Decentralized Exchanges (DEXs): Beginner’s Guide to Trading Crypto

Navigating the evolving landscape of cryptocurrency trading, decentralized exchanges (DEXs) offer a direct, peer-to-peer alternative to traditional centralized platforms, empowering users with greater control over their assets without intermediaries.

In the rapidly evolving world of digital assets, understanding how to trade securely and efficiently is paramount. This guide to decentralized exchanges (DEXs): A Beginner’s Guide to Trading Crypto Without Intermediaries will illuminate a path often touted as the future of crypto trading, offering direct peer-to-peer interactions without the need for traditional financial gatekeepers.

Understanding Decentralized Exchanges (DEXs): The Core Principles

Traditional financial systems rely heavily on intermediaries like banks and brokers, entities that facilitate transactions and custody assets. When we translate this concept to the realm of cryptocurrency, centralized exchanges (CEXs) like Binance or Coinbase operate in a similar fashion. They hold your funds, manage your private keys, and act as a third party for every trade you execute. While convenient, this model introduces a single point of failure and requires users to trust the exchange with their valuable assets.

This fundamental reliance on intermediaries brought about the innovation of decentralized exchanges, or DEXs. A DEX is a blockchain-based platform that enables peer-to-peer cryptocurrency transactions without the need for a central authority to hold user funds or facilitate trades. Instead, smart contracts automate the trading process, directly connecting buyers and sellers. This architectural shift from centralized to decentralized fundamentally changes the risk profile and trust assumptions in crypto trading. The user retains full control over their private keys and, consequently, their funds at all times.

This self-custody eliminates counterparty risk, which is the risk that the exchange itself might be hacked, become insolvent, or behave maliciously. Unlike CEXs, where users deposit funds into an exchange-controlled wallet, DEXs operate on a non-custodial basis. This means your crypto assets remain in your personal wallet throughout the trading process. When you initiate a trade on a DEX, you are interacting directly with a smart contract on the blockchain, which executes the swap of tokens according to predefined rules. This transparency and immutability are at the heart of the DEX appeal, aligning with the core ethos of decentralization that underpins much of the blockchain movement.

The Shift from Centralized to Decentralized Trading

The paradigm shift from centralized to decentralized trading marks a crucial evolution in the cryptocurrency space. Centralized exchanges, for all their utility in onboarding new users and providing liquidity, inherently contradict the decentralized philosophy of blockchain technology. They often operate under regulatory frameworks that can introduce friction, censorship, or even require extensive personal data collection (KYC/AML).

DEXs, by contrast, offer a more anonymous and permissionless trading environment. Anyone with a compatible crypto wallet can connect to a DEX and begin trading, without needing to submit personal identification documents. This accessibility is particularly appealing in regions with restrictive financial regulations or for individuals prioritizing privacy. However, this freedom comes with increased personal responsibility; there’s no customer support line to call if you make an error or lose your private keys. The decentralized nature also extends to governance; many DEXs are evolving towards decentralized autonomous organizations (DAOs), where token holders collectively vote on proposals and steer the future development of the platform. This community-driven approach fosters a more resilient and adaptable ecosystem.

Key Advantages of Decentralized Exchanges

Decentralized exchanges present several compelling advantages that draw users away from their centralized counterparts. These benefits are rooted in the very architecture of DEXs, designed to enhance security, privacy, and user autonomy. Understanding these advantages is crucial for anyone considering a foray into the world of permissionless trading.

One primary advantage is enhanced security, as users maintain control of their private keys and funds throughout the trading process. This eliminates the risk of funds being frozen, stolen, or lost due to a centralized exchange’s insolvency or security breach. Another significant benefit is the reduction of counterparty risk, meaning there’s no single entity whose failure could jeopardize user assets. Furthermore, DEXs typically offer increased privacy because most do not require Know Your Customer (KYC) compliance, allowing users to trade pseudonymously. This lack of intermediaries also leads to potentially lower fees, as there’s no central entity charging commissions on trades, only blockchain network transaction fees (gas fees). Finally, DEXs offer a broader range of tokens, often listing newly issued tokens earlier than centralized exchanges, providing users with access to a wider variety of digital assets and early investment opportunities.

