What is a Decentralized Exchange (DEX)?
A Decentralized Exchange (DEX) is a cryptocurrency token exchange. DEXs are decentralized - meaning no intermediaries or authorities like those in traditional banking and finance. Most DEXs are non-custodial, which means they don’t store your private key (keys that allow access to your cryptocurrencies for transactions). Moreover, DEXs built on Ethereum smart contracts don’t have any sign-ups or KYC.
Crypto DEX FAQ
- What is the largest crypto DEX?
- Uniswap is the largest DEX in terms of total USD locked closely followed by Curve Finance.
- Can you buy Bitcoin on DEX?
- No, you cannot buy or trade Bitcoin on DEXs. DEXs only supports Ether (ETH) and ERC-20 tokens like Wrapped Bitcoin (WBTC).
- What are the top DEXs?
- Uniswap, Curve Finance, SushiSwap, Balancer, and Bancor are the top DEXs by total USD locked in smart contracts.
- Is Binance a DEX?
- Binance is a DEX built on top of the Binance Chain and Binance Smart Chain where you can trade both crypto tokens and coins.
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