The 12 Best Decentralized Exchanges for 2024

Decentralized exchanges are gaining momentum across chains after the DeFi Summer of 2020 led DEXs to initial popularity. 

Since then, many players have entered the market, offering more and better ways for investors to take advantage of all the benefits of financial decentralization. 

Today, we cover how you can benefit from decentralized platforms, unveil the top 12 decentralized exchanges in the market, and much more!

Overview of the best decentralized exchanges

What is the best Decentralized Exchange?

Here are the best decentralized exchanges (DEXs) in the market:

• Jupiter
• dYdX
• RangoExchange
• SushiSwap
• Uniswap
• Jumper
• Orbiter
• MAGPIE
• CoW Swap
• Orca
• Hera Finance 
• PancakeSwap

Jupiter

• Fees: No exchange fees; only Solana gas fees
• Coins: Wide range, especially the Solana ecosystem
• Bonus: None
• Who is it suitable for: Solana-focused investors

Features

Here are the main features of Jupiter:

• Solana-ready: Jupiter is one of the best Dex aggregators for the Solana ecosystem, offering low transaction fees
• Smart Routing: Enjoy Jupiter’s connection to DEX markets and AMM pools for best liquidity
• Trade Splitting: get the best price with trade splits across the best available options in the market
• Coins and market: They automatically list new coins and markets
• Easy swaps: Swap cryptocurrencies in one single trade

Fees

Jupiter does not charge any fees for investors, the only fees are from the Solana network (gas fees) to conduct the trades.

Pros and cons

Here are the pros and cons to trading on Jupiter.

Pros:

• Best price available due to their features
• Simplicity of use with the ability to conduct swaps in one trade
• Wide access to the Solana ecosystem
• No fees

Cons:

• Limits to the Solana ecosystem
• Some countries restricted
• Some bugs to the novelty of the platform

How to register

Here’s how to start using Jupiter:

1. Log-in to one of the supported Web3 wallets (e.g., Solflare);
2. Connect your wallet to Jupiter;
3. Start trading (make sure you have enough SOL in your wallet to pay gas fees).

dYdX

• Fees: up to 0.02% for makers; up to 0.05% to takers
• Coins: 62 cryptocurrencies
• Bonus: No live bonus
• Who is it suitable for: Perpetual traders

Features

Here are the main features of dYdX:

• Margin trading: dYdX is the premier perpetual trading DEX platform
• Mobile-friendly. Trade over 60 crypto on margin (up to 20x leverage) on mobile
• Markets: Enjoy top liquidity across a wide range of markets
• Costs: Low fees while earning trading rewards

Fees

Maker fees:

Level 1 (0.020%)

Level 2 (0.015%)

Level 3 (0.010%)

Level 4 (0.005%)

Taker fees:

Level 1 (0.050%)

Level 2 (0.040%)

Level 3 (0.035%)

Level 4 (0.030%)

Level 5 (0.025%)

Level 6 (0.020%)

Pros and cons

Here are the pros and cons to trading on dYdX.

Pros:

• Perpetual trading on a decentralized environment
• Best liquidity across markets
• 60+ cryptocurrencies on up to 20x margin
• Low fees
• Trading rewards

Cons:

• Only focus on leveraged trading

How to register

Here’s how to start using dYdX:

1. Log-in to one of the supported Web3 wallets (e.g., MetaMask, Trust, Coinbase Wallet);
2. Connect your wallet to dYdX;
3. Start trading (make sure you have enough crypto in your wallet to pay gas fees).

RangoExchange

• Fees: No fees
• Coins: Wide range of coins and chains
• Bonus: No live bonus
• Who is it suitable for: Investors looking for a wide range of markets

Features

Here are the main features of RangoExchange:

• Cross-chain ability: Trade across various chains and coins
• High liquidity: Liquidity on 100+ DEXs & Bridges
• High efficiency: No KYC, non-custodial wallet, single UX across networks

Fees

Only gas fees.

