When you trade crypto on a decentralized crypto exchange, a peer-to-peer trading platform that runs on blockchain software without a central authority. Also known as a DEX, it lets you swap tokens directly from your wallet—no sign-up, no KYC, no bank account needed. This isn’t just a tech buzzword. It’s the core idea behind why so many people moved away from platforms like Binance or Coinbase: control. On a DEX, you hold your keys. No one can freeze your funds. No one can shut down the service. That’s the promise.
But not all DEXs are built the same. Some, like Ref Finance, a fast, low-cost DeFi platform on the NEAR Protocol, offer near-instant trades with fees under a penny. Others, like SushiSwap on Arbitrum Nova, a version of the popular DEX running on a less-used blockchain layer, have almost no liquidity—making trades risky or impossible. Then there are DEXs that never took off at all, like OpenSwap on Harmony, a deflationary exchange that lost all trading volume and went silent. The difference? Community, liquidity, and real usage. A DEX isn’t just code—it’s people trading, providing funds, and keeping it alive.
What you won’t find on most DEXs? Customer support. No phone number. No email reply. If you send funds to the wrong address? Too bad. That’s the trade-off. You gain freedom, but you also lose safety nets. That’s why so many users still rely on regulated exchanges—especially in places like South Korea, where platforms like COREDAX, a locally licensed crypto exchange built for Korean traders, offer legal compliance and Korean-language help. But if you’re in Nigeria, Bangladesh, or Vietnam, where governments restrict access, a DEX might be your only option. That’s why tools like VPNs and airdrop trackers became so popular—they’re not just for earning free tokens, they’re for staying in the game.
And here’s the catch: not everything labeled a DEX is real. Some platforms, like Armoney or CreekEx, are scams pretending to be decentralized. They look like DEXs. They have fake wallets. They even show fake trading charts. But they’re just fronts to steal your crypto. How do you tell the difference? Look for open-source code, verified contracts, and real trading volume. If no one else is using it, it’s probably not a DEX—it’s a trap.
By 2025, the decentralized exchange space isn’t about hype anymore. It’s about what actually works. You’ll find guides here on the DEXs that still have liquidity, the ones that collapsed, and the ones that never existed at all. You’ll see how airdrops like BUNI or ADX connect to DEX ecosystems, how token swaps like BNX to FORM break things, and why some chains—like NEAR or Arbitrum Nova—matter more than others. This isn’t theory. It’s what people are actually using, losing, or avoiding right now. Let’s cut through the noise.
14 February
CryptoBridge was an ambitious decentralized exchange built on BitShares, offering fiat on-ramps and margin trading without custodial risk. But it's now abandoned, with no updates since 2021 and its token delisted. Don't use it - here's why and what to use instead.
14 January
ICDex is a decentralized crypto exchange built on the Internet Computer blockchain, offering true on-chain order books - but with near-zero liquidity and only 8 trading pairs. It's only useful for ICP traders who prioritize decentralization over usability.
