OneDex Crypto Exchange Review: Is This MultiversX DEX Worth Your Time?
Jan, 11 2025
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OneDex tip: With 47 swaps in a single day costing under $0.10, OneDex is ideal for frequent traders. However, it's only for MultiversX tokens and requires a MultiversX wallet like Maiar or XPortal.
Most crypto exchanges make you hand over your keys. OneDex doesn’t. It’s a decentralized exchange built for the MultiversX blockchain, and it’s not trying to be the next Binance. It’s trying to be the best place to trade WEGLD - and nothing else. If you’re deep into the MultiversX ecosystem, this might be your go-to. If you want to trade Bitcoin, Ethereum, or even Solana tokens? Keep looking.
What Exactly Is OneDex?
OneDex launched in 2023 as a non-custodial crypto exchange operating on the MultiversX (formerly Elrond) blockchain. No one knows who runs it. No KYC. No headquarters you can visit. Just a website, a smart contract, and a community of traders who swear by its speed. It’s built on the same principles as Uniswap or PancakeSwap - automated market makers, no middlemen, direct wallet-to-wallet trades. But unlike those platforms, OneDex only supports assets native to MultiversX. That’s it.You won’t find BTC, ETH, or DOGE here. You’ll find WEGLD (Wrapped eGold), USDC, USDT, MEX, XHUNT - 25 tokens total. And 54 trading pairs. Most of the volume? WEGLD/USDC. That single pair made up over 96% of all trades in October 2023, hitting $10.5 million in 24 hours. The rest? Split thin across the other 53 pairs.
How It Works - No Fluff, Just Steps
If you’ve used a DeFi wallet before, this will feel familiar. If you’re new? You’ve got a learning curve ahead.- Get a MultiversX-compatible wallet - Maiar or XPortal are the only ones that work well.
- Deposit USDC or USDT into your wallet. You can’t deposit fiat. No credit cards, no bank transfers.
- Go to onederx.io and connect your wallet.
- Choose your pair - WEGLD/USDC is the default, and the only one with real liquidity.
- Set your slippage (recommended: 1-2%). Click swap. Wait 1-2 seconds. Done.
That’s it. No sign-up. No email. No verification. You control your keys. You own your trades. And you pay a flat 0.3% fee on every trade - no hidden charges, no tiered pricing.
Speed and Cost - Where OneDex Shines
MultiversX isn’t just another blockchain. It’s fast. Like, blockchain-rocket-fast. Transactions settle in under one second. Gas fees? Around $0.001 per trade. That’s 100x cheaper than Ethereum. For traders who do multiple swaps a day, that adds up.Compare that to Uniswap on Ethereum, where a single swap can cost $5-$15 in gas during peak times. Or even PancakeSwap on BNB Chain, where fees hover around $0.50. OneDex wins on cost and speed - if you’re trading MultiversX tokens.
Users on Reddit and Telegram report near-zero failed transactions. One trader, u/MultiversX_Maximizer, said he did 47 swaps in a single day without a single revert. That kind of reliability is rare in DeFi.
The Dark Side - What OneDex Doesn’t Do
Here’s the catch: OneDex is not a full-service exchange. It’s a narrow tool. And that’s dangerous if you’re not careful.- No fiat on-ramps - You can’t buy crypto with USD. You need to already have USDC or USDT from another exchange.
- No cross-chain support - You can’t bridge from Ethereum, Solana, or Polygon. Only MultiversX assets work.
- No order book - No limit orders, no stop-loss, no trailing stops. It’s a simple swap engine.
- No mobile app - You’re stuck with the browser version. No iOS or Android app exists.
- No customer support - No email. No live chat. Just a Telegram group with 378 members and 48-hour response times.
- No audits - No CertiK, no Hacken, no PeckShield report. The code is open, but no third party has verified its security.
And then there’s the concentration risk. Over 96% of trading volume is WEGLD/USDC. That’s a red flag. If WEGLD’s price crashes or liquidity dries up - and it has before in other niche DEXs - OneDex could collapse overnight. DeFi analyst Anna K. warned in August 2023: “DEXs with over 95% volume in one pair are one bad tweet away from disaster.”
Who Is This For? (And Who Should Stay Away?)
OneDex isn’t for everyone. It’s for a very specific group:Perfect for:
- Traders who already hold WEGLD or other MultiversX tokens
- People who want ultra-fast, ultra-cheap swaps within the MultiversX ecosystem
- Arbitrageurs exploiting price gaps between OneDex and Maiar Exchange
- Those comfortable with self-custody and DeFi risks
Avoid if you:
- Want to trade Bitcoin, Ethereum, or altcoins outside MultiversX
- Need fiat deposits or withdrawals
- Want advanced trading tools like limit orders or charting
- Prefer platforms with customer support or audits
- Are new to crypto - this isn’t beginner-friendly
OneDex doesn’t hold your hand. It doesn’t explain slippage. It doesn’t warn you if you’re about to swap the wrong token. One user lost $380 by clicking “swap” on XHUNT instead of WEGLD. No one stopped him. No one helped him. That’s the price of decentralization.