How Decentralized Exchanges (DEXs) Operate: A Technical Overview

At its core, a decentralized exchange functions through a series of interconnected smart contracts deployed on a blockchain. These smart contracts are self-executing applications that automatically enforce the terms of an agreement, in this case, a cryptocurrency trade. When a user wishes to trade, they interact directly with these contracts from their personal cryptocurrency wallet, never relinquishing custody of their assets to a third party.

The operational backbone of most modern DEXs consists of automated market makers (AMMs), a revolutionary concept that replaced traditional order books found on CEXs. Instead of matching individual buyers and sellers, AMMs use liquidity pools. These pools contain pairs of tokens contributed by liquidity providers (LPs), who earn fees from trades executed within that pool. The price of assets within a liquidity pool is determined by a mathematical formula, such as the constant product formula (x * y = k) used by platforms like Uniswap. This formula ensures that a certain ratio of tokens is maintained, and as trades occur, the ratio shifts, thereby adjusting the price.

When a user wants to swap one token for another, they send their tokens to the liquidity pool’s smart contract, and the contract sends back the corresponding amount of the desired token, calculated based on the current price derived from the pool’s ratio. This entire process is transparent, fully auditable on the blockchain, and executed without human intervention. This automated mechanism allows for continuous trading, regardless of the number of active buyers and sellers at any given moment, ensuring liquidity even in volatile markets.

Automated Market Makers (AMMs) vs. Order Books

The distinction between Automated Market Makers (AMMs) and traditional order books is central to understanding how DEXs function. While CEXs universally rely on order books, DEXs have largely embraced AMMs to facilitate trading in a decentralized environment.

Traditional order books, common in stock markets and centralized crypto exchanges, list all buy and sell orders at various price points. A trade occurs when a buy order meets a sell order at the same price. This model requires significant liquidity and active participation from traders to function efficiently. In a decentralized context, maintaining and constantly updating a global order book across thousands of nodes would be technically challenging and expensive. AMMs offer a unique solution to this problem by removing the need for an order book entirely.

Instead of matching orders, AMMs rely on liquidity pools. These pools are funded by users who deposit pairs of tokens, becoming liquidity providers (LPs). For example, an ETH/USDT pool would contain both Ether and Tether. When someone wants to swap ETH for USDT, they interact directly with this pool. The price of the tokens is determined by an algorithm, typically a constant product formula, which ensures that the product of the quantities of the two tokens in the pool remains constant (or close to constant). As one token is swapped for another, the ratio within the pool changes, which in turn adjusts the price for subsequent trades. This system:

• Eliminates the need for traditional buyers and sellers: Instead, trades occur against the liquidity pool.
• Ensures continuous liquidity: As long as there are funds in the pool, trades can happen.
• Democratizes market making: Anyone can become an LP and earn fees.

While AMMs generally offer higher liquidity for smaller trades, larger trades can suffer from “slippage,” where the executed price differs significantly from the quoted price due to the impact on the pool’s ratio. Order book DEXs, although fewer in number, still exist and try to replicate the CEX experience on-chain, often facing challenges with high transaction fees and slow block times.

Getting Started with Decentralized Exchanges (DEXs): A Beginner’s Roadmap

Embarking on your journey with decentralized exchanges can seem daunting at first, but with a clear roadmap, it becomes a straightforward process. The key difference from centralized exchanges is the emphasis on self-custody and direct interaction with blockchain technology. The first step involves setting up a compatible cryptocurrency wallet, which will be your primary interface for all DEX activities.

Most DEXs are built on specific blockchains, such as Ethereum, Binance Smart Chain, Polygon, or Solana. Your choice of wallet should align with the blockchain ecosystem you intend to engage with. For instance, MetaMask is a widely used browser extension wallet compatible with Ethereum and many EVM-compatible chains. Once your wallet is set up and secured with a strong password and a safely stored seed phrase, you’ll need to fund it with the native cryptocurrency of the network you’re using (e.g., Ether for Ethereum, BNB for Binance Smart Chain) to cover transaction fees, also known as “gas fees.” These fees are crucial because every interaction with a smart contract on the blockchain requires computational resources, for which validators are compensated.

