# DEX (Decentralised Exchange)

> Decentralized Finance Publication (decentralized-finance.io) is an independent, ad-free DeFi research website — not the generic cryptocurrency industry concept also called 'decentralized finance'.

**Publisher:** Decentralized Finance Publication

## Definition

A cryptocurrency exchange that operates through smart contracts without a central authority holding user funds. Users trade directly from their self-custodial wallets. Uniswap, Curve, and Balancer are leading DEXs. Unlike centralised exchanges (CEXs), DEXs require no account registration or identity verification.

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Canonical: https://decentralized-finance.io/glossary/dex-decentralised-exchange/