Last update: Jun 28, 2022

Best Decentralized Crypto Exchanges

Whether you’re new to investing in cryptocurrency or simply looking for a new way to handle your trades, a cryptocurrency exchange is a fantastic resource.

Exploding in popularity, variety, and worth in the last decade, cryptocurrencies are being created and traded in higher numbers than ever before.

To accommodate and capitalize on the surge in crypto interest, countless cryptocurrency exchanges have appeared in recent years. Each of these exchanges advertises features supposedly designed to give crypto traders a unique edge.

However, with so many cryptocurrency exchanges out there, it can be challenging to know where to begin. Fortunately, we have you covered here at Smart Billions. This guide compares the best decentralized crypto exchanges running today, how decentralized exchanges compare to centralized exchanges, and more.

At Smart Billions, our goal is to help our readers stay informed and make the most of their financial futures. For more comparison on other exchanges, cryptocurrencies on the market today, an email crash course on crypto, and more, keep browsing our website.

Our Top Decentralized Exchanges (DEXs) for 2022

#1: Changelly

Operating as a European decentralized cryptocurrency exchange, Changelly got its start in 2015 in Prague, Czech republic. Changelly makes the top of our best decentralized crypto exchanges list for a few reasons, including a wide range of available cryptocurrencies, a straightforward account creation process, and fiat currency buy options.  Having a intuitive and user-friendly mobile app, Changelly is the perfect decentralized exchange to trade crypto while on the go!

Available Currencies

Its selection of supported cryptocurrencies is one area where Changelly really shines. Boasting an extensive list of over 390 currencies, Changelly allows users to buy and exchange well-known cryptocurrencies such as:

  • Bitcoin (BTC)
  • Ethereum  (ETH)
  • Bitcoin Cash (BCH)
  • Bitcoin Diamond (BCD)
  • Dogecoin  (DOGE)
  •  Binance Coin (BNB)

The platform also offers access to countless “rising star” cryptocurrencies, such as:

  • Native Utility Token
  • Axie Infinity
  • Enjin
  • xRhodium
  • And hundreds more

Thanks to Changelly’s diversity, traders can expand their portfolio to include select stablecoins and altcoins as well as traditional crypto. This freedom of selection is due primarily to Changelly serving as a bridge between traders and other major cryptocurrency exchanges, selecting the best available bids to provide to customers.

Changelly Fees & Fiat Availability

Changelly’s trading fees are straightforward compared to many other trading platforms.

The platform has a fixed rate for crypto to crypto trades, coming in at 0.25%. Like many other cryptocurrency exchanges, Changelly does charge small commission and processing fees, each at 5%, for purchases made using bank cards. Additional or increased transaction fees may apply for fiat currency purchases from your bank account.

Users can make fiat cryptocurrency purchases using USD, EUR, or GBP. Like many other cryptocurrency exchanges, Changelly requires traders to complete a Know Your Customer (KYC) check before allowing fiat to crypto purchases.

Account Creation & Restrictions

Many decentralized cryptocurrency exchanges don’t require users to provide personal documents to create an account. Get started with your email address, then input your card information to begin making purchases from your bank account.

Changelly limits every account’s transactions in phases during the first month of account activity. First transactions have a cap of $50, and traders must wait for four business before making their second transaction. Second crypto transactions have a limit of $100 and impose an additional waiting period. Third transactions can reach $500, with Changelly lifting restrictions lifting one month after beginning account activity.

Tap here for a full Changelly crypto exchange review!

Exchange at a glance
Changelly Details

Country:
Global

Currency:
USD, EUR, GBP

Fees:
0.25

Available Cryptocurrencies:
200+ cryptocurrencies

4.0/5
Visit Changelly

#2: ShapeShift

A European DEX founded in 2014 and based in Switzerland, ShapeShift is a cryptocurrency exchange platform users can trust. Trader accounts must be backed by verification, the platform offers access to a wide range of digital currencies, and traders can buy, sell, or trade free of additional commission fees.

Available Currencies

ShapeShift offers a truly astounding number of cryptocurrencies available for sending, receiving, buying, trading, and storing. All transactions are secure and noncustodial, meaning users own the private keys to their ShapeShift crypto stores and have complete control over their assets. Available cryptocurrencies across 11 blockchains include heavy-hitters and up-and-coming currencies alike, such as:

  • Bitcoin
  • Edgeless
  • Golem
  • Bitcoin Cash
  • Bitcoin Gold
  • Ripple
  • Dogecoin
  • Ethereum Classic
  • And more

Visit the ShapeShift website for more information about supported cryptocurrencies and digital assets, as new opportunities can join the market at any time.

