DEX
Last updated 17 October 2026Last verified 17 October 2026
What is a DEX (Decentralized Exchange)?
Decentralized Exchange. Trades execute on-chain against either pooled liquidity (AMM) or an order book, without a central custodian. Non-custodial: your assets never leave your wallet until the trade executes. Trade-off: no fraud protection, no KYC, and smart-contract risk in every swap.
TradFi equivalentAn exchange with no clearing member and no custodian. Trades settle directly between wallets, so there is no default fund, no membership requirement and nobody able to unwind an erroneous trade.