Top decentralized and centralized exchanges in 2025

In 2025, Uniswap, SushiSwap and PancakeSwap are the leaders in decentralized exchanges, while Binance, Coinbase and Huobi are outstanding in centralized exchanges.

Apr 17, 2025 at 03:38 pm

In 2025, decentralized exchanges (DEXs) and centralized exchanges (CEXs) occupy a crucial position in the cryptocurrency market. With the continuous development of blockchain technology and the increasing demand for privacy and security by users, the market share of decentralized exchanges has gradually expanded, while centralized exchanges still maintain strong market competitiveness with their efficient transaction processing capabilities and rich trading pair selection. This article will introduce in detail the TOP list of decentralized and centralized exchanges in 2025, and explore their respective advantages and characteristics.

Decentralized exchange TOP list

Uniswap undoubtedly ranks first in the decentralized exchanges. Since its launch, Uniswap has quickly won the favor of users with its automated market makers (AMM) model. Uniswap's trading volume reached an all-time high in 2025 , with the depth of its liquidity pool and extensive token support making it the preferred platform for users to exchange tokens. In addition, Uniswap's user interface is friendly and easy to operate, so even novice users can easily get started.

SushiSwap follows closely behind, becoming the leader among decentralized exchanges with its unique reward mechanism and community governance model. SushiSwap attracts a large number of users to its ecosystem by issuing SUSHI tokens to liquidity providers. SushiSwap has seen significant growth in trading volume and user count in 2025 , with its continuous introduction of new features and improved user experiences that make it stand out in the highly competitive decentralized exchange market.

PancakeSwap 's performance on Binance Smart Chain is also not to be underestimated. As a decentralized BSC-based exchange, PancakeSwap has attracted a large number of users with its low transaction fees and fast transaction confirmation times. In 2025, PancakeSwap's transaction volume and user activity have reached new heights . The various farms and staking activities it launches allow users not only to exchange tokens, but also to obtain additional benefits through participating in the ecosystem.

Centralized exchange TOP list

Binance ranks first among centralized exchanges. As the world's largest cryptocurrency exchange, Binance has become the preferred platform for users to trade cryptocurrency with its rich trading pairs and strong liquidity. In 2025, Binance's transaction volume continued to grow , with its launch of a variety of innovative products and services, such as Binance Futures and Binance Launchpad, further strengthening its leadership in the market.

As the largest cryptocurrency exchange in the United States, Coinbase also occupies an important position in centralized exchanges. Coinbase attracts a large number of institutional and retail users with its compliance and user-friendly interface. In 2025, Coinbase's trading volume and number of users have achieved significant growth , and its expanding support for token types and launch of new features such as Coinbase Pro, keeping it strongly competitive in the highly competitive centralized exchange market.

As an important participant in the Asian market, Huobi also occupies a place in centralized exchanges. Huobi has become a reliable choice for users to conduct cryptocurrency transactions with its efficient transaction processing capabilities and rich trading pair selection. In 2025, Huobi's transaction volume and user activity have achieved significant growth , with the launch of various innovative products and services such as Huobi Prime and Huobi OTC, which have kept it strongly competitive in the market.

Advantages of decentralized exchanges

The biggest advantage of a decentralized exchange is its decentralized nature , which means that users do not need to entrust assets to third parties, which greatly reduces the risk of assets being stolen or frozen. In addition, decentralized exchanges usually adopt an automated market maker (AMM) model, where users can earn profits by providing liquidity, which provides users with a new way to make money.

Another important advantage is privacy protection . When trading on decentralized exchanges, the user's personal information and transaction records are usually not recorded or stored, which provides users with higher privacy protection. In contrast, centralized exchanges usually require users to perform KYC (know your customers) authentication, which can pose a threat to users' privacy.

Advantages of centralized exchanges

The biggest advantage of a centralized exchange is its efficient transaction processing capability . Since centralized exchanges use centralized servers for transaction processing, transaction speeds are usually faster than decentralized exchanges. In addition, centralized exchanges usually provide richer trading pairs and deeper liquidity, which provides users with more trading options and a better trading experience.

Another important advantage is user support and service . Centralized exchanges usually provide 24/7 customer support services, and users can get help at any time when they encounter problems. In addition, centralized exchanges usually launch a variety of innovative products and services, such as futures trading and lending services, which provide users with more investment and trading opportunities.

Comparison between decentralized and centralized exchanges

When choosing a decentralized exchange or a centralized exchange, users need to make choices based on their needs and preferences. If users focus more on privacy and security, decentralized exchanges may be a better choice. If users pay more attention to trading speed and rich trading pairs, centralized exchanges may be more suitable.

In addition, users also need to consider factors such as transaction fees and liquidity. Decentralized exchanges usually have lower transaction fees, but their liquidity may be less than that of centralized exchanges. Centralized exchanges may have higher transaction fees, but their liquidity is usually deeper and faster transactions.

Frequently Asked Questions

How to trade on a decentralized exchange?

Trading on a decentralized exchange usually requires the following steps:

• Connect to a website or application for decentralized exchanges.

• Connect your cryptocurrency wallet, such as MetaMask or Trust Wallet.

• Select the token you want to exchange and enter the amount you want to exchange.

• Confirm the transaction and pay the necessary Gas fees.

• Wait for the transaction to be confirmed, and after the transaction is completed, the tokens will be automatically deposited into your wallet.

How to ensure the security of centralized exchanges?

Centralized exchanges usually protect users' safety through the following measures:

• The cold and cold wallet separation technology is used to store most user assets in offline cold wallets to reduce the risk of being hacked.

• The implementation of multi-signature technology requires multiple administrators to sign together before large-scale funds can be transferred, which improves the security of funds.

• Conduct regular security audits and penetration tests to identify and fix potential security vulnerabilities.

• Provide security measures such as dual-factor authentication (2FA) to enhance the security of user accounts.

How liquidity is on decentralized exchanges?

The liquidity of a decentralized exchange depends mainly on the depth of its liquidity pool. A liquidity pool is composed of tokens provided by users, and users can earn fee income by adding tokens to the pool. The greater the depth of the liquidity pool, the smaller the slippage of trading, and the better the user's trading experience. Some decentralized exchanges provide liquidity by providing incentives to attract more users to provide liquidity, thereby increasing the depth of liquidity.

What are the differences in transaction fees between centralized exchanges and decentralized exchanges?

Trading fees on centralized exchanges are usually fixed percentages, and the specific rates vary by exchange and trading pair. The transaction fees of decentralized exchanges are usually based on dynamic fees of Gas fees, and users need to pay a certain Gas fee to complete the transaction. In addition, some decentralized exchanges will charge liquidity providers a certain handling fee as a reward for providing liquidity to them.