Exchange at a glance
ShapeShift details

Country:
160+

Currency:
USD

Fees:
Varies

Available Cryptocurrencies:
750+

4.5/5
Visit ShapeShift

#3: IDEX 

IDEX Exchange

IDEX is relatively unique among the other exchanges on this list. This cryptocurrency exchange platform blends features offered by both centralized and decentralized exchanges, high levels of account security, and hardware wallet compatibility.

Available Currencies

IDEX boasts over 40 cryptocurrencies available for trade through the platform’s smart contract system. Traders can take advantage of popular cryptocurrencies like Bitcoin and Ethereum, among many others.

IDEX is considered a hybrid liquidity DEX, which combines a high-performance cryptocurrency order book and machine engine with Automated Market Making. Through the smart contract system, traders can avoid transactional delays by contributing to a form of “escrow” that restricts funds until transactions are settled.

IDEX Fees & Fiat Availability 

Due to the hybrid nature of the IDEX exchange platform, several fees may apply to each specific trade settlement or order. IDEX offers extensive documentation and learning material detailing fee schedules such as taker fees, gas fees, withdrawal fees, etc.

The smart contract system also dictates a different trading style than what is available on many cryptocurrency exchanges, especially in the decentralized category. It may not be possible to perform traditional fiat transactions. Be sure to examine the IDEX website for details before exploring cryptocurrency trade on the platform.

Account Creation & Restrictions

Due to the smart contract system, many restrictions may apply to times, amounts, and other factors related to cryptocurrency exchange transactions. While IDEX’s hybrid system promises no failed transactions or front-running, the lack of system accounts makes many users wary about privacy, currency autonomy, and more.

Tap here for a full IDEX crypto exchange review!

Exchange at a glance
IDEX details

Country:
Global

Currency:
Does not support Fiat directly

Fees:
Varies

Available Cryptocurrencies:
100+

4.4/5
Visit IDEX

#4: Bisq Bitcoin Exchange

The Bisq Bitcoin exchange is an open-source peer-to-peer (P2P) desktop application that allows users to privately and securely buy and sell Bitcoin. Users can exchange fiat currencies and other cryptocurrencies. The P2P model eliminates intermediaries or intervening entities, reducing the number of fees a trader must pay for cryptocurrency transactions or trades.

Available Currencies

Here is where Bisq becomes rather unique on our list of best decentralized crypto exchanges. First, Bisq focuses on Bitcoin to fiat transactions or trading Bitcoin into other cryptocurrencies. The P2P platform design means users are in control and in possession of their crypto assets at all times.

Because Bisq is a P2P Bitcoin-based exchange, users must first have Bitcoin to complete transactions on the platform. This limitation can be a deal-breaker for many potential traders. Fortunately, Bisq offers convenient learning material to help users find the best way to gain Bitcoin and a Bitcoin wallet for use on the exchange.

Bisq Fees & Fiat Availability 

Like many cryptocurrency exchanges, Bisq levies many trading, taker, and miner fees depending on the type of transaction taking place on the exchange. The fee amount depends on the type of transaction taking place. See the Bisq website for detailed information.

Because Bisq is a Bitcoin-based exchange, users must first purchase or own Bitcoin before trading on the exchange. For this reason, fiat currency transactions are currently limited or unavailable on Bisq.

Account Creation & Restrictions

Due to its P2P design, the Bisq Bitcoin exchange operates without account registration. Simply link the appropriate cryptocurrency wallet and begin trading immediately, provided your wallet holds some Bitcoin assets.

Bisq imposes some trade limitations on specific cryptocurrency transactions. Visit the Bisq website to browse their extensive learning material and discover whether trading Bitcoin on Bisq is right for you.

Tap here for a full Bisq crypto exchange review!

Exchange at a glance
Bisq details

Country:
Global

Currency:
USD, EUR, GBP, CNY

Fees:
Varies

Available Cryptocurrencies:
120 +

4.3/5
Visit Bisq

#5: Uniswap

Uniswap uses complex technology to address the blockchain and make decentralized, uncensored buying, selling, and trading cryptocurrency more accessible for traders worldwide.

Available Currencies

Uniswap strives to create an ecosystem of Decentralized Finance (DeFi) apps and a marketplace where developers, traders, and liquidity providers can thrive.

With integration into more than 300 cryptocurrency wallets, exchanges, exchange aggregators, and more, Uniswap offers access to well over 100 cryptocurrencies for trade. As part of one of the largest decentralized cryptocurrency exchanges, users can buy, sell, trade, store, and earn interest on:

  • Uniswap (its very own native token)
  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether (USDT)
  • Polygon (MATIC)
  • USD Coin (USDC)
  • And many, many more

Visit their website today to get a complete list of cryptocurrencies available for trade on Uniswap.

