DEX (Decentralized Exchange)

Quick definition

An exchange that runs on smart contracts — you trade straight from your own wallet, no account or KYC.

A DEX is a set of smart contracts on a blockchain rather than a company. You connect your wallet and trade directly from it, usually against liquidity pools, paying network (gas) fees.

You keep custody the whole time, but every mistake — wrong network, scam token, bad address — is yours alone, with no support desk. Beginners usually start on a CEX first.