OneDex Crypto Exchange Review: Is This MultiversX DEX Worth Your Time?

If you’re looking for a crypto exchange that doesn’t ask for your ID, doesn’t hold your money, and only lets you trade a handful of tokens - welcome to OneDex. It’s not Binance. It’s not Uniswap. It’s something much narrower, much weirder, and possibly much more dangerous if you don’t know what you’re doing.

OneDex launched in 2023 as a decentralized exchange built entirely on the MultiversX blockchain. That’s the same chain that used to be called Elrond. It’s fast. It’s cheap. And it’s almost entirely ignored by the rest of the crypto world. OneDex doesn’t try to be everything to everyone. It’s designed for one thing: trading WEGLD, the wrapped version of MultiversX’s native token, against USDC and USDT. And honestly? That’s about it.

What You Can Actually Trade on OneDex

There are 25 tokens listed on OneDex. That’s not a lot. Compare that to Uniswap, which supports over 10,000. PancakeSwap? Over 2,000. OneDex? 25. And here’s the kicker: 96.5% of all trading volume comes from just one pair - WEGLD/USDC. That’s over $10 million in 24 hours, out of a total $10.8 million. The other 24 tokens? Combined, they barely make a dent.

Other tokens you’ll find include MEX, XHUNT, and a few other MultiversX-native projects. No Bitcoin. No Ethereum. No Solana. No BNB. Nothing from other chains. If you want to trade anything outside MultiversX, you’ll need to bridge it first - and that’s where things get messy.

OneDex doesn’t have its own bridge. It relies on third-party ones, and users report delays of up to two hours when depositing USDC from Ethereum. Failed deposits? Common. Lost funds? Happened. And there’s no customer support to help you fix it. You’re on your own.

How It Works (And Why It’s So Fast)

OneDex is an automated market maker (AMM), like Uniswap. But instead of running on Ethereum, it runs on MultiversX - a blockchain designed for speed. Transactions settle in under a second. Gas fees? Around $0.001. That’s 100 times cheaper than Ethereum and 10 times cheaper than Solana. If you’re trading WEGLD, you’ll notice the difference immediately. Swaps feel instant. No lag. No stuck transactions.

There’s no order book. No limit orders. No stop-losses. You can’t short. You can’t leverage. It’s a simple swap interface: pick a token, pick another, click swap. That’s it. No charts. No indicators. No advanced tools. If you’re used to trading on Binance or Kraken, this will feel like using a flip phone after an iPhone.

The fee? A flat 0.3% per trade. That’s standard for DEXs. But here’s the twist: 100% of that fee goes back into the MultiversX ecosystem. No team takes a cut. No venture capital owns it. The idea is that the community owns it - even though no one knows who built it.

Who Is This For?

OneDex isn’t for beginners. It’s not for people who want to buy crypto with a credit card. It’s not for investors looking to hold a diversified portfolio. It’s for one specific group: MultiversX users who already have WEGLD and want to trade it quickly and cheaply.

If you’re already using the Maiar wallet or XPortal - MultiversX’s official wallets - then OneDex is the natural next step. It’s built for them. The interface is clean. The speed is real. And if you’re doing arbitrage between OneDex and Maiar Exchange (the bigger DEX on MultiversX), you might even make money.

But if you’re new to crypto? Or if you want to trade anything besides WEGLD? Stay away. You’ll get frustrated. You’ll make mistakes. And you won’t find help when things go wrong.

Security and Trust - Or Lack Thereof

OneDex is non-custodial. That means you hold your own keys. No one can freeze your funds. No one can steal them unless you give them your private key. That’s good. But it’s also dangerous if you don’t know what you’re doing.

There are no third-party security audits published. No CertiK report. No Hacken audit. Nothing. That’s not normal for a platform handling $10 million a day. The team is anonymous. The company is registered in Bucharest, Romania, but no founders are named. That’s common in DeFi, but it’s still a red flag.

And here’s the biggest risk: 96.5% of your trading volume depends on one token - WEGLD. If WEGLD’s price crashes, or if liquidity dries up, OneDex could collapse overnight. We’ve seen this before. SashimiSwap, a DEX built around one token, vanished in 2021 when its token lost value. OneDex is walking the same path.

What’s Missing? A Lot.

Let’s be blunt: OneDex is barebones.

• No mobile app
• No customer support (just a Telegram group with 378 members and 48-hour response times)
• No educational content - no tutorials, no FAQs, no guides for beginners
• No localization - only English
• No cross-chain support beyond MultiversX
• No stablecoins beyond USDC and USDT
• No advanced trading features - no limit orders, no margin, no futures

Even the website is basic. It loads fast, but it looks like it was built in 2021 and never updated. The GitHub wiki has five pages. The last update was April 2023. That’s not a sign of an active team.

How to Use OneDex (Step by Step)

If you’re still interested, here’s how to get started:

1. Download the Maiar Wallet or XPortal app (both are official MultiversX wallets).
2. Buy WEGLD or USDC on a centralized exchange like Binance or Kraken.
3. Send your WEGLD or USDC to your Maiar wallet using the MultiversX network (not Ethereum or BSC).
4. Go to onedex.finance and connect your wallet.
5. Click "Swap," pick your tokens, set slippage to 1-2% (you’ll need to adjust this manually), and confirm.

First-time users often get stuck on token approvals. If the swap fails, try increasing the gas fee manually. It’s not intuitive. There’s no help button. You just have to figure it out.

The Bottom Line: Niche or Nightmare?

OneDex is a specialist tool. Not a general-purpose exchange. It’s like owning a race car that only runs on one type of fuel. If you have that fuel, it’s amazing. If you don’t, it’s useless.

For MultiversX users who want fast, cheap, non-custodial trading of WEGLD - OneDex is probably the best option. It’s faster than Maiar Exchange. It’s cheaper than centralized platforms. And it’s fully decentralized.

But for everyone else? Skip it. You’ll waste time. You’ll risk losing money. You’ll get zero support. And you’ll end up wishing you’d just stuck with a centralized exchange.

The future of OneDex depends entirely on MultiversX. If MultiversX grows, OneDex might grow too. If MultiversX fades into obscurity - and most analysts think it will - then OneDex will vanish with it. There’s no backup plan. No contingency. Just a single chain, a single token, and a team that won’t tell you who they are.

Use it if you’re deep in the MultiversX ecosystem. Avoid it if you’re not.

Next Steps: Should You Use OneDex?

If you’re already invested in MultiversX - you hold WEGLD, you use Maiar, you follow the ecosystem - then OneDex is worth trying. Use small amounts first. Test the bridge. See how fast swaps really are. Check the Telegram group for updates.

If you’re not invested in MultiversX? Don’t bother. You’ll spend more time learning how to use it than you’ll save on fees. Stick with a centralized exchange or a broader DEX like Uniswap. There’s no reason to complicate your life for a platform that only serves one tiny corner of crypto.

OneDex isn’t the future of crypto. It’s a bet on one blockchain. And if that blockchain fails, OneDex fails with it. Know what you’re betting on before you click "Swap."