Best Decentralised Exchange (DEX) in 2024
The market for decenralised exchanges, or DEXes, has seen major growth in the last few years as more and more people become interested in decetralised trading. Let’s take a look at what a DEX is and how to use one before getting into our list of the best DEXes in 2024.
Contents
- What is a DEX?
- How to Use a DEX
- Best DEXes in 2024: KX
- Uniswap
- PancakeSwap
- dYdX
- 1inch
- SushiSwap
- Osmosis
- Balancer
- IDEX
- SundaeSwap
- Using the Best Decentralised Exchanges in 2024
What is a DEX?
A decentralised exchange (DEX) is a platform that facilitates peer-to-peer trading of cryptocurrencies without the need for a central authority or intermediary. Unlike centralised exchanges (CEXs), DEXes operate on blockchain technology, utilising smart contracts to execute trades directly between users.
This decentralised nature enhances security and privacy, as users retain control of their funds and personal information. DEXes also offer greater transparency, as all transactions are recorded on the blockchain and can be independently verified. The absence of a central point of control reduces the risk of hacks and censorship, making DEXes an attractive option for those seeking a more autonomous and secure trading environment.
How to Use a DEX
Using a DEX involves several straightforward steps that allow users to trade cryptocurrencies directly from their wallets. First, users need to connect their crypto wallet, such as MetaMask, to the DEX platform. This connection is typically made through a web browser extension or a mobile app, ensuring that users maintain control over their private keys. Once connected, users can select the tokens they wish to trade and specify the amount.
The DEX then matches the trade with available liquidity, either through its liquidity pools or via an aggregator that sources the best prices from multiple DEXes. After reviewing the transaction details, users confirm the trade, which is then executed through a smart contract on the blockchain. The tokens are transferred directly between wallets, and the transaction is recorded on the blockchain, ensuring transparency and immutability.
Users should also be aware of transaction fees, which can vary depending on the blockchain network and the DEX platform used. By following these steps, users can efficiently and securely trade cryptocurrencies on a decentralised exchange.
Best DEXes in 2024: KX
KX has established itself as one of the best decentralised exchanges for 2024. Supporting over 70 blockchain networks, including Ethereum, Binance Smart Chain, and Solana, KX offers unparalleled cross-chain functionality.
This broad network support is complemented by high yields and a bridge aggregator that ensures optimal liquidity. Users appreciate the seamless experience of trading across multiple chains without the need to switch platforms, making KX a top choice for both novice and experienced traders.
Uniswap
Uniswap remains the market leader for trading ERC-20 tokens, a position it has held for several years. It supports multiple networks such as Ethereum, Binance Smart Chain, Polygon, and Arbitrum. Uniswap is renowned for its user-friendly interface, which simplifies the trading process, and its DeFi yields, which provide users with attractive returns on their investments. The absence of KYC requirements further enhances its appeal, offering users privacy and ease of access.
PancakeSwap
For traders focused on BNB-based tokens, PancakeSwap is the most popular DEX. It offers cross-chain trading capabilities and boasts some of the lowest fees in the market at 0.25%. Beyond simple token swaps, PancakeSwap features staking, yield farming, and even a crypto lottery, making it a comprehensive platform for those looking to maximise their returns on the Binance Smart Chain. Its vibrant community and consistent updates ensure it remains a favorite among users.
dYdX
dYdX specialises in advanced cryptocurrency derivatives, offering high leverage trading options. Users can engage in margin and derivative trading with up to 20x leverage, making it an attractive platform for those looking to amplify their trading positions. Known for its very low fees and advanced trading tools, dYdX caters to more experienced traders who require sophisticated features and reliable performance.
1inch
As an aggregator, 1inch stands out by providing the best prices through access to multiple DEXs. It supports its own liquidity pools and offers staking options, ensuring users can find the most efficient trade executions. Known for its low fees, 1inch is a go-to platform for traders looking to optimise their transactions and maximise their returns. The ability to compare prices across different exchanges in real-time sets it apart from other DEXs.
SushiSwap
Originally a fork of Uniswap, SushiSwap has developed its unique identity by offering additional earning opportunities such as staking and farming. It supports multiple blockchains, including Ethereum, BNB Smart Chain, and Arbitrum. SushiSwap’s high earning potential for liquidity providers makes it a preferred choice for those looking to diversify their income streams within the DeFi space. Its community-driven approach and constant innovation keep it relevant in the competitive DEX market.
Osmosis
Built on the Cosmos blockchain, Osmosis excels in cross-chain trading. It supports trades between multiple blockchains, including Bitcoin, Ethereum, and Solana. Praised for its user interface and low trading fees, Osmosis is a favorite among users who need to move assets across different ecosystems seamlessly. Its focus on interoperability and ease of use makes it an essential tool for cross-chain traders.
Balancer
Balancer functions both as an exchange and an automatic portfolio management tool. It allows users to create and manage their own liquidity pools, offering a level of flexibility that is unmatched by many other platforms. Known for its flexibility, Balancer can have variable fees depending on the pool configurations. This feature attracts sophisticated users who wish to tailor their investment strategies to specific market conditions and asset allocations.
IDEX
IDEX combines the best features of centralised and decentralised exchanges in a hybrid model. It supports Ethereum and EVM-compatible assets and allows multiple trades simultaneously. IDEX features low fees and fiat currency support through Wyre, making it accessible for users who are transitioning from traditional finance to the crypto world. Its hybrid nature ensures fast transaction times and enhanced security, appealing to a broad range of traders.
SundaeSwap
As a leading DEX on the Cardano blockchain, SundaeSwap enables the swapping of ADA and Cardano tokens with liquidity provision rewards. It features a rewards platform for staking ADA, attracting users who are heavily invested in the Cardano ecosystem. SundaeSwap’s focus on the Cardano blockchain sets it apart from many other DEXs, catering specifically to a growing community of Cardano enthusiasts.
These DEXes represent the cutting edge of decentralised finance in 2024. Each platform offers unique features and benefits, catering to different segments of the cryptocurrency market. Whether you are looking for cross-chain functionality, advanced trading tools, or specialised blockchain support, there is a DEX that fits your needs. As the DeFi space continues to grow, these platforms will play a crucial role in shaping the future of digital asset trading and investment.
So What’s the Best Decentralised Exchange?
In our view, the best decentralised exchange in 2024 is KX, as evidenced by its high volume and advanced features. However, with so many options on the market, there’s something out there for everyone! Take a look at all the decentralised exchanges on this list and see if you can find the best exchange for you.
Using the Best Decentralised Exchanges in 2024
With a list like this, you have all the best options for the top DEX in 2024 laid out for you. Now all you need to do is get started!
As with anything in finance, it’s important to be very careful when it comes to risk assessment, risk management, and asset security. Check online to make sure the services you’re using haven’t recently suffered a hack or security breach. Ensure that you’re using the correct URL, as fake phishing URLs are sometimes used to lead investors astray. Finally, crypto investors are often advised not to invest more than they can afford to use. Crypto assets are highly volatile and security breaches can and do happen.
If you’re looking to cash out profits from Web3, you can withdraw your funds as ETH, BTC, or stablecoins to Grineo. The Grineo Card allows you to spend USDT and USDC like cash anywhere in the world, or withdraw as cash from any ATM that supports Visa.
