Introduction
Decentralized finance (DeFi) is changing the way we interact with our digital assets. One of the main components of DeFi are decentralized exchanges (DEX), which allow users to trade cryptocurrencies in a peer-to-peer fashion, without the need for an intermediary. Here is a list of the best DeFi exchanges of 2023:
- Uniswap: Best for token selection. It has a 0.3% commission and is available globally. It supports the following blockchains: Ethereum, Polygon, Optimism, Arbitrum, Celo.
- ParaSwap: Best for low-cost swaps (not available in the US). Fees vary and it supports the following blockchains: Ethereum, Polygon, BSC, Avalanche, Fantom, Arbitrum, Optimism.
- CoW Swap: Best for peer-to-peer swaps. Commissions vary, but it offers free limit orders. It is available globally and supports Ethereum and Gnosis.
- Firebird Finance: Best for new DEX users. Fees vary and it is available globally. It supports the following blockchains: Ethereum, Fantom, Cronos, BSC, Avalanche, Arbitrum, Optimism, Canto.
- OpenOcean: Best for cross-chain exchanges. Fees vary and it is available globally. It supports 20 blockchains in total, including Ethereum, BSC, Arbitrum, Polygon, Solana, Tron.
- 1inch: Best for large trades (not available in the US). Fees vary and it supports the following blockchains: Ethereum, BSC, Polygon, Optimism, Arbitrum, Gnosis, Avalanche, Fantom, Klaytn, Aurora.
Conclusion
Remember, decentralized exchanges (DEX) allow you to trade cryptocurrencies offered by other traders directly from the safety of your crypto wallet. You don't need to transfer your crypto to a centralized exchange to trade. Furthermore, decentralized exchanges have no withdrawal fees, withdrawal limits, or pesky trading rules that favor the exchange over the traders. However, DEXs also come with a learning curve. Don't worry, there are plenty of resources available to help you navigate the world of DEXs.
