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A DEX is a decentralized crypto exchange powered by smart contracts which benefits from the latest blockchain technology. It allows DeFi users to trade assets without the need for a central authority or intermediary.

Pros: Everything is under your control. All data, keys and funds are safely stored in your hot or cold wallet, without the risk of depositing your assets with a third party. Transaction fees are usually lower than on CEXs and community is involved in improving the system.

Cons: Less liquidity is available, and transfers are slower than on CEXs. Since they are not supervised, DEXs are more prone to scams.

Uniswap, SushiSwap, KyberSwap & PancakeSwap are some of the most popular DEXs.