This guide will provide you with a list of the 5 best DeFi exchanges in 2022. To provide a detailed comparison, we also review each of the best DEXs based on their services, fees & available features.
The Top 5 Decentralized Exchanges for 2022
If you want to purchase the best DeFi (decentralised finance) coins, it is essential to identify the best decentralised crypto exchange. In the table below, we have listed the 5 best decentralised exchanges to use in 2022.
- Defi Swap – Overall Best DeFi exchange in 2022
- Uniswap – Best DEX for earning interest on DeFi
- Pancakeswap – DEX for low-cost liquidity pools
- Curve – DeFi crypto exchange that reduces volatility
- 1inch – Exchange Aggregator
The Top Defi Exchanges Reviewed
By eliminating intermediaries to facilitate crypto transactions, the best DEXs provide users with an easy way to exchange their holdings. To better understand the top decentralised exchanges in the market, we have provided a detailed review of the 5 best DEXs available currently.
- Defi Swap – Overall Best DeFi Exchange in 2022
Our top pick for the best decentralised crypto exchange is Defi Swap.
By requiring buyers and sellers to exchange their holdings directly with other market participants, the Defi Swap DEX eliminates the need for a centralised third party. Defi Swap hosts automatic liquidity pools, which operate via smart contracts on the Binance Smart Chain (BSC).
Automated liquidity pools directly provide buyers with coin liquidity to facilitate swaps and exchanges, which removes the need for an additional party to be present to initiate the trade. Defi Swap is available to provide these options to users via Defi Coin (DEFC) – its native token.
Not only can you use Defi Swap to access the liquidity pools, but you can also lock in your assets and earn interest via Defi coin rewards. DEFC also promotes long-term holding – since a 10% tax is levied when you sell or swap your DEFC holdings. However, 50% of the tax collected is distributed among existing coin holders on a proportionate basis. The other 50% is redistributed to the liquidity pools.
Thus, Defi Swap is a multi-purpose chain exchange that provides users with interest-earning opportunities.
Since Defi Swap runs on the BSC, users need to use BNB tokens to exchange or swap their holdings. With BNB, you can swap over 50 tokens on Defi Swap – including DAI, USDC, and USDT.
You can access Defi Swap’s online portal through your browser and easily swap & trade multiple cryptocurrencies with ease.
| Number of DeFi tokens |
50 + |
| Pricing Structure |
10% fee while selling DEFC |
| Fees for Buying BTC |
N/A |
| Minimum Deposit |
N/A |
Pros
- Automatic Liquidity Pools
- Swap & exchange 50 + cryptos
- Hold native token (DEFC) for passive income
- Defi Swap app launching soon
Cons
- No Defi Swap app as of yet
Your capital is at risk.
2. Uniswap – DEX with High Trading Volume
If you are looking for one of the top decentralised exchanges available in the market, the Uniswap DEX has an average 24- hour trading volume of more than $4 billion. Uniswap is currently the biggest decentralised exchange, with a market share of 43% as of May 2022.
The Uniswap DEX is an automated market maker (AMM), meaning that it uses decentralised liquidity pools which are powered by smart contracts.
The Uniswap protocol manages this by using an algorithmic equation which determines the swap rate of the tokens which require swapping. The process also removes identity requirements for users, which means that any user can create their own liquidity pool for any token pair.
A truly decentralised and democratic DEX, Uniswap lets you participate in its Uniswap DAO (decentralised autonomous organisation) – which allows users to participate in governing & maintaining the ecosystem.
In order to participate in the Uniswap ecosystem, you must hold UNI – the DEXs native token. While you have to pay a low transaction charge of 0.3%, a gas fee is also applied to your transactions.
| Number of DeFi tokens |
400+ |
| Pricing Structure |
0.3% fee on transactions + gas fee |
| Fees for Buying BTC |
0.3% |
| Minimum Deposit |
N/A |
Pros
- Largest DEX per volume and market share
- DAO options to govern platform
- Low fixed transaction fee
Cons
- Gas Fees can increase to triple digits
3. Pancakeswap – DEX for low-cost Liquidity Pools
Pancakeswap is a popular DeFi crypto exchange, that executes trades automatically on its platform via smart contracts.