Pros and cons

Here are the pros and cons to trading on RangoExchange.

Pros:

• Simplicity of use across networks
• Wide range of markets and coins supported, from Bitcoin to EVM/Cosmos/Solana
• High liquidity across chains
• Simplicity of use with decentralized features (e.g., no KYC)

Cons:

• Some issues related to the novelty of the DEX

How to register

Here’s how to start using RangoExchange:

1. Log-in to one of the supported Web3 wallets (e.g., MetaMask);
2. Connect your wallet to RangoExchange;
3. Start swapping

SushiSwap

• Fees: 0.3%
• Coins: Over 400 cryptocurrencies
• Bonus: No bonus
• Who is it suitable for: Beginner investors and Ethereum lovers

Features

Here are the main features of SushiSwap:

• Swap easily over 400 tokens
• Many transaction types, from earning interest to bonds and pay features
• High liquidity 
• Wide range of coins

Fees

0.3% trading fee.

Pros and cons

Here are the pros and cons to trading on SushiSwap.

Pros:

• Pioneer: One of the first Ethereum-based decentralized exchanges
• Range of options: User can swap tokens, earn interest and more
• Security and reliability from an established player
• Wide range of coins supported
• User-friendly platform

Cons:

• Only focus Ethereum and EVM chains

How to register

Here’s how to start using SushiSwap:

1. Log-in to one of the supported EVM wallets (e.g., MetaMask);
2. Connect your wallet to SushiSwap;
3. Start swapping (make sure you have enough ETH in your wallet)

Uniswap

• Fees: 0.3%
• Coins: Thousands of coins
• Bonus: No bonus
• Who is it suitable for: All types of investors, Ethereum gem hunters

Features

Here are the main features of Uniswap:

• Easily swap thousands of tokens in a simple interface
• Many investment options, from earning rewards on liquidity pools to NFTs
• High liquidity across markets due to being an established player
• Several transaction types like a CEX (e.g., limit orders)
• Community-led governance through the UNI token

Fees

0.3% trading fee.

Pros and cons

Here are the pros and cons to trading on Uniswap.

Pros:

• Leadership: The most active Ethereum-based DEX in the world
• Coins: Users can swap thousands of cryptocurrencies and find new gems
• Secure: High security record since inception
• Options: Users can earn rewards, explore NFTs and more beyond swapping
• Token: Leading native token (UNI) offering more perks to holders
• User-friendly platform

Cons:

• High costs, slippage chances
• Not the first option for beginner investors due to costs
• Only Ethereum-focused

How to register

Here’s how to start using Uniswap:

1. Log-in to one of the supported wallets (e.g., MetaMask);
2. Connect your wallet to Uniswap;
3. Start trading (make sure you have enough ETH in your wallet)

Jumper

• Fees: Gas and bridge fees
• Coins: Wide range across networks
• Bonus: No live bonus
• Who is it suitable for: Investors looking for a lot of options

Features

Here are the main features of Jumper:

• Easiness of use: Easily swap across chains
• Wide range of markets: Jumper supports over 30 DEXs and aggregators 
• High liquidity: Enjoy liquidity 

Fees

Only gas and bridge fees.

Pros and cons

Here are the pros and cons to trading on Jumper.

Pros:

• Bridging: New age of bridging capabilities on a DEX scenario
• Cross-chain support: Jumper cover 18 chains for investors choose from
• Range: Universal token support with dozens of DEXs supported
• Efficiency: cost and simplicity of use in one platform

Cons:

• New DEXs on the market

How to register

Here’s how to start using Jumper:

1. Log-in to one of the available wallets (e.g., MetaMask, Coinbase, Trust, Coinbase Wallet);
2. Connect your wallet to Jumper;
3. Start trading (make sure you have enough crypto in your wallet)

MAGPIE

• Fees: No fees beyond transactions
• Coins: Coins from 7 chains (e.g., Ethereum Polygon, Optimism)
• Bonus: Airdrop
• Who is it suitable for: Investors looking for cross chain easiness

Features

Here are the main features of MAGPIE:

• Cross-chain native: MAGPIE offers a new way, beyond bridging, to enable cross-chain trading
• Low costs: No fees beyond swap fees under an efficient new method
• Usability: Simple interface for complex trades like going cross-chain 

Fees

No fees.

