Decentralised Exchange (DEX) Directory & Reviews (2026)

Compare 50 decentralised exchanges side by side: supported chains, swap fees, audit and exploit history, liquidity depth, and how much control anyone actually retains over the contracts. A DEX never holds your coins, so it cannot fail the way an exchange fails. It can fail in other ways, and several here have. Filter by chain, type or record, then open a full review.

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A DEX cannot lose your coins, but its contracts can

You keep custody the whole time, so there is no exchange failure risk. Instead you take on smart contract risk, and Balancer losing over 100 million dollars in November 2025 from repeatedly audited contracts is the clearest possible illustration that audits reduce risk without removing it.

Slippage usually costs more than the fee

The headline fee is 0.05 to 0.30 percent. On a thin pair, price impact can be several percent on a modest trade. Always read the price impact figure before confirming, and if it looks large, split the trade or use an aggregator.

The token is usually the risk, not the exchange

Anyone can create a pool for anything. A DEX will happily let you buy a contract designed so that you can never sell it. Verify the contract address from the project's own site before you swap, every time.

Approvals outlive the trade

Swapping grants the router permission to spend that token, often without limit and without expiry. Review and revoke approvals every few months at revoke.cash or on the block explorer.