Similar to Uniswap, this DEX runs on the Binance Smart Chain (BSC), allowing users to swap and exchange assets by providing liquidity pools.
Pancakeswap hosts its own token, CAKE, which users can use for yield farming, staking and voting on governance protocols. The liquidity is contributed by users themselves, who are classified as liquidity providers (LPs). Depending on how many coins users add to the pool, they are rewarded with a share of LP tokens. To retrieve their fraction of the pool, users have to return their LP tokens.
In return, the Liquidity providers receive a share of transaction fees from the pools they contribute to. Most of this is retrieved from a standard 0.25% transaction fee, which is a very competitive fee compared to other DEXs.
You can easily access Pancakeswap with a supported wallet – such as MetaMask, TrustWallet or WalletConnect. With BNB tokens, you can use easily Pancakeswap to trade over 50 DeFi tokens.
| Number of DeFi tokens |
50+ |
| Pricing Structure |
0.25% transaction fee |
| Fees for Buying BTC |
0.25% |
| Minimum Deposit |
N/A |
Pros
- Liqduity Pools for swapping & exchanging DeFi tokens
- Low transaction fee
- 50 + DeFi coins available
Cons
- Risk an impermanent loss on Yield Farming and while staking tokens
4. Curve – DeFi crypto exchange that reduces volatility
Curve is a decentralised crypto exchange that runs on the Ethereum chain, providing liquidity to primarily ERC-20 tokens like stablecoins and wrapped versions of tokens such as wBTC and tBTC.
An AMM ( Automated Market Maker), Curve provides users with a decentralised way of swapping different cryptos via liquidity pools. However, Curve is different to other AMM platforms since it opts for stability instead of speculation and volatility.
This allows the DEX to use more efficient algorithms and provide users with low fees and low slippage fees. Swaps on the Curve platform cost a transaction fee of only 0.04%, which is distributed among existing token holders and liquidity providers.
Curve has also launched its own DAO to allow users to participate in the platform’s governance.
Users get voting rights to manage the ecosystem through the Curve DAO, as long as they hold CRV tokens – Curve’s native digital coin. With the Curve DEX, you can swap over 45 tokens with ease.
| Number of DeFi tokens |
45+ |
| Pricing Structure |
0.04% transaction fee |
| Fees for Buying BTC |
0.04% |
| Minimum Deposit |
N/A |
Pros
- Swap stablecoins with low-volatility liquidity pools
- Very low fees
- Join Curve DAO with native token – CRV
5. 1inch – Exchange Aggregator
1inch is another popular DEX which operates very differently from other decentralised exchanges. 1inch allows users to exchange and swap tokens easily since it is an exchange aggregator.
This means that the platform scans through decentralised exchanges to find the lowest cryptocurrency prices available for users.
Alternately, liquidity is also provided on the 1inch platform through the 1inch liquidity protocol – an AMM that uses virtual balances to give the best spread options to users. Through a “liquidity mining” process, users stake their tokens and lock them in a liquidity pool. They are rewarded with 1INCH token – the platform’s native digital coin.
1inch coins are also used as a governance token, allowing users to participate and vote in platform governance by staking the native token. Since 1inch scans other DEXs to provide the best swapping rates, 1inch does not charge any additional transaction fee.
| Number of DeFi tokens |
400+ |
| Pricing Structure |
No transaction fee(end exchange may charge own fees) |
| Fees for Buying BTC |
No fee |
| Minimum Deposit |
N/A |
Pros
- Supports over 400 tokens
- Provides best swap rates by scanning other DEXs
- Users can participate in governing 1inch with 1INCH token
Cons
- It is not regulated in the U.S
Conclusion
By comparing multiple DEXs based on their fees, tradable tokens and features – we recommend Defi Swap as the top decentralised exchange in 2022.
With Defi Swap, you can trade in more than 45 DeFi coins and earn interest simultaneously through the platform’s automated liquidity pool. Notably, users can also benefit from their interest lock-ins by holding DEFC – the native token of the platform.
Your capital is at risk.
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