Exchangily Crypto Exchange Review: Is This Decentralized Wallet and DEX Worth Trying in 2025?

Most crypto exchanges take your money and hold it for you. They promise fast trades and easy access, but if something goes wrong-hacking, shutdown, or just bad luck-you lose everything. That’s the problem Exchangily says it solves. It’s not another exchange that holds your keys. It’s a decentralized exchange and wallet rolled into one, built for people who want total control. No middleman. No custody. Just you and your crypto.

What Exactly Is Exchangily?

Exchangily is a mobile-only app that combines a non-custodial wallet with a decentralized exchange (DEX). It launched as an open-source platform, meaning anyone can check the code. That’s rare. Most apps say they’re secure, but Exchangily lets you verify it yourself. The official marketing calls it the first truly transparent DEX. That’s not just a slogan-it’s the core idea.

Unlike Uniswap or PancakeSwap, which use automated market makers (AMMs), Exchangily uses a traditional order book. That means you place buy and sell orders like on Binance, not swap tokens through liquidity pools. If you’ve traded on centralized exchanges before, the interface feels familiar. But here, your private keys never leave your phone. No server holds them. No third party can freeze your funds.

It supports BTC, ETH, USDT, LTC, BCH, DOGE, FAB, EXG, and dozens of ERC-20 tokens. The platform runs on the FAB blockchain, which it claims offers faster transaction speeds than Bitcoin or Ethereum. That’s useful if you’re trading frequently or sending small amounts often. The app also includes BindPay-a feature marketed as “cryptocurrency PayPal.” You can send crypto instantly to other Exchangily users with just a username. No wallet addresses needed.

How Does It Work?

Using Exchangily is simple if you’ve used a crypto wallet before. Download the iOS app (yes, only iOS for now), create or import a wallet, and you’re in. The app generates a 12-word recovery phrase. That’s your only backup. If you lose it, you lose everything. No customer support can recover it. That’s standard for non-custodial wallets-but Exchangily makes it easy to mess up.

Once set up, you can trade directly on the app. The trading screen shows real-time bids and asks. You can set limit orders or market orders. Trades settle on-chain. There’s no waiting for a central authority to confirm. The cross-chain functionality lets you swap Bitcoin for Ethereum without wrapping tokens. That’s a big deal. Most DEXs force you to convert BTC to wBTC first, which adds steps and risk. Exchangily skips that.

BindPay works like a contact list. Add someone by their Exchangily username, then send crypto in seconds. It’s faster than sending to a wallet address, and there are no gas fees between users. That’s a killer feature for daily use-sending crypto to friends, splitting bills, or paying for services.

Security: Transparent, But With a Major Flaw

Exchangily’s biggest selling point is security. Private keys are stored only on your device, encrypted. No cloud backups. No server logs. That’s how it should be. But here’s the problem: a December 2025 user review on the App Store flagged a serious issue. The iOS predictive keyboard is still active when you type your recovery phrase. That means if you’re careless, your 12-word seed phrase could be saved in the phone’s keyboard cache. Someone with physical access to your phone-or malware on it-could recover your entire wallet.

This isn’t a minor oversight. It’s a fundamental breach of non-custodial security. Even if the app doesn’t store your seed, the operating system might. And Apple doesn’t let apps disable the predictive keyboard during sensitive input. That’s a system-level limitation. Exchangily hasn’t addressed this in its latest update (2.1.88), which only fixed a USDT (BEP-20) display bug.

If you’re serious about security, you should never type your seed phrase on a smartphone. Use a hardware wallet or write it down on paper. Exchangily doesn’t warn you about this. It assumes you know. That’s risky for beginners.

Performance and Liquidity

Exchangily isn’t a liquidity giant. It doesn’t pull from multiple DEXs like 1inch or Matcha. It runs its own order book. That means if no one is buying or selling the token you want, your trade won’t go through. There’s no fallback. Compare that to Uniswap, where liquidity pools ensure you can always swap-even if the price slippage is high.

For popular pairs like ETH/USDT or BTC/ETH, trading works fine. For smaller tokens, you might find no orders at all. The platform’s trading volume is tiny compared to top DEXs. CoinGecko reported $1.2 trillion in DEX volume in 2025. Exchangily’s share? Not tracked anywhere. That tells you everything.

But speed? Fast. Trades settle in seconds. No waiting for Ethereum congestion. The FAB blockchain handles transactions quickly, and the app is optimized for mobile. If you’re trading on the go, it’s smoother than most desktop DEXs.

Who Is This For?

Exchangily isn’t for everyone. If you’re new to crypto, you’ll struggle. There’s no educational content. No tutorials. No customer support chat. You’re expected to already know what a seed phrase is, how to protect it, and how to read an order book.

It’s perfect for experienced mobile users who:

• Want full control over their assets
• Prefer trading with an order book over AMMs
• Use crypto daily and want instant peer-to-peer payments
• Own an iPhone and don’t need Android support

If you’re looking for fiat on-ramps, staking, or yield farming, look elsewhere. Exchangily doesn’t offer those. It’s focused on one thing: fast, private, non-custodial trading.

What’s Missing?

The biggest gaps are obvious:

• No Android app-limits access to half the crypto user base
• No web version-only mobile
• No public team or funding info-no idea who’s behind it
• No professional reviews from Coin Bureau, CoinGecko, or Cointelegraph
• No roadmap or future plans published

The revenue-sharing feature mentioned in a few App Store reviews sounds promising. Some users say they earn a cut of trading fees. But there’s no official documentation on how it works, who qualifies, or how payouts are made. That’s a red flag. If it’s real, it’s a strong incentive. If it’s just marketing, it’s misleading.

Final Verdict: A Niche Tool With Big Potential

Exchangily isn’t the next Binance. It won’t replace Uniswap. But it does something few apps do: it gives you real control without sacrificing speed. The order book model, cross-chain swaps, and BindPay are genuinely useful. If you’re tired of centralized exchanges holding your money, this is one of the few apps that lets you trade like a pro without trusting anyone.

But that seed phrase keyboard flaw? It’s dangerous. Until Exchangily fixes it-or Apple lets apps disable predictive text during sensitive input-you should treat this like a high-risk tool. Use it for small trades. Don’t store life savings here. And always, always write your recovery phrase on paper, not on your phone.

For iOS users who value transparency and speed over liquidity and support, Exchangily is worth a try. Just don’t expect hand-holding. This isn’t Coinbase. It’s the wild west of crypto-where you’re the bank, the guard, and the only one responsible for your keys.

If you're looking for a decentralized exchange that puts control in your hands and doesn’t rely on liquidity pools, Exchangily is one of the few apps that delivers on that promise. But it’s not perfect. The lack of Android support, the keyboard security flaw, and the absence of professional reviews mean it’s still a niche product. Use it wisely. Keep your seed phrase offline. Trade small. And stay aware.