Introduction The world of decentralized finance (DeFi) has transformed how we interact with cryptocurrencies. At the heart of this revolution are decentralized exchanges (DEXs), platforms that allow users to trade digital assets directly from their wallets—without intermediaries. Binance Coin (BNB), originally launched by Binance, has grown beyond just a utility token for the Binance ecosystem. It now plays a central role in many DeFi applications, especially on the BNB Chain, Binance’s custom blockchain. This article dives into the best DEXs (Decentralized Exchanges) that use BNB, analyzing their features, benefits, fees, liquidity, and overall user experience. Whether you’re a seasoned trader or just exploring DeFi, these platforms offer valuable tools and opportunities for using BNB efficiently. Why Use BNB on DEXs? BNB is more than a native token for the Binance exchange; it serves as gas for BNB Chain (formerly Binance Smart Chain or BSC). When using BNB on DEXs, users benefit from: Low transaction fees High-speed trades Large user base and liquidity Broad integration with wallets like MetaMask, Trust Wallet, and Binance Wallet Because of these advantages, many DEXs prefer to build on BNB Chain or support BNB trading pairs. 1. PancakeSwap Website: https://pancakeswap.finance Overview: PancakeSwap is the most popular DEX on the BNB Chain. It offers a wide range of DeFi functionalities including swapping, staking, yield farming, and a lottery system. Launched in 2020, PancakeSwap quickly became the go-to DEX for BNB users. Key Features: Supports BEP-20 tokens Extremely low fees (typically $0.01 or less per transaction) High liquidity due to a large user base Syrup Pools and Farms: Stake BNB or CAKE to earn rewards NFT Marketplace and gamification features BNB Use Cases: Trade BNB with thousands of tokens Provide BNB in liquidity pools and earn LP tokens Use BNB to pay for gas on transactions Stake BNB to earn other tokens Pros: Extremely fast and cheap Most well-established DEX on BNB Chain Constantly evolving features and community Cons: Overexposure to CAKE price fluctuations Occasional rug pulls due to listing of lesser-known tokens 2. ApeSwap Website: https://apeswap.finance Overview: ApeSwap is a DEX and DeFi hub built on BNB Chain and Polygon. It positions itself as a community-focused platform with fair launch initiatives, NFT integration, and deep liquidity options. Key Features: Swap BEP-20 tokens with BNB Liquidity mining and yield farming IAOs (Initial Ape Offerings) for early investment in new projects Integration with Treasury Bills, a unique farming model NFT staking and marketplace BNB Use Cases: Trading with BNB pairs Providing BNB liquidity for farming Staking BNB in Banana Pools for passive returns Pros: Innovative DeFi mechanics (like Treasury Bills) Strong partnerships and community Multi-chain support (BNB Chain and Polygon) Cons: Less user base compared to PancakeSwap Native token (BANANA) has high volatility 3. MDEX Website: https://mdex.com Overview: MDEX originally launched on Huobi Eco Chain (HECO) but has since expanded to BNB Chain and Ethereum. It combines the functions of a DEX and DeFi aggregator, offering users incentives and dual mining rewards. Key Features: Cross-chain asset support High APY on liquidity pools Dual-mining mechanism: Earn both MDX and transaction fees Launchpad and Boardroom for governance BNB Use Cases: BNB is widely used in liquidity pools Trade BNB with popular tokens like USDT, ETH, etc. Gas fees payable with BNB Pros: High-yield farming options Expanding across multiple chains Stable liquidity Cons: Interface is less beginner-friendly More complex DeFi tools that may overwhelm casual users 4. Biswap Website: https://biswap.org Overview: Biswap is a next-generation DEX on BNB Chain, known for its low trading fees (0.1%) and multi-reward staking system. It stands out for offering fee rebates and affiliate rewards, targeting cost-sensitive traders and marketers. Key Features: Trade Mining: Earn BSW for trading Multi-type Farms: Stake BNB for BSW and other token rewards Referral Program with up to 50% commissions NFT launchpad and games BNB Use Cases: Provide BNB/BSW liquidity Stake BNB in Launchpools Use BNB to trade with other tokens Pros: Lowest trading fees on BNB Chain Referral system rewards Transparent and community-driven Cons: Relatively new compared to PancakeSwap Smaller trading volume 5. BabySwap Website: https://babyswap.finance Overview: BabySwap is a DEX specifically designed for new projects and smaller tokens on the BNB Chain. It supports BNB trading and is also an entry point for less-experienced DeFi users. Key Features: Focus on early-stage token listings Liquidity mining NFT farming and BabyVerse (metaverse integration) Launchpad for microcap tokens BNB Use Cases: Trade and farm with BNB pairs Use BNB to access launchpad tokens Stake BNB for Baby rewards Pros: Good for early investment opportunities Simple interface for beginners Active NFT integrations Cons: Higher risk due to newer tokens Low trading volumes 6. WaultSwap Website: https://app.wault.finance Overview: WaultSwap is a lesser-known but highly innovative DEX that aims to offer ultra-low fees and deep liquidity. It is part of the larger Wault Finance ecosystem and supports both BNB Chain and Polygon. Key Features: Decentralized lending/borrowing High APR yield farms WEX token integration Simple cross-chain bridge BNB Use Cases: Liquidity pools with BNB Use BNB for cross-chain swaps Earn BNB-based LP tokens Pros: High returns for liquidity providers Low fees and slippage Expanding multi-chain infrastructure Cons: Less user trust due to smaller brand Lower liquidity than competitors 7. OpenOcean (Aggregator) Website: https://openocean.finance Overview: While not a DEX itself, OpenOcean is a DEX aggregator that pulls the best prices from multiple platforms—including all the major BNB-based DEXs like PancakeSwap, Biswap, and ApeSwap. Key Features: Smart routing for best trade prices Cross-chain swap aggregator Professional trading tools and charts BNB Chain fully supported BNB Use Cases: Trade BNB across multiple DEXs at best rates Lower slippage and higher price efficiency Multi-DEX strategy using BNB Pros: Saves time and gas for traders Easy interface with deep integrations Excellent for large or frequent BNB trades Cons: Not a direct DEX Dependent on third-party platform performance Tips for Using BNB on DEXs 1. Always Use a Reputable Wallet Recommended wallets include MetaMask, Trust Wallet, or Binance Wallet. 2. Verify Token Contracts Scammers often list fake tokens. Double-check token contracts from official sources like CoinGecko or BscScan. 3. Use Hardware Wallets for Large Funds To avoid phishing or hacking risks, store large amounts of BNB in a hardware wallet like Ledger or Trezor. 4. Check for Impermanent Loss Providing liquidity in BNB/token pairs can lead to impermanent loss. Use tools like APY.vision or YieldWatch to manage risks. 5. Watch Out for Rug Pulls Avoid unknown projects with low liquidity or no audits. Stick to DEXs with a proven track record. Post navigation How to Lend and Borrow Using BNB Comparing DeFi Returns on BNB vs ETH