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MUST WATCH: Bitcoin Macro Analysis HOLD the KEY!A decentralized exchange (DEX) is a digital currency exchange that allows users to buy crypto through direct, peer-to-peer cryptocurrency transactions. A DEX � or a decentralized exchange � is a crypto exchange that operates on a decentralized platform. It does not rely on a single centralized. Decentralized exchanges, also known as DEXs, are peer-to-peer marketplaces where cryptocurrency traders make transactions directly without handing over.