Decentralized Exchanges (DEX)
DEX is a decentralized platform that operates on the basis of a distributed registry, does not store funds and personal data of users within its servers and acts only as a platform for searching for matches on applications for the purchase or sale of user assets.
At such platforms, trading occurs directly between participants (peer-to-peer) without any financial intermediaries.
Advantages of DEX:
✅Anonymity while the exchange
✅Currency owner is the one to has private keys
✅The ability to quickly add coins for exchange
✅Lack of KYC (identity verification)
✅No one can block your account
✅A decentralized exchange does not have managers interested in price manipulations within the exchange
❌Limited set of functions
❌The liquidity is lower than on centralized exchanges
❌Complicated for beginners in comparison with centralized exchanges
❌You can’t have fiat currencies
❌No support service
❌ Since many decentralized exchanges are managed by Smart Contracts, cryptocurrencies that do not support interaction with smart contracts cannot be traded at them.
🔐 Decentralized exchanges are much more reliable and safer than centralized ones but they are more suitable for experienced users who are ready to take full responsibility for their actions themselves without the opportunity to contact the support service and demand a refund.
Most of the disadvantages of DEX are gradually being eliminated, simple user interfaces are being developed and the liquidity of decentralized exchanges is increasing.
By the way, DEL coins will soon appear on two decentralized exchanges — QuickSwap and PancakeSwap.