How It Compares to Other DEXs
| Feature | OneDex | Uniswap (Ethereum) | PancakeSwap (BNB Chain) | Maiar Exchange |
|---|---|---|---|---|
| Blockchain | MultiversX | Ethereum | BNB Chain | MultiversX |
| Trading Pairs | 54 | 10,000+ | 500+ | 60+ |
| 24h Volume | $10.9M | $1.8B | $1.1B | $28M |
| Trading Fee | 0.3% | 0.3% | 0.2% | 0.2% |
| Fiat On-Ramp | No | No | No | No |
| Order Book | No | No | No | No |
| Mobile App | No | No | No | Yes |
| Security Audit | None | Yes (multiple) | Yes | Yes |
| Best For | WEGLD traders | General DeFi | BNB Chain users | Mobile-first MultiversX users |
Maiar Exchange, owned by the MultiversX Foundation, is the #1 DEX on the chain with 62% of volume. OneDex is #2. But Maiar has a mobile app, official support, and more liquidity across more pairs. OneDex’s edge? Slightly lower fees and a community-driven vibe - no corporate backing.
Real User Experiences
User reviews on CoinGecko average 3.8/5. That’s decent - but the split is stark.Positive feedback: “Swaps are instant. I’ve never had a failed trade.” - u/MultiversX_Maximizer
Negative feedback: “I sent USDC from Coinbase to my Maiar wallet. It took 3 hours to show up. No one answered my message.” - u/DEX_Shopper
On Reddit, users report two major issues:
- Failed token approvals - often fixed by manually increasing gas fees.
- Deposit delays - sometimes over 2 hours, caused by bridge congestion, not OneDex itself.
But there’s also profit. One trader, u/WeGLD_Trader, made 12.7% weekly returns in September 2023 by arbitraging WEGLD between OneDex and Maiar Exchange. That’s the kind of edge niche DEXs can offer - if you’re fast and know the ropes.
The Big Question: Is OneDex Safe?
There’s no audit. No team. No insurance. No recourse if something goes wrong. That’s the trade-off.Security relies on the MultiversX blockchain - which is battle-tested and has never been hacked. The smart contracts are open-source, so anyone can review them. But open-source doesn’t mean bug-free. In August 2023, a similar DEX on a lesser-known chain lost $1.2 million due to a reentrancy flaw. No one noticed until it was too late.
OneDex hasn’t been hacked - yet. But its lack of transparency makes it a gamble. If you’re trading small amounts for arbitrage, it’s fine. If you’re putting in $10,000? You’re taking a risk most regulated platforms would never allow.
What’s Next for OneDex?
There’s no official roadmap. No whitepaper update. No team announcement.But anonymous developers hinted in Telegram AMAs that cross-chain liquidity pools might arrive in Q1 2024. If that happens - if OneDex starts supporting Ethereum or Solana tokens - it could explode. If not? It’ll stay a niche tool for MultiversX die-hards.
Right now, OneDex is riding the wave of MultiversX’s adoption. But MultiversX’s own development activity dropped 31% in 2023. If the chain stalls, so does OneDex.
Analyst Benjamin P. put it bluntly: “DEXs with fewer than 30 tokens have a 60% chance of failing within 18 months.” OneDex has 25. It’s on the edge.
Final Verdict
OneDex is not a crypto exchange for the average user. It’s a precision tool for a very specific job: trading WEGLD and other MultiversX tokens with speed and low cost.If you’re already in the MultiversX ecosystem and you want the cheapest, fastest way to swap your tokens - OneDex is a top choice. It’s fast, cheap, and surprisingly reliable for what it does.
If you want to buy crypto with a credit card, trade Bitcoin, use a mobile app, or get help when something goes wrong - walk away. This isn’t the place for you.
It’s not the future of crypto. But for a small, passionate corner of it? OneDex works. Just know what you’re getting into - and never put more in than you’re willing to lose.
Is OneDex a safe crypto exchange?
OneDex is non-custodial, meaning you control your funds - which is safer than centralized exchanges that get hacked. But it has no security audits, no customer support, and no team transparency. It’s safe if you understand DeFi risks. It’s dangerous if you expect help when things go wrong.
Can I buy crypto with USD on OneDex?
No. OneDex only accepts USDC and USDT. You need to buy those on a centralized exchange like Coinbase or Binance first, then send them to your MultiversX wallet before using OneDex.
Does OneDex have a mobile app?
No. OneDex only works through a web browser. You’ll need to use a mobile wallet like Maiar or XPortal to connect your wallet from your phone, but the exchange interface itself is desktop-only.
Why is WEGLD/USDC the only popular pair?
Because WEGLD is the native token of the MultiversX blockchain, and USDC is the most stable and widely used stablecoin. Most users on OneDex are either holding WEGLD or trading it for USDC to preserve value. Other tokens have little liquidity, so traders avoid them.
How does OneDex make money?