After funding your wallet, you can navigate to the website of your chosen DEX. Most DEXs have an intuitive “Connect Wallet” button, usually located in the top right corner of their interface. Clicking this will prompt your wallet extension to connect to the DEX. Once connected, your wallet address will typically appear, confirming the successful link. From there, you can explore the various trading pairs available, select the tokens you wish to swap, and initiate transactions. It’s essential to double-check all transaction details before confirming, as blockchain transactions are irreversible. Familiarizing yourself with the DEX’s user interface and practicing with small amounts can foster confidence before committing larger sums.

Choosing the Right DEX for Your Needs

Selecting the appropriate decentralized exchange is crucial for a smooth trading experience. With dozens of DEXs now available across various blockchain networks, understanding the nuances between them can help you make an informed decision. The “right” DEX often depends on several factors, including the specific tokens you wish to trade, the blockchain network you prefer, the fees you are willing to pay, and the level of liquidity available for your desired trading pairs.

For those new to the space, Uniswap (on Ethereum) and PancakeSwap (on Binance Smart Chain) are popular starting points due to their widespread adoption, user-friendly interfaces, and extensive liquidity. However, each DEX has its own strengths and weaknesses.

Consider the following when making your choice:

• Supported Blockchains: Ensure the DEX operates on the blockchain network where your desired tokens reside or where you prefer to transact. Different networks have varying transaction speeds and gas fees.
• Token Availability: Not all DEXs list every token. Check if the tokens you want to trade are available on your chosen platform. Some DEXs specialize in specific types of tokens, like stablecoins or NFTs.
• Liquidity: Higher liquidity generally means less slippage and better execution prices for your trades. Volume and total value locked (TVL) metrics can indicate a DEX’s liquidity.
• Trading Fees and Gas Costs: While DEXs don’t charge custody fees, you will incur network transaction fees (gas fees) which can vary significantly depending on network congestion and the complexity of the smart contract interaction.
• User Interface and Experience: A clean, intuitive interface can make a big difference, especially for beginners. Some DEXs offer more advanced features while others prioritize simplicity.
• Security Audits and Community Reputation: Verify if the DEX’s smart contracts have undergone security audits by reputable firms. A strong and active community can also be a good indicator of reliability.

Researching these aspects will help align your trading goals with the most suitable DEX.

Security Best Practices and Common Risks with DEXs

While decentralized exchanges offer significant security advantages by eliminating counterparty risk, they are not entirely immune to risks. Users maintain full control of their funds, which shifts the responsibility for security entirely onto their shoulders. Understanding and implementing robust security best practices is therefore paramount to safeguarding your digital assets when interacting with DEXs. The primary risk factor lies in user error and vulnerabilities within smart contracts themselves.

One of the most critical aspects of DEX security is managing your private keys and seed phrase. If these are compromised, your funds can be permanently lost. It’s imperative to store your seed phrase offline, in a secure location, and never share it with anyone. Using a hardware wallet (like Ledger or Trezor) is highly recommended, as it keeps your private keys isolated from internet-connected devices, significantly reducing the risk of online theft. Furthermore, always verify the URL of the DEX you are using to prevent falling victim to phishing sites, which are designed to mimic legitimate platforms to steal your credentials or trick you into approving malicious transactions. Cybercriminals frequently set up fake DEX websites to exploit unsuspecting users.

Another layer of risk comes from the smart contracts that power DEXs. While many reputable DEXs undergo rigorous security audits, bugs or vulnerabilities can still exist. An exploitable vulnerability in a smart contract could lead to loss of funds locked within liquidity pools or during a swap. It’s also crucial to be cautious about connecting your wallet to unknown or unverified smart contracts and tokens, as these could potentially drain your wallet. Always revoke token approvals for dApps you no longer use or trust, effectively cutting off their permission to spend your tokens. Finally, be mindful of “rug pulls” and scams, especially with newer, less established tokens that can be listed on DEXs without heavy vetting. These typically involve developers attracting liquidity, then suddenly withdrawing all funds from the pool, leaving investors with worthless tokens. Diligence and caution are your best allies in the decentralized trading landscape.