Uniswap Fees & Fiat Availability

Because of the unique Uniswap Protocol in play in the Uniswap exchange, trading works a little differently on this platform. Traders can create or provide liquidity, swap tokens, vote on governance, and take advantage of other features within the open-source exchange. Visit the Uniswap website for in-depth information.

Account Creation & Restrictions

Due to the Uniswap protocol and liquidity-based design of its market, users don’t need accounts to get involved on Uniswap. Simply connect your wallet and begin swapping, creating pools, and more.

Tap here for a full Uniswap crypto exchange review!

Exchange at a glance
Uniswap details

Country:
Global

Currency:
Not directly supported

Fees:
Varies

Available Cryptocurrencies:
170+

4.6/5
Visit UniSwap

#6: Balancer

Founded in 2019, Balancer serves as a self-balanced, weighted portfolio and market price sensor. Like other exchanges on this list, Balancer is an Automated Market Maker exchange that works with liquidity pools, eliminating portfolio managers and helping clients actively balance their assets.

Available Cryptocurrencies

Like many exchanges on this list, Balancer boasts an extensive list of available cryptocurrencies, including:

  • Bitcoin
  • Bitcoin Cash
  • Doge
  • Ethereum
  • Balancer
  • And more

See a complete list and a breakdown of available assets by visiting the Balancer website.

Balancer Fees & Fiat Availability

Because Balancer is an Automated Market Maker (AMM) exchange, the primary interaction on this marketplace is trading pairs of ERC-20 tokens on-chain and without deposits. For this reason, fiat-based transactions may be limited in potential. Make sure liquidity pool cryptocurrency trading is suitable for you by reading more about how it works on the Balancer website.  When it comes to liquidity pool, you should take note of impermanent loss.

Impermanent Loss occurs when liquidity is provided to a liquidity pool and the value of your deposited assets changes relative to when they were originally deposited. Impermanent loss is more likely to occur the larger this change is. In this instance, the withdrawal will result in a loss of less money than the deposit.

Account Creation & Restrictions

Like other exchanges on this list, Balancer doesn’t require account creation. Simply connect the desired cryptocurrency wallet like MetaMask and begin adding to liquidity pools, creating liquidity, or swapping ERC-20 tokens and other assets immediately.

Tap here for a full Balancer crypto exchange review!

Exchange at a glance
Balancer details

Country:
Global

Currency:
Not directly supported

Fees:
Varies

Available Cryptocurrencies:
20+

4.5/5
Visit Balancer

#7: 0x Protocol 

Among the rising stars on this list is 0x Protocol, a permissionless trade platform responsible for creating Matcha. Built to utilize the Ethereum blockchain, 0x Protocol and Matcha are a peer-to-peer (P2P) exchange that allows order broadcasting off-chain.

Available Currencies

The 0x Protocol and Matcha exchange are cryptocurrency-only platforms, meaning users must first have cryptocurrency to trade. With this in mind, The 0x Protocol does offer trading and exchange of over 60 different cryptocurrencies, including heavy hitters like Bitcoin, Ethereum tokens, and more.

0x Protocol Fees & Fiat Availability 

As mentioned above, fiat-based transactions are not available through 0x Protocol at this time.

Like other exchanges on this list, 0x Protocol levies the standard taker fees, gas fees, and other typical fees for transactions that take place on the exchange. However, 0x Protocol attempts to lower these fees by allowing users to make point-to-point orders, broadcasting with a specific taker who alone fills the order.

Account Creation & Restrictions

Joining other exchanges on our list, the 0x Protocol and Matcha exchange don’t require account creation. Simply enter an order, link your crypto wallet, and you’re on your way.

Exchange at a glance
0x details

Country:
Global

Currency:
USD, EUR, GBP

Fees:
Varies

Available Cryptocurrencies:
ERC 20 and ERC-723 tokens

4.1/5
Visit 0x

#8: Airswap

Launched in 2017, Airswap focuses on blockchain solutions. Offering decentralized peer-to-peer exchange, Airswap works to provide access to anonymous, fast trading of Ether, ERC-20 tokens, Tether, and other cryptocurrencies.

Available Currencies

Like other exchanges on this list, Airswap’s primary focus is Ether, Ethereum, and ERC-20 tokens. However, users can actively trade over 100 cryptocurrencies, including popular choices like Bitcoin and more.

