Decentralized exchanges (DEX) are a type of cryptocurrency exchange or marketplace that enables direct peer-to-peer cryptocurrency transactions to take place online securely and without the use of an intermediary.
DEXs were designed to eliminate the need for any authority to oversee and authorize trades conducted within a specific exchange. Because of this, peer-to-peer (P2P) cryptocurrency trading is possible on decentralized exchanges. Peer-to-peer refers to a cryptocurrency online market that connects buyers and sellers. They are typically non-custodial, which means that users retain control over their wallet's private keys. A private key is a type of advanced encryption that allows users to gain access to their cryptocurrency. After logging into the DEX with their private key, users can immediately access their crypto balances. They will not be required to submit any personal information, such as names and addresses, which is ideal for privacy and entrenches decentralization.
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