Protecting Your Assets: Wallets and Seed Phrases

Your cryptocurrency wallet is your gateway to the decentralized financial world, and securing it is non-negotiable. Unlike traditional bank accounts, there’s no “forgot password” button or customer support to recover your funds if you lose access to your wallet or its private keys. The concept of a seed phrase (also known as a recovery phrase or mnemonic phrase) is central to wallet security. It’s a sequence of 12 or 24 words that serves as a master key to all your cryptocurrency assets associated with that wallet.

When you set up a new wallet, you will be prompted to write down this seed phrase. This is the single most important step in securing your crypto. Here’s why and how to protect it:

• Offline Storage: Never store your seed phrase digitally (e.g., on your computer, cloud storage, email). It should be written down on paper and stored in a secure physical location, like a safe or a fireproof box.
• Multiple Copies (Optional but Recommended): Some users create multiple copies and store them in different secure locations to mitigate the risk of losing one copy (e.g., due to fire or flood).
• Hardware Wallets: For substantial amounts of cryptocurrency, a hardware wallet provides the highest level of security. These physical devices keep your private keys isolated from the internet, requiring physical confirmation for every transaction. Even if your computer is compromised, your funds remain secure.
• Software Wallet Best Practices: For software wallets (like MetaMask), always download them from the official website or a trusted app store. Keep your software updated to benefit from the latest security patches. Never use public Wi-Fi for sensitive transactions.
• Be Wary of Phishing: Criminals often create fake wallet websites or apps to trick you into entering your seed phrase. Always double-check the URL and source before inputting any sensitive information.

Remember, whoever has your seed phrase has full control over your funds. Treat it with the utmost confidentiality and security.

The Future of Decentralized Exchanges (DEXs): Trends and Innovations

The landscape of decentralized exchanges is dynamic, characterized by relentless innovation and a rapid evolution of technology. Far from being a static market, DEXs are at the forefront of blockchain development, constantly pushing the boundaries of what’s possible in DeFi (Decentralized Finance). Several key trends and emerging innovations are shaping the future of DEXs, promising enhanced functionality, scalability, and an even broader appeal.

One significant trend is the continuous improvement in scalability solutions. Early DEXs, especially those on Ethereum, suffered from high gas fees and slow transaction times, particularly during periods of network congestion. Layer 2 scaling solutions (like Optimism, Arbitrum, and Polygon Zero) are becoming increasingly integrated with DEXs, enabling faster and cheaper transactions by processing them off the main blockchain and then batched back to the mainnet. This significantly enhances the user experience, making DEX trading more accessible and efficient for everyday users. Another innovation is the rise of concentrated liquidity pools (e.g., Uniswap v3), which allow liquidity providers to specify a price range for their liquidity, leading to higher capital efficiency and potentially increased earnings for LPs. This also translates to deeper liquidity at specific price points for traders, reducing slippage.

Furthermore, cross-chain interoperability is a major focus. As the blockchain ecosystem fragments across multiple Layer 1 and Layer 2 networks, the ability to seamlessly swap tokens across different blockchains without needing to bridge them manually is becoming critical. Decentralized bridges and cross-chain DEXs (e.g., ThorSwap) are under development to facilitate this, aiming to create a truly interconnected DeFi landscape. The integration of advanced trading features, previously only found on CEXs, is also on the horizon. This includes features like limit orders, stop-loss orders, and even margin trading on some DEXs, offering more sophisticated tools to traders while maintaining decentralization. The evolution towards greater decentralization in governance models through DAOs, combined with institutional adoption and clearer regulatory frameworks, will further solidify the position of DEXs as fundamental components of the future financial system.

Layer 2 Scaling and Cross-Chain Connectivity

The expansion of decentralized finance (DeFi) has brought immense innovation, but also highlighted critical bottlenecks within foundational blockchains. The limitations of Layer 1 networks, particularly in terms of transaction throughput and cost, became evident as DEX usage surged. Layer 2 scaling solutions and cross-chain connectivity are the responses to these challenges, paving the way for a more scalable and interconnected decentralized ecosystem.

