Decentralised exchanges, honestly compared
A decentralised exchange is not a cheaper version of Binance. It is a different arrangement of trust: you keep your own coins, nobody checks your identity, and there is no support desk when something goes wrong. That trade is worth making for some jobs and reckless for others. This directory sorts venues by the job they do, and each one has its own page with the drawbacks written in.
What a DEX actually changes
One thing, and everything follows from it: the coins stay in a wallet you control instead of on a company's books. That single change is why fees can be lower, why there is usually no identity check, and why almost nothing can be undone.
The line that catches people is the second row. On a centralised exchange, losing your password is an afternoon of annoyance. In self-custody, losing your seed phrase is the end of the money — there is no account to recover, because there was never an account, only a key. Read how to judge a venue before deciding which risk you prefer.
Perpetuals and derivatives
Leveraged contracts without an intermediary holding your collateral. The most mature category on-chain — and the most expensive one to get wrong.
Hyperliquid — on-chain perpetuals
A layer-one built for trading: every fill verifiable on-chain, non-custodial, and a margin rule that checks your leverage only when the position opens.
Aster — privacy-first perpetuals
Self-custody perpetuals with hidden resting orders. Also advertises leverage up to 1001x, where a 0.1% move ends the position.
Memecoins and launchpads
Markets where anyone can create a token and anyone can trade it minutes later. Not investing, and not really trading either — the main variable is attention.
pump.fun — memecoin launchpad
Anyone can create a token on Solana and trade it minutes later. Nobody screens the coins, and the creator can sell at any moment.
FOMO — social-first trading app
Fast multichain access with a leaderboard and buy alerts attached. Convenient, and built on the three mechanisms that empty beginner accounts.
Swaps and spot
Token swaps on-chain — the everyday plumbing of decentralised finance.
We do not list a venue here yet. Not an oversight: we would rather leave a gap than fill it with a name we have not examined. When we cover one it will get its own page, in the same shape as the others — what it is good at, and where it can cost you.
Who should not use a DEX yet
Anyone in their first months of trading. The independence is real but it is not what is holding you back. Order execution, position sizing and the discipline to follow a plan are — and those are cheaper to learn where a support desk exists. Start with the centralised exchanges.
Anyone who cannot explain a seed phrase. Not as a test of intelligence, but as a test of whether the failure mode is understood. In self-custody, that failure is total and permanent.
Anyone using money they need. True everywhere on this site, and doubly here, where there is nobody to appeal to.
Anyone who found a venue through a leaderboard or a post about someone getting rich. That is the arrival route with the worst outcomes on record — and it is the route these products are designed to create.
FAQ
Is a DEX safer than a centralised exchange?
Safer from one risk, more exposed to another. You are not trusting a company with your coins, which removes the risk of that company failing or freezing withdrawals. You are now fully responsible for your keys and every transaction you sign, with no recovery path. They fail in different ways.
Do decentralised exchanges require ID?
Usually not, which people read as the main attraction. Understand the trade: no identity check also means no institution that owes you anything and no process to appeal to. Rules differ by country — check what applies where you live.
Can I start with memecoins instead of learning the basics?
You can, and it is the most common way beginner accounts disappear. These markets punish exactly the habits a beginner has not built yet: position sizing, defined exits, and not buying because of a notification.
Why do you list venues you warn about?
Because people search for them and will use them whether or not we mention them. A page that only lists safe options is never read by the person taking the risk. We would rather they arrive here, see the drawback in the same sentence as the link, and size the position accordingly.