Some of the best DEXs and how to use them

There are many popular DEXs around and many blockchain networks with their own DEXs so choosing the best one depends on your requirements. As a rule of thumb, you want a DEX with high liquidity so you can easily trade at the amount you want. You also want an established DEX to ensure you’re not about to swap with a scam site or a DEX whose smart contracts are vulnerable to hacks.

Ethereum is the most popular network with the deepest liquidity. Here you can use AMM DEXs like Uniswap and SushiSwap. If you still want to use order book DEXs, you can take a look at Serum on the Solana blockchain.

Many new users will appreciate DEX aggregators like 1inch and Zerion, as they enable you to access many major DEXs across several different networks like Ethereum, Binance Smart Chain, Polygon and Gnosis.

In general, they all work the same way:

1. You first need your own Web 3 crypto wallet – examples of this are MetaMask and Trust Wallet. 
2. Then, you connect your wallet to the DEX (you must know how to sign and approve from your wallet).
3. From there, you simply select the asset you wish to purchase, and the asset in your wallet you’d like to swap it for. Specify the amounts plus the miner fee or gas fee.
4. You should also set a slippage tolerance rate (the higher, the more likely your trade will succeed). Most DEXs already have preset configurations that should work for the average trade.
5. You will be asked to sign and approve the transaction type if it’s the first time you’re doing that particular trade. It’s like agreeing to smart contracts.
6. Finally, sign and confirm the transaction. Once it confirms on the blockchain network, your trade will execute and you’ll receive the new assets in your wallet in exchange for the one you’ve swapped out for them.