Pros and cons

Here are the pros and cons to trading on MAGPIE

Pros:

• Bridging: Bridge tokens across 7 chains easily
• Usability: Simple platform for all types of investors
• Roadmap: Future support for non-EVM chains

Cons:

• New exchange still on the first stage of its roadmap
• Few chains supported still (despite non-EVM support in the future)

How to register

Here’s how to start using MAGPIE:

1. Log-in to one of these available options: MetaMask, WalletConnect, Coinbase Wallet, or Rabby.
2. Connect your wallet to MAGPIE;
3. Start swapping

CoW Swap

• Fees: Quote improvement fee (50% of the surplus generated on trades)
• Coins: EVM-support
• Bonus: No bonus
• Who is it suitable for: EVM-focused investors

Features

Here are the main features of CoW Swap:

• Ethereum and EVM support: Swap token under Ethereum and EVM chains offers a new way, beyond bridging, to enable cross-chain trading
• Low costs: Cost-effective to trade in an Ethereum environment
• Robus: Established exchange developed by the GnosisDAO

Fees

CoW Swap earns revenue by taking 50% of the profit (the price CoW Swap provides users minus the price that the protocol actually executes the trade).

Pros and cons

Here are the pros and cons to trading on CoW

Pros:

• EVM-focus: EVM investors can trust CoW Swap for their trades
• Best price: As a DEX aggregator, CoW swap finds the best price for investors
• Save: No cost for failed transactions while having the best available prices
• Reliability: DEX build by the GnosisDAO

Cons:

• Not a lot of chains supported 

How to register

Here’s how to start using CoW Swap:

1. Log-in to one of these available options under the selected chain (e.g., Ethereum, Gnosis Chain, and Sepolia)
2. Connect your wallet to CoW Swap;
3. Start trading

Orca

• Fees: Up to 2% (taker fee)
• Coins: Solana-based coins
• Bonus: No bonus
• Who is it suitable for: Solana investors

Features

Here are the main features of Orca:

• Trade and earn rewards with farming on Orca
• Simple usability for investors
• Low-cost fees 
• High liquidity on Solana

Fees

Maker fees:

2% Pool (2%)

1% Pool (1%)

0.3% Pool (0.3%)

0.05% Pool (0.05%)

0.01% Pool (0.01%)

Taker fees:

2% Pool (1.74%)

1% Pool (0.87%)

0.3% Pool (0.261%)

0.05% Pool (0.05%)

0.01% Pool (0.01%)

More fees.

Pros and cons

Here are the pros and cons to trading on Orca

Pros:

• More than trading: Trading and farming is available
• User-friendly: Simple interface for investors to trade and earn rewards
• Trustworthy: One of the first DApps on Solana 
• Low costs. Low trading fees

Cons:

• Only Solana-focused

How to register

Here’s how to start using Orca:

1. Log-in to one of the available wallets (e.g., Phantom, Solflare)
2. Connect your wallet to Orca;
3. Start buying and selling

Hera Finance

• Fees: 0.3%
• Coins: Wide range
• Bonus: No bonus
• Who is it suitable for: Arbitrum and Metis-focused trader

Features

Here are the main features of Hera Finance:

• Several transaction types, from swapping to staking and bridging
• AI features for multi routing
• Arbitrum and Metis support
• No slippage

Fees

0.3% fee.

