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The ULTIMATE GUIDE To Decentralized TradingDecentralized exchanges, also known as DEXs, are peer-to-peer marketplaces where cryptocurrency traders make transactions directly without handing over. A decentralized exchange (DEX) is a peer-to-peer (P2P) crypto trading platform that connects cryptocurrency buyers and sellers. The top 5 decentralized cryptocurrency exchanges. Uniswap Uniswap is the world's biggest decentralized exchange. You can use Uniswap to buy, sell, and trade.