DEX stands for Decentralized Exchange. A Decentralized Exchange is a crypto currency exchange that allows you to buy and sell coins in a P2P (Peer to Peer) manner without keeping custody of your coins.
While A CEX (Centralized Exchange) stores your coins in their wallets, a DEX doesn’t store your coin in any wallets, but your funds are directly stored on the blockchain.
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Is A Decentralized Exchange Safe To Use?
Yes. A DEX is very safe to use. It is the type of exchange that supports the decentralization which is the ideal intention and nature of cryptocurrency and blockchain technology invention. Your keys, your funds. You control your money.
Even if a Decentralized Exchange folds, your funds are still intact, and you can access them using another exchange. As long as you have your keys intact, no one can access your funds.
What Are The Most Popular DEX To Buy Coins?
Uniswap
Uniswap is a decentralized exchange that was started in 2018 by Hayden Adams. It uses smart contracts to facilitate trades.
To use Uniswap DEX, you will need to download and install MetaMask wallet. After that, you need to note down your seed phrase and keep it safe, (very important). Once you have done this, you can now connect your wallet to Uniswap and access every feature of the exchange.
Uniswap is mostly used for ERC20 tokens on Ethereum network.
Pancakeswap is another great DEX. It was launched in 2020, and runs on the Binance Smart Chain. It is mostly used for BEP-20 tokens. The Pancake swap token is known as CAKE and can be bought on Pancakeswap.
Alternatively, if you are looking to swap ERC20 tokens, you can also do that on PaidPoints using our SimpleSwap feature. You can easily exchange between up to 500+ coins and tokens. Transactions complete as quick as 5 minutes, and on rare occasions could extend to a maximum of 60 minutes.
