10 Best Decentralized Crypto Exchanges (DEXs) in 2025

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Last updated: 

December 15, 2025

Based on our research, Best Wallet is the best decentralized exchange on the market in 2025. The provider offers a two-in-one non-custodial wallet with an integrated DEX, offering trading insights, low swap fees, and token analytics, all in one place. In addition, its aggregator connects you to multiple liquidity pools, enabling you to trade crypto at the best rates.

Decentralized exchanges (DEXs) have revolutionized how we trade cryptocurrencies. Instead of relying on order books and middlemen, DEXs use liquidity pools that let you swap tokens instantly and autonomously.

With dozens of DEXs competing for your attention, choosing the right platform can feel overwhelming. We’ve done the heavy lifting for you by testing and analyzing over 40 decentralized exchanges to find the best ones. We based our ranking methodology on our prospects’ fee structures, token support, security measures, deep liquidity, and advanced DeFi capabilities. Read on to learn all about them!

11 Best Decentralized Exchanges: Full Reviews

Our research identified the best decentralized exchanges (DEXs) based on security, liquidity, user experience, fees, and innovation. Below, we provide concise reviews of the 10 Best Decentralized Exchanges, highlighting their key features and strengths to help you choose the right platform for your trading needs.

1. Best Wallet – Overall Best Decentralized Exchange for 2025

Best Wallet is a multi-chain, non-custodial wallet, and our overall choice as the best decentralized exchange. The Web3-powered wallet platform has a built-in decentralized exchange called Best DEX, which offers trading insights, low swap fees, and token analytics. With on-chain crypto storage, Best Wallet allows users to exchange their tokens easily while keeping complete control of their coins.

The DEX aggregator also connects investors to many liquidity pools, guaranteeing the best trading rates across different DEXs and contributing to competitive pricing within the network. Currently, the exchange supports the Ethereum, BNB Smart Chain, and Polygon blockchains. As the platform grows, the developers plan to add support for all major active blockchains.

Regarding user security, Best Wallet stores private keys on the user’s device, offering two-factor authentication and biometric verification. The platform plans to introduce a debit card, bringing cryptocurrencies and everyday transactions even closer.

2. MEXC DEX+ – Best DEX for On-Chain Trading

MEXC is a centralized exchange with an integrated decentralized trading platform known as MEXC DEX+. It integrates multiple DEXs to provide the best trading rates and reduce slippage. You can trade more than 10,000 on-chain assets on networks like Solana, BNB Chain, Base, and TRON. Its developers plan to extend their support to more blockchain networks in the future, such as Ethereum, Arbitrum, Polygon, Avalanche, and zkSync.

MEXC DEX+ lets you conduct on-chain trades without the need to perform complex wallet transfers or manage mnemonic phrases. What’s more, you’ll be able to make deposits directly from CEXs to DEX+, which makes it attractive for investors who want to dip their toes into decentralized trading. You can place orders using four order types – Quick Buy/Sell, Market Order, Limit Order, and TP/SL. MEXC DEX+ charges a 1% fee per trade, making it a very competitive option.

MEXC DEX+ utilizes an advanced automatic slippage algorithm, ensuring the platform remains responsive to rapid market changes and AI-driven analysis to adjust the slippage accordingly. On the downside, transferring assets between the MEXC Exchange (CEX) and DEX+ comes with fees.

3. OKX DEX Swap – Best Decentralized Crypto Exchange for Cross-Chain Functionality

OKX DEX Swap is a great DEX that offers cross-chain functionality and supports over 70 blockchain networks, including Ethereum, Binance Smart Chain, Solana, Polygon, Litecoin, Dogecoin, and over 3 million other tokens. The platform makes token swaps across different blockchain standards simple. Its main focus is on liquidity, security, and user experience, providing a great platform for trading and DeFi yield solutions.

This DEX is built on advanced technology, using a bridge aggregator to connect liquidity pools from 100+ DEXs. This structure gives users access to the best trading rates while reducing slippage. It’s also integrated with Flash Bot to prevent high MEV.

Additionally, OKX DEX supports DeFi yield generation by offering staking, farming, and liquidity provision options. However, one potential disadvantage is that trading fees are built into the exchange rates, requiring users to check costs in real-time.

4. Changelly – Best Decentralized Cryptocurrency Exchange for Trading Stablecoins

Changelly is a cryptocurrency exchange platform that offers centralized and decentralized services. Launched in 2015, it provides instant crypto-to-crypto and fiat-to-crypto exchanges, supporting over 1,000 cryptocurrencies and more than 100,000 trading pairs. Its DEX aggregator, DeFi Swap, allows you to exchange tokens across different blockchain networks in a non-custodial manner.

