Best 6 Decentralized Exchanges of 2025
What to know about decentralized exchanges
- The decentralized exchange, or DEX, market hit a record in 2025. In the second quarter of the year, centralized spot volume was about $877B vs. $3.9T — a record DEX-to-CEX ratio for the cycle.
- “Intent-based” trading is gaining traction thanks to protocols like UniswapX and Coincidence of Wants (CoW), which let traders sign orders off-chain.
- Solana frequently led DEX volumes in 2025. Multiple reports and dashboards show Solana topping monthly and quarterly DEX volume leaderboards, reflecting its low fees and high throughput.
- Layer-2 DEX activity is no longer as niche as before. Public dashboards show Base and Arbitrum posting strong 2025 DEX volumes, highlighting how cheaper Layer 2s are now core to on-chain trading.
How we chose our top picks
Our team of writers and editors has spent years researching and testing crypto exchanges. For decentralized exchanges (DEXs), we specifically focused on platforms with high liquidity, an accessible user interface and a large number of supported coins, tokens and trading pairs. Overall, we looked at over 20 data points to choose our top picks.
The categories below were selected based on popular use cases that different users might have for DEXs.
Our top picks for the best decentralized exchanges
- Uniswap – Best Overall
- Curve Swap – Best for Low Fees
- dYdX – Best for Fast Trades
- PancakeSwap – Best for Earning Yield
- 1inch – Best for Cross-Chain Trading
- Best Wallet – Best Noncustodial Wallet for DEXs
- Great liquidity and token selection
- Self-custody mobile wallet available
- Zero fees for failed transactions
- Concentrated liquidity
- Primarily limited to Ethereum and Layer-2 chains
- Fee tiers can be confusing
Why we chose it: Uniswap’s liquidity, intuitive interface and consistent innovation make it the undisputed leader among DEXs.
Built on Ethereum, Uniswap popularized the automated market maker (AMM) model and continues to refine it with each new version. The platform supports thousands of tokens and integrates seamlessly with most major wallets, making it the go-to DEX for both beginners and advanced traders.
Uniswap’s deep liquidity pools ensure competitive pricing and low slippage, even for large trades. Advanced features such as concentrated liquidity — which gives liquidity providers more control and higher potential returns — and MEV protection further strengthen its position as the best overall DEX.
- Low trading fees and slippage
- Strong incentive and governance model
- Deep, consistent liquidity
- Optimal for stablecoins
- Steeper learning curve for beginners
- Somewhat dated interface
Why we chose it: Curve Swap’s AMM design minimizes slippage and keeps transaction costs even lower than usual for DEXs.
Curve Swap is purpose-built for stablecoin trading thanks to its unique AMM design, making it ideal for traders moving between stable assets like USDC, USDT and DAI. But the platform isn’t limited to these types of coins, having expanded to include wrapped and synthetic assets while maintaining its focus on cost efficiency.
Curve’s efficiency with fees also extends to its governance and incentive structure. Through the CRV token, you can participate in governance and boost your liquidity rewards — a system that has cultivated a highly dedicated DeFi community.
- Lightning-fast trade execution
- Derivatives trading available
- Low fees via Layer-2 scaling
- Advanced order types
- Limited coin support compared to spot DEXs
- Unapproachable for beginners
Why we chose it: dYdX is built using a high-performance Layer-2 scaling solution, delivering near-instant trade execution with minimal gas fees.
For traders who demand speed and precision, dYdX stands out as the DEX of choice. dYdX is also designed with active traders in mind, offering advanced order types, perpetual contracts and leverage options — all while maintaining a non-custodial model.
The exchange’s emphasis on professional-grade trading tools makes it feel closer to a centralized platform, but without users giving up control of their funds. Its upcoming move to its own blockchain aims to further improve performance and decentralization.
- Wide variety of yield and stake options
- Low transaction fees on BNB Chain
- Strong community engagement
- Easy-to-use for beginners
- Yield rates can fluctuate significantly
- Exposure mainly to BNB assets
Why we chose it: PancakeSwap’s token, CAKE, powers an extensive rewards system that lets you stake or farm for some of the most attractive yields in the market.
