How to use decentralized exchanges

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.

Recommended wallets

Step 1

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.

Step 2

Connect your Metamask/Phantom wallet to the exchange.

Step 3

Choose the assets you want to swap.

Step 4

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.

Video tutorial