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The Best Decentralized Exchanges

Decentralized Exchanges allow you to trade assets without having to go through a middleman. Trades happen on the Blockchain and are free from regulation.

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Types of Decentralized Exchanges
Decentralized Exchanges (DEX)
Decentralized Exchanges (DEX) Allow you to complete simple token swaps; exchange one Ethereum token for another.

Uniswap is the most popular decentralized exchange in the Ethereum ecosystem. You can swap any Ethereum asset for another. Moreover, Uniswap is known to have very low gas prices (Ethereum fees) which makes it a very attractive place to trade.


Balancer is similar to Uniswap. It allows you to swap Ethereum tokens in a very convenient user interface, without bids/asks, deposits or order management. All it takes to do a trade is two to three clicks.


Curve is a decentralized exchange optimized for extremely efficient stablecoin trading with very little slippage. For example if you want to trade DAI for USDC, Tether or TUSD, Curve is the way to go.

DEX Aggregators
They aggregate different decentralized exchanges in one interface, to give you the best quote available.

Matcha is a trading platform built by the 0x team, a well-known team in the Ethereum space. Matcha aggregates liquidity from a vast number of exchanges and lets you find the best price across all of them.


Kyber is a blockchain based liquidity protocol that allows users to do simple token swaps. It aggregates liquidity from a broad range of reserves in order to offer competitive prices.

Advanced Decentralized Exchanges
Exchanges that are special for different reasons. For example, exchanges that use a Layer-2 solution or offer sophisticated trading products such as synthetic assets or options.

Synthetix is a decentralized exchange allowing you to get synthetic exposure to all sorts of assets such as commodities, fiat and cryptocurrencies, indexes as well as inverses. Synthetix also allows you to short and long any of the assets available on its exchange.


Loopring is a decentralized exchange built on a cutting-edge Layer 2 technology called ZK Rollup. Effectively, this means that you don't have to pay any of the gas costs you would incur on a normal decentralized exchange built on Ethereum

What are Decentralized Exchanges?

Decentralized exchanges allow users to swap cryptocurrency assets by using smart contracts and on-chain transactions to reduce or eliminate the need for an intermediary. Instead of having to go through an exchange where you have to identify yourself and are subject to the exchanges security measures, a decentralized exchange gives you 100% freedom.

Pros and cons of Decentralized Exchanges
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Trade directly from your crypto wallet (100% ownership)

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Globally available

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More tokens listed

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More secure

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Blockchain transaction costs

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Can’t pay with fiat currencies ($,€ etc.)

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Need an Ethereum wallet to start trading

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When high demand, trades take longer to settle

How to trade on a Decentralized Exchange

  • Buy Ether on a crypto exchange or peer-to-peer exchange

  • Get an Ethereum wallet (Argent, Authereum or Metamask are our favourites)

  • Withdraw your Ether from the crypto exchange to your Ethereum wallet

  • Go to the decentralized exchange’s website and connect your wallet

  • Start trading

Things you should know before starting to trade on a Decentralized Exchange

  • Always try things with small amounts of money before using larger amounts.

  • You need Ether (ETH) to pay for gas to transact on the Ethereum network.

  • Gas costs can be quite high. Download the Ethereum Gas Station Chrome Extension to monitor gas prices and get real-time suggestions on how much to pay.

  • Some Ethereum wallets (e.g Metamask) require you to write down a seed phrase. Write it down safely and keep it somewhere secure!

  • You can only trade Ether and Ethereum tokens on Decentralized Exchanges, not any cryptocurrency (Bitcoin, Litecoin etc.)

Must know:
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How do Decentralized Exchanges work?

In some ways decentralized exchanges work similarly to centralized exchanges in that they connect buyers and sellers wanting to exchange assets, in an automated way. However, there are many differences, ranging from the characteristics we mentioned above (non-custodial, on-chain etc.) but also how orders are matched. Many decentralized exchanges use a model called the Automated Market Maker (AMM) model as opposed to an Order Book Model (OBL). This is due to the fact that order books need very fast transaction speeds, which Blockchains currently can’t deliver. Learn more about how decentralized exchanges work and what makes them decentralized.

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We are a multi-faceted team of crypto enthusiasts based in Berlin.

© 2021 cryptotesters UG