Airswap Fees & Fiat Availability 

Airswap is a cryptocurrency-only platform, using the Swap Protocol to combine off-chain activity, allow for scalability, and provide on-chain settlement in one program. At this time, fiat-based transactions are not available.

Account Creation & Restrictions

Users may join Airswap without account limitations or restrictions, trading in a direct P2P format using web protocols, smart contracts, and Airswap’s unique protocol.

Airswap allows customized price, quantity, and counterparty for all token trades. Visit the Airswap website to learn more.

Tap here for a full AirSwap crypto exchange review!

Exchange at a glance
AirSwap details

Country:
Global

Currency:
USD, EUR, GBP

Fees:
Varies

Available Cryptocurrencies:
ERC 20 and ERC-723 tokens

4.0/5
Visit AirSwap

#9: Bancor Network

Touting a new on-chain liquidity protocol, Bancor Network offers a platform for exchanging ERC-20, EOS tokens, and other crypto assets. The platform began as a trading project put forth by the Bancor Foundation in 2016 and has scaled up to include around 10,000 crypto asset trading pairs.

Available Currencies

Bancor Network boasts a large selection of cryptocurrencies and crypto assets, allowing traders to participate in the exchange of over 280 different assets. This Switzerland-based exchange might be crypto-only, but traders can choose from:

  • Ethereum
  • Bancor
  • EnjinCoin
  • Wings
  • Dragonchain
  • SirinLabs
  • And more

Bancor Network Fees & Fiat Availability 

As mentioned, Bancor Network is a crypto-only exchange, meaning users will need to have existing crypto assets before successfully trading on the platform. Create a crypto wallet using a reliable platform – you may find one on this list – and purchase crypto assets to begin trading on the Bancor Network.

Like other exchanges on this list focusing on liquidity protocol, Bancor Network offers 0% fees for most market transactions. Visit the Bancor Network website for more details.

Account Creation & Restrictions

No accounts or registration are necessary to use Bancor Network. Simply connect your wallets and exchange. See the Bancor Network website for up-to-date details on transaction restrictions.

Tap here for a full Bancor crypto exchange review!

Exchange at a glance
Bancor details

Country:
Global

Currency:
USD, EUR, AUD, GBP, etc.

Fees:
Varies

Available Cryptocurrencies:
All ERC-20 format compatible cryptocurrencies

4.2/5
Visit Bancor

#10: Kyber Network

Last on our list of best decentralized crypto exchanges – but not least, by far – the Kyber Network Exchange is centered on an on-chain liquidity protocol and offers decentralized exchange. The platform addresses the general lack of security rampant in the decentralized market pool.

Available Currencies

The Kyber Network Exchange boasts access to over 200 cryptocurrencies in a crypto-only marketplace. Traders can choose to add liquidity to market pools, create liquidity pools, or swap and earn tokens, including:

  • Ether
  • OxBitcoin
  • Aave
  • Agave
  • Bancor Network Token
  • Barkcoin
  • Dodo
  • Degen
  • Dog
  • And many, many more

Kyber Network Fees & Fiat Availability

As mentioned above, the Kyber Network Exchange is a crypto-only liquidity protocol market. For this reason, fiat-currency exchange is not available at this time. In order to transfer fiat currency into cryptocurrency for use on the market, users must establish a wallet or purchase crypto assets outside of the Kyber Network before beginning trades.

The Kyber Network Exchange offers low fees of 0.1% in addition to other traditional fees. See the KyberSwap website for details and educational information.

Account Creation & Restrictions

Like other liquidity protocol cryptocurrency exchanges, the Kyber Network Exchange does not require account creation to begin swapping between currencies and tokens. Simply connect your desired wallet and instantly set up your swap.

Tap here for a full Kyber Network crypto exchange review!

Exchange at a glance
Kyber details

Country:
Global

Currency:
Doesn’t accept direct fiat currencies

Fees:
Varies

Available Cryptocurrencies:
1,500+ coins

4.0/5
Visit Kyber

Runner Ups

Curve

Curve Finance, a decentralized cryptocurrency exchange, is built on Ethereum network. It was specifically created to facilitate trading between cryptocurrency of the same value. Additionally, Curve Finance offers high annual interest returns on funds that are deposited into Curve Finance from liquidity providers. Their own governance token, called CRV, helps them provide liquidity for their asset pools. Curve is a more risky decentralized exchange that has been audited several times.

Tap here to learn how to buy Curve Finance native token (CRV).

