When you trade crypto without an exchange holding your keys, you're using a decentralized exchange, a blockchain-based platform that lets users swap tokens directly from their wallets without intermediaries. Also known as DEX, it’s the backbone of DeFi — and not all DEXes are built the same.
Some DEXes focus on stablecoin swaps, low-slippage trades between assets like USDT, USDC, and crvUSD, while others let you earn rewards by locking up your tokens in liquidity pools. Then there are niche platforms built for specific chains — like Balancer V2 on Gnosis Chain, a DEX offering gasless trades and multi-token liquidity pools — or ones that barely have volume, like Libre Swap with its single BTC/LIBRE pair. The difference isn’t just technical — it’s about risk, cost, and real usability.
Curve Finance on Polygon dominates stablecoin trading because it’s cheap, fast, and has deep liquidity. SushiSwap on Ethereum still works for those who want to stake SUSHI and earn fees, but its governance is messy and fees are higher than ever. Balancer V2 gives advanced users more control over token weights and fees, but it’s not for beginners. Meanwhile, Polycat Finance and Libre Swap? They’re experimental at best, and dangerous at worst — low volume, no audits, and tokens that can vanish overnight. A DEX isn’t just a tool; it’s a bet on its team, its liquidity, and its chain. If you’re trading beyond simple swaps, you need to know which DEX has real users — not just marketing.
What you’ll find below are real reviews of DEXes that actually matter in 2025 — the ones with volume, clear rules, and honest trade-offs. No fluff. No hype. Just what works, what doesn’t, and why you should care.
Uniswap and SushiSwap are two top decentralized exchanges. Uniswap is simple and reliable for trading. SushiSwap offers rewards and multi-chain support for advanced users. Which one suits your needs?