Updated: Oct 7, 2021
Using a decentralized exchange (DEX) is a very easy process that only requires a few steps. It provides the advantage of being able to trade coins directly from your wallet rather than sending them to an exchange - keeping you in full control of your assets.
When using a DEX, your crypto wallet must be compatible with the blockchain you are trading on - otherwise they will be unable to connect.
For example: if you want to trade Ethereum-based tokens, you must use an Ethereum-based DEX. Or if you want to purchase a Solana-based token, you must trade on a Solana DEX.
Navigate to the decentralized exchange that you want to use. Below is a list of the most popular exchanges depending on what chain you are trading on.
Connect your Metamask/Phantom wallet to the exchange.
Choose the assets you want to swap.
The final step is to click swap and confirm the transaction in your wallet. After clicking "confirm swap" on the DEX, a window will appear in your wallet asking you to confirm the transaction one final time. Confirming this transaction costs a gas fee so make sure you have some extra ETH/BNB/SOL to cover those fees when trading.