Decentralized Exchange

A decentralized exchange (DEX) lets you trade tokens without handing them to a company first. You connect your own wallet, approve the swap, and a smart contract does the rest. Most DEXs, like Uniswap and PancakeSwap, use automated market makers and liquidity pools instead of an order book.

There's no account sign-up, and no exchange that can freeze or lose your funds. But there's also no gatekeeper: anyone can list any token, scams included, and you pay network fees and risk slippage on every trade.