Note: this is a lesson from my DEX Course.
This lesson is about choosing the right decentralized exchange for your cryptocurrency trading. The real question here: What are you trying to accomplish? What is your strategy?
Ask Yourself these Questions about a DEX:
- What coin pairs are you looking to trade?
- Are you focused on one specific blockchain?
- What are the DEXes on that chain?
- What fees and slippage rates are you willing to accept?
- Does that DEX support your wallet?
- Is the liquidity and volume large enough for your trades?
- Do you want access to a huge amount of coins, so an aggregator might be better?
- Are you looking for more assets such as NFTs, futures, synthetics, etc?
- Do you want to do yield farming or provide liquidity?
You may have to try a few DEXes before settling on ones you like. Keep a list of them with some notes. Research around Reddit and forums to see the popular ones. You will narrow them down quickly.