DeFi Swap connects with different exchanges to offer good swap rates with low fees. You can connect your favorite wallets, including MetaMask and the ones supported by WalletConnect, and start swapping tokens without the need for account creation.

Regarding security, Changelly uses a non-custodial platform, so it doesn’t hold any user’s funds, reducing counterparty risk. Also, the platform has reliable partnerships with one of the best cold storage crypto wallets, Trezor and Ledger, making it possible for users to swap directly from their hardware wallets, improving security.

5. Uniswap – Best DEX for Trading ERC-20 Tokens

Uniswap is a well-known DEX built on the Ethereum blockchain. It is recognized for its strong support of ERC-20 tokens, including Aave, DAI, USD Coin, Tether, and Wrapped Bitcoin. Due to its decentralized structure, this is a popular choice for new token launches and ICO campaigns.

This is the primary choice in the DeFi space due to its technological features and inclusive ecosystem. In addition to the support of thousands of ERC-20 tokens, you can also make cross-chain trading on networks such as Binance Smart Chain, Arbitrum, Base, and Celo on this platform.

Another key feature is Uniswap’s yield-generating opportunities. By staking tokens or providing liquidity, investors can earn great APYs. The platform also counts on a governance model fueled by the $UNI tokens, allowing holders to propose and vote on the network’s decisions. The trading fees are set at 0.03% per transaction, making the platform a great provider of ample liquidity, competitive prices, and low slippage.

6. Hyperliquid – Best Decentralized Exchange For Trading Perpetual Contracts

Hyperliquid is a unique DEX that operates on its own Layer 1 blockchain. It supports spot, margin, and perpetual trading. You can trade 100+ perps, such as SOPH-USD, NXPC-USD, and DOOD-USD, as well as spot assets with leverage that ranges from 3x to 40x. The fees are based on your 14-day trading volume, which makes Hyperliquid a solid option for active traders. On that note, the maker and taker fees start at 0.015% and 0.045% for perps, while for spots, the fees start at 0.040% (maker) and 0.070% (taker).

Hyperliquid is an ideal platform for trading perpetual contracts because of its advanced features, like scale orders, low fees, and high leverage. In addition to standard perpetual contracts, you can trade Hyperps (Hyperliquid-only perps), which act like traditional perps, except they don’t require an underlying spot or index oracle price, which makes them less susceptible to price manipulation.

Hyperliquid executes trades much faster than most DEXs due to its consensus algorithm called Hyper BFT, which can confirm 200,000 transactions per second. On the downside, the platform only supports USDC withdrawals.

7. Ater DEX – Best Decentralized Exchange for High Leverage

Aster is a relatively new player, having launched in September 2025. However, while other DEXs might need a long time to prove they’re legitimate, Aster has strong ties to Binance and is backed by Changpeng Zhao (CZ), who serves as an advisor and investor in the project.

Aster DEX is the best option for traders who need extreme leverage, letting you amplify your positions by up to 1,001x. Apart from crypto, the DEX also supports several forex pairs and even tokenized stocks for companies like Apple, Google, Meta, and Tesla.

Unlike Hyperliquid, where all positions are publicly visible, Aster hides all orders, which is beneficial to high-volume traders who worry about frontrunning, market manipulation, and liquidity hunting. Regarding security, Aster is entirely non-custodial, so you’re always in full control over your assets.

8. Raydium – Best For DEX for Solana Ecosystem Coins

Raydium is a DEX built on Solana, letting you trade 1,300 tokens and perpetuals, and earn yield through farming. This AMM platform provides on-chain liquidity to OpenBook’s central limit order book, which means you’ll gain access to the entire OpenBook ecosystem. Raydium also supports the new Token-2022 Solana token program, which allows token creators to use multiple extensions when minting tokens on Solana.

A feature that sets Raydium apart from the competition is its Best Price Swaps. This feature enables you to get the best rates, either through swapping within a liquidity pool or through the OpenBook order book. Its other stand-out feature is AcceleRaytor, an open-source frontend software that serves as a launchpad for new Solana projects.

The fees range between 0.25% and 4%, depending on the pool, while most trades cost between 0.0001 and 0.001 SOL. In addition to being able to trade and swap any two tokens within liquidity pools, you’ll also be able to create your own pool and earn tokens by providing liquidity. Since Raydium is built on Solana, it can handle up to 65,000 transactions per second, which makes it suitable for active traders.

