX-based tokens. Built on the Avalanche network, the exchange offers efficient trading conditions. Traders pay commissions of 0.3% per slide, which aligns with the industry average. While Trader Joe is ideal for trading AVAX tokens, it also supports three other networks.

This DEX includes Binance Smart Chain, Ethereum, and Arbitrum. Cross-chain swaps are supported, so you can trade cryptocurrencies across multiple networks.

Trader Joe is also a good option for earning yields. For instance, those staking the exchange’s native token, sJOE, will earn an APY of 5.56%. That said, Trader Joe is lacking when it comes to high-level analysis tools. What’s more, there are limited pricing charts and only basic order types are supported.

  • Pros: user-friendly interface, multi-chain support, strong community.
  • Cons: impermanent loss for liquidity providers, slippages on low-liquidity tokens.

8. SushiSwap

10-best-DEXs-Sushiswap

SushiSwap is a user-friendly decentralized exchange, making it a great option for first-timers. No account is needed – just connect a wallet. SushiSwap was built on the Ethereum framework, so it supports thousands of ERC-20 tokens. This includes everything from Wrapped Bitcoin and USD Coin to Yearn.finance and Chainlink.

Like many decentralized exchanges, SushiSwap also offers multi-chain functionality. It supports popular networks like Arbitrum, Polygon, Binance Smart Chain, and Optimism. This is in addition to ThunderCore, Base, Gnosis, and Fantom. Standard trading fees at SushiSwap are just 0.3% per slide.

  • Pros: Strong liquidity rewards, active community, innovative features and launchpad.
  • Cons: History of some controversies, complex product suite could be confusing for some users.

9. Camelot

10-best-DEXs-Camelot

Camelot DEX is a native DEX on the Arbitrum network, an Ethereum Layer 2 blockchain. It offers unique features like a dual AMM system for different types of trades, adjustable trading fees, and innovative liquidity options that let users stake in unique ways to increase yields and efficiency.

Another key feature of Camelot is its new liquidity approach based on non-fungible staked positions. These yield-bearing positions serve as an additional layer on top of the standard LP tokens. This introduces new features that benefit both users and protocols. For starters, you can boost the yield by handling locks on staked positions.

It’s not just for traders; Camelot also provides essential tools for new projects on Arbitrum, including a Launchpad to help new protocols take off. Users can participate in launchpads, earn real yield and boost their earnings by staking GRAIL tokens and getting xGRAIL on Camelot.

  • Pros: cheap gas fee thanks to Ethereum Layer 2, launchpad, capital efficiency for LPs, benefits for GRAIL token holders.
  • Cons: Limited to Arbitrum, complexity in liquidity provision for newbies.

10. Balancer

10-best-DEXs-Balancer

Last on our list is Balancer, an AMM DEX protocol that operates on the 7 networks. It allows users to swap tokens instantly and earn fees by providing liquidity to various pools. Balancer stands out for its fully decentralized and permissionless nature, open liquidity pools, and customizable AMMs. Users can create pools with two or more crypto assets of their choice, and the protocol routes trade through different liquidity pools to secure the best rates for users.

Balancer’s ecosystem supports a variety of DeFi activities, including yield farming, where users can stake their tokens in specific pools to earn BAL, Balancer’s native governance token, among other rewards. BAL holders have a say in the governance and future direction of the platform, emphasizing its decentralized nature.

  • Pros: Highly customizable liquidity pools, good for tailored strategies, potential to earn fees on multiple assets in a pool.
  • Cons: Creating pools can be complex, may not be the best for simple swaps.

Conclusions

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These are the 10 best decentralized exchanges (DEXs) for you to trade crypto in 2024. They are the most used and trusted DEXs with billions of trading volume. People are using them not just for trading, but also earning passive income.

However, it’s important to remember that the world of crypto is still growing. When using DEXs, be curious but also careful. Make sure to spread out your investments, be aware of the risks, and keep learning about how everything works. DEXs are moving us closer to having more control over our money, bringing us new and exciting services, and helping build a future where everything is decentralized.

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Disclaimer: This article serves informational purposes only and does not constitute financial advice. Conduct your own research before making investmendecisions.