When you hear DEX, a decentralized exchange that lets you trade crypto directly from your wallet without a middleman. Also known as non-custodial exchange, it’s the backbone of DeFi — no bank, no account, no one holding your keys. But not all DEXes are built the same. Some are slick, well-audited, and have real volume. Others? Barely anyone trades on them, and the devs disappeared six months ago.
You’ll find no KYC crypto exchanges, platforms that skip identity checks so you can trade anonymously like DueDEX and Wagmi, but that freedom comes with huge risks. No KYC means no customer support, no chargebacks, and no way to recover your funds if something goes wrong. Then there’s DEX fees, the cost of swapping tokens on-chain, which can spike during high traffic or drop to pennies on Layer 2 networks. Some DEXes charge nothing for trades but make you pay in gas. Others hide fees in slippage or token price manipulation.
What makes a DEX worth using? Liquidity. If no one’s trading, your order won’t fill. Volume matters. Audits matter. Team transparency matters. You don’t want to trade on a token that’s stuck on a DEX with zero users — we’ve seen that with ARX and Wagmi on zkSync Era. And don’t get fooled by high leverage or zero fees. If the platform has one trading pair and no verifiable history, it’s probably a trap.
This collection isn’t about hype. It’s about the real DEXes people are using — and the ones they’re running from. You’ll find reviews of Uniswap v4 on Blast, Nexus Trade, HTX Indonesia, and others that actually have users. We break down what works, what’s broken, and what’s just a ghost town with a shiny interface. If you’re trading on a DEX right now, you need to know which ones have real liquidity, which ones are risky, and which ones you should avoid like a bad connection.
Ultron Swap is a decentralized exchange on the Ultron blockchain with low liquidity, no community, and minimal trading volume. Despite its tech potential, it's not a viable option for traders in 2025.