Decentralized Crypto Exchanges FAQ

Here are brief answers to some common DEX questions.

• How many decentralized exchanges are there?

There are hundreds! Ethereum has the most active DEXs with the most users and the highest liquidity such as Uniswap and SushiSwap, but Binance Smart Chain’s Pancakeswap is one of the biggest DEXs while Polygon’s AnySwap is also gaining traction.

• How do I get DEX crypto?

Not all DEXs have their own native crypto token but if they did, then the best place to get them is usually at the DEX itself. So you might want to buy UNI from Uniswap and CAKE from Pancakeswap, for example.

• What is a good decentralized exchange?

It really depends on what you want or need from a DEX. As discussed in this article, there are even three types of DEXs to choose from and that’s before you consider which blockchain network you’d like to access.

For starters, we’d recommend you check out a DEX aggregator like 1inch, which will give you access to a wide range of other DEXs and networks. Once you’ve familiarised yourself with them, you might prefer to hop on to the DEX you like.

Be wary, however, to always self-verify the DEX to ensure you are indeed on a legitimate dApp before connecting your wallet to it. A good way to do this is to look up the official website by cross-referencing several reputable sources.

• What is an instant decentralized crypto exchange?

As the name suggests, it’s a DEX that lets you swap instantly. Technically, most swaps on any DEX will take place near-instantly if you pay the right miner’s fee and set trading conditions correctly.