9. PumpSwap – Best Decentralized Exchange For Meme Coins

PumpSwap is a new DEX on Solana, launched by Pump.fun, a popular Solana-based memecoin launchpad. The DEX functions like Raydium and Uniswap. However, it offers features that make it especially attractive for meme coin enthusiasts, such as instant token listings and migrations. Namely, new tokens on Pump.fun previously had to migrate to Raydium to become available for trading, which incurred a fee (6 SOL). New tokens on Pump.fun will now be immediately listed on PumpSwap for zero fees.

PumpSwap uses an AMM model that lets you trade meme coins via liquidity pools. You can also create your own liquidity pool. When it comes to fees, PumpSwap charges a 0.25% base fee per swap, with 0.2% allocated to liquidity providers and 0.05% going towards the protocol. PumpSwap also uses a revenue-sharing model, which means that a portion of its revenue goes to coin creators.

This DEX is audited by nine independent companies, such as OSEC, Pashov Group, Sec3, and BlockPain. MEXC DEX+ is the first exchange to integrate its DEX aggregator with PumpSwap, which indicates that PumpSwap could replace Raydium in the future.

10. dYdX – Best DEX for Multi-Platform Trading

dYdX is a DEX specializing in cryptocurrency derivatives trading, available on desktop, mobile, and even via Telegram. It enables users to trade contracts tied to currency prices without holding the assets directly. The platform has a leverage rate of up to 50x, making it the best choice for traders who want to be exposed to more popular tokens, such as Bitcoin, Ethereum, Dogecoin, Cardano, and Litecoin.

dYdX offers advanced tools for trading, adding an extra layer of precision and flexibility. It provides charting tools, different technical indicators, and many order types, including limit, stop-loss, and take-profit orders. The platform can be accessed through web browsers, mobile platforms, and a native app.

This DEX employs a tiered fee structure, meaning that maker and taker fees are based on your 30-day trading volume. The maker and taker fees start at 0.01% and 0.05%, respectively. However, you can reduce them by increasing your 30-day trading volume to over $1 million. To maintain security, dYdX facilitates transactions using smart contracts on the Ethereum blockchain. It also uses StarkWare’s layer-2 scaling technology to guarantee high transaction speed and lower fees than traditional Ethereum-based exchanges.

11. PancakeSwap – Best Decentralized Crypto Exchange for BSC-Based Tokens

PancakeSwap is a DEX built on the BNB Smart Chain, known for its high liquidity, low fees, and great support for BEP-20 tokens. This platform uses an Automated Market Maker (AMM) model, allowing users to trade tokens directly from their wallets by connecting them to liquidity pools.

PancakeSwap also counts on a secure infrastructure that goes through regular audits from reliable firms like Certik. It receives support for yield farming and staking through Syrup Pools, allowing investors to earn passive income by offering liquidity or staking $CAKE, the DEX’s native token. The platform just added cross-chain trading, enabling swaps between BNB Snart Chain tokens and those on different networks, like Ethereum or Polygon.

Through its AMM model, PancakeSwap offers reduced slippage and good prices, making perpetual trading possible with leverage for more experienced investors. With a flexible structure that goes from 0.01% to 1%, every investor will find a way where this platform will match their needs.

What is a Decentralized Exchange? (DEX)

Decentralized exchanges enable buyers and sellers to trade cryptocurrencies. However, there are some clear differences between decentralized exchanges and traditional cryptocurrency exchanges.

To start with, decentralized exchanges operate without a centralized order book. This means traders can sell or buy cryptocurrencies without needing another market participant, using ‘liquidity pools’ to facilitate trades.

Second, decentralized crypto exchanges use an automated market maker (AMM) model to determine pricing. AMM is an advanced algorithm based on liquidity, trading volume, market capitalization, and other metrics.

Finally, unlike centralized exchanges, such as Binance and Coinbase, decentralized exchanges support anonymous trading. There is no requirement to open an account. Traders can connect their private wallets to the exchange and choose which tokens to swap. The swapped tokens will be deposited into the connected wallet within seconds.

Anonymity is supported because decentralized exchanges do not directly handle traders, let alone fiat money purchases. Instead, all buy and sell orders are executed by smart contracts, which connect to liquidity pools. Another feature of decentralized exchanges is that they support decentralized finance (DeFi) tools. For example, anyone can add cryptocurrencies to a liquidity pool and earn a share of trading fees. Staking and lending are also available at decentralized exchanges.

What Are The Advantages of Using a DEX?

This section covers some of the key advantages of decentralized exchanges. This includes having full control of your cryptocurrencies, increased security, global accessibility, and the ability to trade anonymously.

Full User Control and Security

Decentralized exchanges ensure you always keep full control of your cryptocurrencies. This is because you won’t be required to make a deposit, let alone keep your cryptocurrencies on an exchange. Instead, you’ll be buying and selling cryptocurrencies via smart contracts.

