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A P2P DEX (Peer-to-Peer Decentralized Exchange) is a type of decentralized exchange that allows users to trade cryptocurrencies directly with each other, without the need for a centralized intermediary. This is in contrast to centralized exchanges, which act as intermediaries and can have control over users’ funds.

Users in a P2P Exchange can set their own prices and create their own offers to purchase or sell cryptocurrency.

Since they are less prone to hacking and other security issues than centralized exchanges (CEXs), P2P DEXs are frequently complimented for their security and reliability. Additionally, users can retain their cryptocurrencies in their own wallets with their own keys, without the need of a centralized exchange.

P2P DEXs, on the other hand, might occasionally have less liquidity than centralized exchanges, making it more difficult to buy or sell a certain coin at a given moment.