Pros and cons

Here are the pros and cons to trading on Hera Finance

Pros:

• Best prices: Cutting-edge DEX aggregator
• Cross-chain: Planned multi-chain support
• Split trades: Smaller trade sizes for transaction success
• Low cost- No slippage on Hera
• AI-ready: Ai technology to boost protocol

Cons:

• Only Arbitrum and Metis chains supported now
• New decentralized protocol

How to register

Here’s how to start using Hera Finance:

1. Log-in to one of the three available wallets: MetaMask, WalletConnect, and Coinbase Wallet
2. Connect your wallet to Hera
3. Start swapping, bridging, and staking.

PancakeSwap

• Fees: 0.25% trading fee
• Coins: Wide range
• Bonus: No bonus
• Who is it suitable for: Binance ecosystem gem hunters

Features

Here are the main features of PancakeSwap:

• Several transaction types (e.g., leverage trading, staking) and assets supported (e.g., NFTs)
• Supported coins: Thousands of cryptocurrencies available
• Low costs and high reliability
• Leading token and community

Fees

0.25% trading fee

Pros and cons

Here are the pros and cons to trading on PancakeSwap

Pros:

• A lot of trading options
• Several transactions types and assets supported
• Low costs
• High reliability, one of the most established DEXs in the market
• Community-led governance
• High liquidity across markets

Cons:

• Only BEP-20 coins supported

How to register

Here’s how to start using PancakeSwap:

1. Log-in to one of the available wallets (e.g., MetaMask, Injected, Binance Web3 Wallet)
2. Connect your wallet to PancakeSwap;
3. Start trading.

What Are The Risks of Using a DEX?

The main issues of using DEXs come from security, not necessarily from using the platforms, but from the schemes to steal people’s addresses or private keys to access funds. 

From an usability perspective, most DEXs seem very complex to use for beginner investors, while crypto intricacies like bridging assets to the correct chain before conducting trades could seem complex at first. 

Finally, due to the popularity of many DEXs and the congestion of some chains, transaction fees can be steep and a barrier to entry for many of the crypto investors base. 

What Are The Advantages of Using a DEX?

The main advantages of Decentralized exchanges are flexibility, opportunities, and control for investors.

Decentralized exchanges offer full privacy and control for investors to trade cryptocurrencies with thousands of new coins at their disposal while fulfilling the original purposes of digital assets, financial sovereignty while ensuring a private, anonymous, and transparent process.

How to Trade Cryptocurrency on a DEX

Here’s to trade cryptocurrencies on a DEX:

Step 1: Log-in to your crypto wallet (accepted by the DEX you plan to use)
Step 2: Connect your crypto wallet to the DEX
Step 3: Start swap, providing liquidity, etc.

What types of decentralized exchanges are there?

Decentralized exchanges emerged to solve liquidity issues, but there are different types of platforms to achieve this goal.

The most popular type of decentralized exchange is the Automated Market Maker (AMM), where users can trade cryptocurrencies without an order book and based on liquidity pools for those pairs of coins. Uniswap and most of the popular DEXs across chains are AMMs.

However, there are platforms that do have an order book (Order book DEXs), functioning more similarly to a centralized exchange. There are also DEX aggregators that try to fetch from several protocols to find the best possible prices for trades, decrease the transaction costs, reduce the chance of failed trades, and tackle some of the most popular issues from DEXs.

Conclusion: What is the Best Decentralized Exchange?

Decentralized exchanges offer a lot of advantages for investors, from finding high potential gems to more control over their financial sovereignty. 

The best Decentralized exchanges for investors will depend on their favorite/focus chain in the market, transaction fees, scale of trades, and other factors. 

However, some of the best DEXs across the line are Uniswap, PancakeSwap, SushiSwap, CoW Swap, Jupiter, dYdX, and others.

CoinTracking is a fan of the emergence of decentralized exchanges in the crypto arena, currently supporting all major ETH-Based, BSC-based exchanges, and others to simplify your crypto tax journey. Don’t forget that all crypto trades on DEXs are taxable events in the US and in many other countries!