As Binance Smart Chain’s flagship DEX, PancakeSwap offers a mix of trading, staking and yield-farming opportunities. Low fees and a user-friendly design have made it one of the most popular platforms for earning passive income on digital assets.
From liquidity pools to lotteries and NFT integrations, the DEX gamifies DeFi in a way that’s accessible even for those new to crypto. And while its ecosystem is largely BNB Chain-centric, its expansion into multichain support continues to grow.
- Finds best prices among multiple DEXs
- Cross-chain support for major networks
- Minimal slippage via optimized routing
- Well-suited for small and large trades
- Reliance on external DEX liquidity
- Unpredictable flee fluctuations
Why we chose it: 1inch smart routing and intuitive interface make it one of the most versatile tools in DeFi, with a superior experience that bridges the gaps between DEXs.
1inch isn’t a DEX in the traditional sense — it’s a DEX aggregator. The platform scans dozens of liquidity sources across multiple chains to ensure traders get the best possible prices on every swap. Whether you’re trading on Ethereum, BNB Chain or Polygon, 1inch tries to find the most optimal routes and splits orders automatically to minimize slippage.
- Smooth mobile experience with DEX integration
- Support for multiple blockchains
- Built-in DeFi and staking tools
- Newer app with a less developed ecosystem
- Fewer features than popular desktop platforms
Why we chose it: Best Wallet offers a streamlined, feature-packed mobile experience that doesn’t compromise on the control or transparency. While not a DEX itself, Best Wallet was included because of its wide range of platform features. Rather, it is a smarter, hybrid solution that combines a no-KYC, secure, non-custodial wallet with DEX access.
Because most DEXs do not offer a mobile app, the only way for you to access DeFi services on your phone is through clunky browser versions of existing DEXs or Web3 wallets. However, Best Wallet does, with its platform combining a non-custodial crypto wallet with built-in DEX functionality.
Best Wallet lets you swap, stake and explore decentralized apps directly from your phone and across more than 60 blockchains. Its clean interface and strong security protocols make it a solid choice among other Web3 wallets, while its access to exclusive coin presales gives it a unique advantage over the competition.
Invest in crypto with Best Wallet and get better rates and low fees
Best Decentralized Exchanges FAQs
How is a DEX different from a CEX?
A decentralized exchange (DEX) lets users trade directly from their crypto wallets via smart contracts without giving control of their funds to a third party. Meanwhile, a centralized exchange (CEX) — such as Coinbase or Binance — acts as an intermediary, maintaining custody of your funds, managing buy and sell orders and typically requiring identity verification.
Do I need to verify my identity to use a DEX?
Most DEXs are permissionless. This means you connect your wallet and start trading without providing personal information or going through Know Your Customer (KYC) checks. That said, some front-end interfaces or region-specific DEX versions may implement limited KYC requirements to comply with local regulations.
Can I trade any token on a DEX?
You can trade almost any token available on the blockchain that the DEX supports (for example, ERC-20 tokens on Ethereum or BEP-20 tokens on BNB Chain). But this comes with an added degree of risk: Some tokens may be scams, duplicates or illiquid. Make sure to verify the token contract address and check liquidity before trading to avoid losing funds.
Can I use a DEX on mobile?
Many DEXs, including MetaMask and Trust Wallet, can be accessed through mobile wallets that integrate DEX features directly. Some DEX aggregators and protocols also offer dedicated mobile apps with swap and trading functionality. Even if there’s no official app, you can usually use the DEX via a mobile browser and your connected wallet.
Are DEXs legal?
DEXs are legal to use in most jurisdictions because they operate as software protocols and not as centralized financial institutions. However, regulatory treatment varies by country. Some governments may restrict DeFi activities, requiring identity verification for access, or regulating DEXs under securities or anti-money-laundering laws.
As always, check local regulations before trading.
Summary of our top picks
- Uniswap – Best Overall
- Curve Swap – Best for Low Fees
- dYdX – Best for Fast Trades
- PancakeSwap – Best for Earning Yield
- 1inch – Best for Cross-Chain Trading
- Best Wallet – Best Noncustodial Wallet for DEXs