HB DEX: What It Is, How It Works, and Which DEXs Actually Deliver in 2025

When you hear HB DEX, a decentralized exchange built on blockchain technology that lets users trade crypto without a central authority. Also known as non-custodial exchange, it’s supposed to give you full control over your funds—but in practice, many are just empty shells with no liquidity, no users, and no future. The truth? Most DEXs you find online aren’t real trading platforms. They’re ghost sites, abandoned projects, or outright scams designed to steal your wallet credentials or trick you into sending crypto to a dead address.

Look at what’s actually out there. Wagmi (IOTA EVM), a feeless DEX for swapping bridged assets like USDT and wIOTA on the IOTA blockchain has just two trading pairs and serves a tiny niche. Uniswap v3 on Celo, a mobile-friendly DEX built for emerging markets and stablecoin swaps actually works because it solves a real problem: low fees and fast transactions for people without bank access. But then there’s IceCreamSwap (Blast), a DEX with $0 trading volume as of October 2025, or SharkSwap, a DEX with no public team, no audits, and no trading activity. These aren’t failures—they’re warnings. A real DEX needs users, liquidity, and transparency. Without them, it’s just code sitting on a server.

The crypto market is full of noise. Every week, a new DEX pops up with flashy graphics and promises of zero fees or massive rewards. But if you can’t find it on CoinMarketCap, if no one’s talking about it on Twitter or Reddit, and if the website looks like it was built in 2018, you’re looking at a ghost. Real DEXs don’t hide their team. They don’t avoid audits. They don’t vanish when the hype dies. And they definitely don’t ask you to connect your wallet before you even know what you’re trading.

What you’ll find below isn’t a list of every DEX ever made. It’s a curated view of what’s actually usable, what’s dangerously broken, and what’s a total scam. We’ve reviewed exchanges with $356 in daily volume and ones with $0. We’ve dug into platforms that claim to be the next big thing—and found they don’t even have a working swap function. You’ll learn why some DEXs survive while others die, how to spot a fake before you connect your wallet, and where real traders are moving their money in 2025. No fluff. No hype. Just what works, what doesn’t, and why it matters.