All you need to do is connect a wallet and choose which cryptocurrencies to trade. The smart contract will then complete the exchange without ever touching your funds.

Now, compare this to a traditional cryptocurrency exchange. You’d need to deposit funds into the exchange’s wallet, which you don’t have the private keys for. This means you need to trust that your cryptocurrencies are safe. Just remember, many cryptocurrency exchanges have been hacked, resulting in billions of dollars in stolen funds.

Global Accessibility

Decentralized exchanges are accessible globally. This means that, unlike centralized exchanges, there are no country-specific restrictions. Anyone can log onto a decentralized exchange, connect a wallet, and swap tokens.

No KYC Requirements

Most tier-one cryptocurrency exchanges have implemented KYC processes. This means you’d need to provide personal information and contact details when registering. KYC also involves unloading ID verification documents, such as a passport or driver’s license. This ensures that centralized exchanges comply with global money laundering laws.

In contrast, decentralized exchanges do not implement KYC checks. Users aren’t required to open an account or provide any personal data. The decentralized trading process is completely anonymous.

However, there is one exception to this rule. Some decentralized exchanges have partnered with ‘fiat gateways’. This enables their customers to buy cryptocurrencies with a debit/credit card. The fiat gateway will be required to KYC the buyer. Therefore, those wanting to trade anonymously should avoid fiat payments and stick to swap-only sites.

What Are The Risks of Using a DEX?

We also identified some risks when researching decentralized exchanges. This includes a more complicated trading process, transaction delays, limited liquidity, and smart contract risks.

Complexity and Transaction Delays

Decentralized exchanges can be more complex to use when compared to traditional cryptocurrency exchanges. You’ll need to have at least a basic understanding of some key cryptocurrency principles, such as liquidity levels, trading volumes, market prices, and potential slippage risks. Any mistakes can result in a hugely unfavorable price.

In contrast, the best cryptocurrency exchanges offer a smooth and hassle-free investment process. It’s normally just a case of choosing which cryptocurrency to buy and entering your debit/credit card details.

Additionally, we found that transactions are often delayed when using a decentralized exchange. This is because platforms rely on smart contracts and the blockchain network. If the network is in high demand, delays can occur. Centralized exchanges execute trades internally via order books, making transactions almost instant.

Limited Liquidity and Trading Volume

Decentralized exchanges have a small fraction of liquidity when compared to traditional exchanges like Binance.

When you also factor in Coinbase, Bybit, OKX, KuCoin, Kraken, Gate.io, and other leading platforms, you’ll see that decentralized trading volumes are a drop in the ocean. This results in weakened liquidity levels, meaning inefficient trading conditions. Traders might need to settle for an unfavorable price to buy or sell.

For example, in 2024, DEXs had a significant increase in trading activity, with a 15.7% quarter-on-quarter rise in spot trading volume, reaching $370.7 billion in Q2. However, this value is still significantly lower than that of CEXs. For comparison, in December 2024, Binance alone reported a spot trading volume of $1 trillion, 34.7% of the market share among CEXs.

Smart Contract Risks

In general, decentralized exchanges are considered safer than centralized platforms. However, you also need to consider smart contract risks. After all, smart contracts are never 100% secure. Should a hacker find a vulnerability, this could result in a loss of funds.

In December 2024, the DEX Feed Every Gorilla (FEG) was hacked for $1.3 million because of a breach in its SmartBridge contract. The invasion created bridge messages from other blockchains, which the system failed to validate correctly. This made unauthorized cross-chain withdrawals possible, including in networks like Ethereum, Binance Smart Chain, and Base. This is why you should only use a decentralized exchange if its smart contract has been audited. This should be a thorough and transparent audit from a reputable third party.

How to Trade Cryptocurrency Using a DEX: 3 Steps

Trading on a decentralized exchange for the first time can be intimidating. Read on, we explain how to place a decentralized cryptocurrency trade in three simple steps, using Best Wallet as an example.

Step 1: Download and Set up Best Wallet

While most DEXes require you to connect a third-party wallet, Best Wallet has a built-in decentralized exchange, which spares you the hassle. Just download the app on iOS or Android, add your email address, set up your passcode or biometrics, and you’re good to go.

Step 2: Select a Trading Pair and Amount

Next, hit the Trade button at the bottom of the screen, followed by the Swap option. The next screen will allow you to choose the trading pair and the amount you wish to trade.

Step 3: Place Your Trade

You can now place your trade. The token swap should go through within seconds. Behind the scenes, a smart contract will deduct tokens from your wallet and deposit them into the liquidity pool.

The smart contract will then deposit the new cryptocurrency tokens into your wallet, which will be immediately reflected in your Best Wallet balance.

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