Top 5 Decentralized Exchange For Beginners
Introduction A decentralized exchange , or dex, is a platform enabling direct cryptocurrency trading between individuals without the need for a bank or conventional exchange as an intermediary. The trades are executed through smart contracts on the blockchain, automatically following user instructions. What makes decentralized exchanges different from centralized exchanges? When using a centralized exchange , you deposit money or cryptocurrencies into their platform, and they handle the trades on your behalf. Your assets remain under their control until you choose to withdraw them. Examples are Coinbase and Binance. Decentralized exchanges are powered by smart contracts on a blockchain. When you use a dex, you maintain control of your assets in your own wallet until the trade is executed. This means you have full control over your assets, but it also places the responsibility for their security on you. Related: CryptoBridge: The Best Decentralized Exchange Types of DEX The DEX l