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A decentralized exchange (DEX) is a cryptocurrency trading platform that operates without a central authority or intermediary, allowing users to trade directly with one another through smart contracts on a blockchain; this setup enhances security, privacy, and control over funds while typically reducing trading fees compared to centralized exchanges.
A decentralized exchange (DEX) is a trading platform that allows users to buy, sell, and trade cryptocurrencies directly with one another without the need for a central authority or intermediary, using smart contracts to facilitate transactions on a blockchain.