Paper ApeHow 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.
Uniswap (Ethereum)
SushiSwap (Ethereum)
PancakeSwap (Binance chain)
Raydium (Solana)
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.