PancakeSwap

PancakeSwap is a popular decentralized exchange built on the Binance Smart Chain (BSC). PancakeSwap has lightning fast transactions and very competitive fees thanks to the Binance Smart Chain (BEP-20). PancakeSwap users can also stake the CAKE token, which can be very profitable and offer a variety of benefits.

Tap here for a full PancakeSwap crypto exchange review.

WavesDEX

Waves is the Waves blockchain. The Waves Decentralized Exchange works on Waves blockchain. You can exchange any supported asset with any other supported asset such as Bitcoin for Waves. The centralized matching service allows for faster exchanges and allows you to take advantage of both the decentralized and centralized worlds. This combination reduces slippage.

SushiSwap

SushiSwap provides automated liquidity for Ethereum through a decentralised protocol. It’s a decentralised trading platform and a decentralised lending marketplace. It allows yield instruments and staking derivatives. Yearn.finance announced a merger with SushiSwap in late 2020. They would share development resources but retain separate tokens, governance systems, and governance.

Tap here for a full SushiSwap crypto exchange review!

Dex.ag

Dex.ag, a decentralized exchange aggregator, integrates the liquidity pools from many other decentralized exchanges such as Uniswap and 0x. Kyber and Curve. It will search all of these decentralized exchanges to find the best price for you trade. It’s free and can be used by anyone who wants to find the best rate, without having to visit each decentralized exchange.

What Is a Decentralized Cryptocurrency Exchange?

A decentralized exchange, or DEX, is simply an exchange that does not have a central authority.

Decentralized cryptocurrency exchanges (DEXs) are exchanges based on crypto blockchains that coordinate small and large-scale trading and exchange of crypto assets between many users and agencies. In most cases, DEXs operate using automated algorithms and protocols.

Decentralized cryptocurrency exchanges circumnavigate many restrictions and limitations present in centralized exchanges. As a result, however, these exchanges may be less secure, unpredictable, or require delays for off-chain offer resolutions.

Benefits of Using Decentralized Currency Exchanges

The most significant benefit of using decentralized cryptocurrency exchanges is that buyers, sellers, and traders have complete control over their assets. There is no need for users to transfer assets to a third or intermediary party with decentralized exchanges. This aspect also makes decentralized exchanges less vulnerable to hacking or data breaches.

Due to fewer restrictions, decentralized exchanges also allow for direct peer-to-peer transactions, opening the crypto market to include trading between an increased number of crypto assets.

Frequently Asked Questions

Are Decentralized Cryptocurrency Trading Platforms Legal? 

Yes, decentralized exchanges are legal. In many cases, decentralized cryptocurrency exchanges offer some traders access to coins and other crypto assets they may not have access to in other exchanges. These assets include certain tokens, altcoins, and even select stablecoin assets.

What Is the Connection Between Cryptocurrency Exchanges and Decentralized Finance? 

Decentralized finance puts control of cryptocurrency exchanges back in the hands of the traders. By removing regulations typically found in centralized marketplaces, these decentralized platforms open cryptocurrency trading wide, giving access to more people and more crypto assets than ever before.

Are Cryptocurrencies Like Bitcoin or Ethereum Available Through Decentralized Exchanges? 

Yes! The great thing about decentralized exchanges is that these platforms allow for peer-to-peer trading. In fact, many decentralized exchanges require that traders possess either Bitcoin or Ethereum to begin trading. To learn whether an exchange you like allows bitcoin, simply visit the website’s educational materials.

Is Binance Decentralized? 

Binance is the largest cryptocurrency exchange in terms of trading volume. Its biggest attraction is the 0.1% maximum maker/taker fee. The fee is low at first and decreases as you trade more.

Binance is technically registered as a centralized cryptocurrency and crypto asset exchange. Always follow your chosen exchange’s legal news to keep ahead of platform actions. It‘s worth mentioning that Binance now supports NFTs.

Tap here if you want to learn more about Binance.

Is Coinbase Decentralized? 

No. Just like Binance, Coinbase is a well-established centralized exchange.

Tap here if you’re interested in Coinbase.

Final Thoughts

With so many available today, it’s hard to choose between the best decentralized crypto exchanges. In this comparison list, you learned about the fees, available crypto assets, account creation processes, and fiat availability of 10 of the best decentralized exchanges out there.

A critical component of making wise choices about your financial future is information. By staying informed, you can sharpen your vision of what you expect from your crypto experience and choose the best exchanges for your investment needs.

To learn more about cryptocurrency exchanges or cryptocurrencies in general, keep browsing our website or join our efficient email course today.

author Marco Vela

A crypto obssessed digital marketer passionate about making a difference in the world. When he's not behind the computer he can be found hiking, camping and relaxing with his dog.