DEX stands for Decentralized Exchange. It is an exchange that does not require users to deposit funds to start trading and does not hold the funds for the user. Instead, users trade directly from their own wallets on a blockchain.
They currently account for a small portion of cryptocurrency trading volumes. Unlike centralized exchanges, using a DEX is more complex and the risk of user error is higher. All the while knowing that there is no customer service on a DEX. On the other hand, trades are anonymous on a DEX and there is no server downtime or maintenance.
