Shaf
Verified member
While some people feel that using centralized and large exchanges like Binance and Coinbase for trading their cryptocurrency coins and tokens, some people prefer using decentralized exchanges.
A decentralized exchange is one that operates through a p2p type of transactions without the need for a centralized intermediary between buyers and sellers. You hold your coins on a wallet and your private keys remain in your possession, only using the decentralized exchange to interact with other buyers and sellers.
To make your choice of DEX to use, you should compare their services, fees & available features to see which one suits you best.
Uniswap and Pancakeswap happen to be the most widely used DEXs, while there are others like Curve, Sushiswap, Balancer, 1inch and Serum decentralized exchanges also have their own services.
One thing to watch out for is the fees per transaction. Compared to centralized exchanges, they typically have higher charges, but it's safer to use since you own your keys and there is no need for KYC.
A decentralized exchange is one that operates through a p2p type of transactions without the need for a centralized intermediary between buyers and sellers. You hold your coins on a wallet and your private keys remain in your possession, only using the decentralized exchange to interact with other buyers and sellers.
To make your choice of DEX to use, you should compare their services, fees & available features to see which one suits you best.
Uniswap and Pancakeswap happen to be the most widely used DEXs, while there are others like Curve, Sushiswap, Balancer, 1inch and Serum decentralized exchanges also have their own services.
One thing to watch out for is the fees per transaction. Compared to centralized exchanges, they typically have higher charges, but it's safer to use since you own your keys and there is no need for KYC.
