Best Decentralized Exchanges in 2024 | Expert Reviewed

Aren’t you looking for the best decentralized exchange platform. Don’t worry we got you covered with the list of best decentralized exchanges to ease your search. Decentralized exchanges were built with the idea of letting their users have full authority over their assets making them act individually. The rising risks of scammers and hacking pushed crypto users to find a secure, trusted path to trade their digital assets. In this blog, we at Coinsclone have summarized the best decentralized exchanges available in the market.

List of 5 Best Decentralized Exchanges

1) Uniswap

In this list UNISWAP outranks other popular Decentralized exchanges by providing competitive features. Uniswap is the world’s first Ethereum-based decentralized exchange that facilitates trading ERC 20 tokens. Using AMMs to self-regulate the platform made them one of the best decentralized exchanges available in the market. After their successful launch, Uniswap introduced UNI tokens, to develop the community by giving governance to the token holders. Additionally, the users of UNI tokens can provide liquidity and trade them to earn rewards.

Pros

• It is governed by DAO which makes it transparent and efficient.

• Uniswap is a popular large efficient DEX platform, available in the market.

• No sign-in or registration is needed, the users can swap tokens easily.

• Uniswap gained good popularity for its user-friendly services making it an easy-go option for beginners and startups.

2) dYdX

dYdX is the Second-Largest Decentralized Exchange which has the highest trade volume next to Uniswap. dYdX offers more than 35 big popular cryptocurrencies which makes them best in the industry to buy cryptocurrencies. They run on the Ethereum Blockchain. This lending platform allows cross-lending and borrowing features. Their decentralized nature, lower gas fees with higher transaction rates make them attractive to their users.

Pros

• They offer low trading fees.

• dYdX is flexible, which means that it can be customized according to the user’s needs and strategies.

• Users can earn income in many ways, as it provides various earning features.

3) Pancakeswap

Pancakeswap is the most popular decentralized exchange on the BSC (Binance smart chain). Users can stake their Cakes(native tokens) here and earn rewards. Pancakeswap allows easy swapping of BEP20 tokens. Compared to other platforms Pancakeswap doesn’t charge much while allowing users to seamlessly trade BSC-based assets. They also support NFTs, allowing users an option to buy, sell, and earn by doing so.

Pros

• Cakes can be used for staking or yield farming to earn higher rewards.

• Compared to Uniswap, PancakeSwap offers fast trading, transactions, governance benefits, and other user-friendly features.

• PancakeSwap provides a betting feature where users can earn rewards by predicting the price of BNB.

4) 1 Inch

1 inch is one of the best DEX platforms that provides various features and benefits. Their 1-inch token is best suitable for staking to earn rewards. The stakeholders are also favored with the governance tokens which provide voting rights. 1 inch also acts as the top dex aggregator in this list of best-decentralized exchanges. This platform lets users compare prices from various DEXs and make them buy at lower prices.

Pros

• No transaction or withdrawal fee is charged as the digital assets aren’t stored on its server.

• They support many crypto wallets, giving them access to a wide variety of cryptos.

5) Vertex

Vertex holds the fifth position. They are best known for their origin story. Earlier, they were created with the Terra space. However, after their downfall, Vertex developers shifted the whole process to the Arbitrum network which then changed their entire goal and structure. The users here stake their VRTX tokens to earn rewards. Vertex became a decentralized platform that would support the functionalities of a centralized exchange.

Pros

• The users can bridge and connect up to 8 different blockchains, which makes them the best cross-margined decentralized exchange to exist.

• They offer very fast order-matching mechanisms.

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