OneDex charges a 0.3% fee on every trade. Unlike centralized exchanges, that fee doesn’t go to a company. It’s distributed back into the ecosystem - theoretically funding development, liquidity incentives, or community grants. But there’s no public accounting, so no one knows exactly how it’s used.
Is OneDex better than Maiar Exchange?
Maiar Exchange has more liquidity, a mobile app, and official backing from the MultiversX team. OneDex has slightly lower fees and a more community-driven feel. If you want convenience and support, use Maiar. If you want to avoid corporate ties and save a few cents on fees, OneDex is fine.
What happens if OneDex shuts down?
Your funds are still in your wallet. OneDex is just a website that connects to your wallet. If the site goes down, you can still access your tokens through your Maiar or XPortal wallet. You just won’t be able to trade on OneDex anymore.
Can I use OneDex if I’m in the U.S.?
Technically yes - there’s no geo-blocking. But the platform is designed for users who already hold MultiversX tokens, which are hard to acquire in the U.S. due to limited exchange listings. Also, regulatory pressure under MiCA could affect its future, especially if it expands.
George Kakosouris
November 26, 2025 AT 19:54Let’s be real - OneDex is a glorified AMM for WEGLD degens. The 96% volume concentration is a death sentence waiting to happen. We’ve seen this movie before: Terra, NFTX, SushiSwap’s early days. Liquidity pools with one dominant pair are crypto’s version of a house of cards - one tweet from a whale and it’s all gone. And no audit? Come on. Open source doesn’t mean secure. It just means you’re the one debugging the exploit when it happens. This isn’t DeFi innovation - it’s gambling with a fancy UI.
Tony spart
November 28, 2025 AT 19:07USA got Binance, Coinbase, Kraken - all legit. But now some no-name dev in a basement builds a site with 25 tokens and calls it a DEX? This is why crypto is a joke. No KYC? No app? No support? Bro, I can’t even buy coffee without ID these days. You want freedom? Go trade on a blockchain you can’t even pronounce. I’m out.
Ben Costlee
November 29, 2025 AT 08:30I’ve used OneDex for three months now - mostly swapping WEGLD for USDC and back. It’s not perfect, but it’s fast, cheap, and honestly? It feels like the community runs it, not some VC-backed firm. I lost $300 once because I swapped the wrong token - no one helped me, and I learned. That’s the point. DeFi isn’t about being coddled. It’s about ownership. If you’re new, start small. But if you’re serious about MultiversX? This is the real deal. No corporate BS. Just code and consensus.
Mark Adelmann
November 29, 2025 AT 09:24Hey, if you’re just trying to swap WEGLD without paying $5 in gas every time, OneDex is a dream. I do 3-4 swaps a day and my total fees last month were $0.42. That’s insane compared to Uniswap. The UI is clunky, sure - but it works. And if you’re in the MultiversX ecosystem, you already know what you’re doing. No need for a mobile app or customer service. Just connect your wallet and go. Keep it simple.
ola frank
November 30, 2025 AT 17:09The structural vulnerability of OneDex lies not in its smart contract, but in its economic monoculture. With 96% of volume concentrated in a single trading pair, the platform exhibits extreme path dependency. Liquidity providers are effectively exposed to a single-token risk profile, which violates the fundamental tenets of portfolio diversification in decentralized finance. Furthermore, the absence of a formal governance mechanism or treasury allocation renders the 0.3% fee distribution opaque and potentially exploitable. Until third-party audits are conducted and liquidity is distributed across at least five non-correlated pairs, this platform remains a high-risk, low-transparency experiment - not a financial infrastructure.
Abby cant tell ya
December 2, 2025 AT 01:28Wow. Someone actually thinks this is a good idea? No audit, no app, no support - and you’re calling this ‘decentralized’? You’re not a trader. You’re a martyr. I’ve seen people lose everything on these ‘niche’ DEXs. OneDex is just a Trojan horse for rug pulls disguised as innovation. If you’re still using it, you’re either naive or desperate. Either way, don’t come crying when your WEGLD turns into dust.
Janice Jose
December 3, 2025 AT 01:27I get why people love OneDex - it’s fast, cheap, and doesn’t ask for your ID. But I also get why people are scared. It’s like driving a car with no brakes and no manual. You can do it… if you’re super careful. I use it for small swaps only - under $500. If I’m moving more, I go to Maiar. There’s no shame in using the safer option. Just know your limits. And never, ever put in more than you’re okay with losing.
Savan Prajapati
December 3, 2025 AT 15:02OneDex works. Fast. Cheap. No drama. If you want fancy apps and support, go to Binance. This is for people who want to trade WEGLD without paying $10 in fees. Simple. Done.
Vance Ashby
December 4, 2025 AT 12:16Bro… I just tried to swap XHUNT and it failed. Twice. Had to manually bump the gas. Then I realized I was on the wrong network. 😅 But hey - I got it working. That’s DeFi for you. No one’s holding your hand, but when it works? Pure magic. OneDex isn’t for everyone… but for the ones who get it? It’s the real thing. 🤝