A decentralized exchange (DEX’s) is a cryptocurrency exchange which allows buyers and sellers to transact directly on a peer-to-peer basis without the involvement of a trusted third party or some other intermediary. Because there is no intermediary bringing buyers and sellers together there is no order book like on centralized exchanges. Instead users connect to the DEX with their crypto wallet, with their tokens remaining under their custody, protected by the private key. These “trustless” features make DEXs cheaper to transact on and more secure.