Layer 2 solutions operate on top of a main blockchain (Layer 1) to offload transaction processing, thereby reducing congestion and fees on the mainnet. Popular Layer 2 technologies include:

• Optimistic Rollups (e.g., Optimism, Arbitrum): These assume transactions are valid and only check for fraud if challenged. They offer significant throughput improvements.
• ZK-Rollups (e.g., zkSync, StarkNet): These use cryptographic proofs to instantly verify transactions, providing stronger security guarantees but with more computational complexity.
• Sidechains (e.g., Polygon): These are separate, independent blockchains that run parallel to the mainnet and are connected via a two-way bridge. They have their own consensus mechanisms and offer high scalability.

By integrating with these Layer 2 solutions, DEXs can offer a vastly improved user experience, making micro-transactions and frequent trades economically viable. This is crucial for attracting mainstream users who might be deterred by high gas fees.

Parallel to scaling, cross-chain connectivity addresses the fragmentation of liquidity and assets across different blockchain networks. Currently, moving assets between blockchains often requires centralized bridges, which introduce their own set of security risks. Innovations in decentralized cross-chain bridges and cross-chain DEXs aim to enable native asset swaps between disparate blockchains without relying on intermediaries. This means a user on the Ethereum network could seamlessly swap ETH for Solana’s SOL, or Binance Smart Chain’s BNB, directly from a DEX, unlocking a truly universal DeFi landscape. These advancements are critical for building a more fluid, efficient, and interconnected decentralized financial system capable of supporting a global user base.

Regulatory Landscape of Decentralized Exchanges (DEXs)

The regulatory environment surrounding decentralized exchanges is complex, evolving, and often lags behind technological advancements. Unlike centralized exchanges, which typically fall under specific jurisdictions and are subject to stringent regulations like KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements, DEXs operate in a more nebulous legal space. The permissionless and non-custodial nature of DEXs makes it challenging for traditional regulatory bodies to apply existing frameworks, leading to varying stances across different countries.

Regulators globally are grappling with how to classify and oversee DEXs without stifling innovation. Some authorities view DEXs as a form of money transmission service, while others see them as mere software protocols, not subject to the same rules as financial institutions. This uncertainty creates a patchwork of legal interpretations. For instance, the US Securities and Exchange Commission (SEC) has signaled its intention to scrutinize DeFi protocols, including DEXs, for potential violations of securities laws, particularly concerning the trading of unregistered securities. The classification of a token as a security versus a commodity significantly impacts a DEX’s regulatory burden. Similarly, international bodies like the Financial Action Task Force (FATF) are pushing for global standards to combat illicit finance using virtual assets, which could eventually impact DEXs, even if indirectly.

The decentralized nature of governance in many DEXs, moving towards DAO models where token holders vote on key decisions, further complicates regulatory efforts. Who is responsible for compliance when there isn’t a single entity or CEO? This distributed responsibility challenges traditional enforcement mechanisms. While a fully decentralized DEX might escape the direct regulatory net, linked entities such as front-end developers, liquidity providers, or even token issuers associated with a DEX might still be subject to oversight. As the DeFi space matures, a clearer, although likely complex, regulatory framework for DEXs is expected to emerge, potentially pushing protocols to adopt certain compliance features or risk facing enforcement actions. For users, this means staying informed about the evolving legal landscape and understanding the potential implications for their trading activities.

Navigating Compliance and User Responsibility

Understanding the interplay between compliance and user responsibility is paramount when engaging with decentralized exchanges. While DEXs themselves may operate outside traditional regulatory perimeters due to their decentralized nature, users are still subject to the laws of their respective jurisdictions. This means that engaging in certain activities on a DEX, even if the platform doesn’t enforce KYC, could still have legal implications for the individual trader.

For example, tax obligations related to cryptocurrency trading apply regardless of whether the trade occurs on a CEX or a DEX. Users are generally required to report capital gains or losses from their crypto transactions. This necessitates meticulous record-keeping of all trades, including dates, asset types, quantities, and fiat values at the time of transaction. Tools and services exist to help track these transactions across various blockchain addresses and generate tax reports, simplifying the complex task of calculating taxable events in a decentralized environment.

Moreover, while privacy is a perceived benefit of DEXs, it doesn’t equate to anonymity from legal scrutiny. Blockchain transactions are immutable and publicly recorded. Advanced blockchain analytics firms are increasingly capable of tracing funds, even through multiple hops and across different protocols. This means that illicit activities conducted on a DEX can potentially be unraveled and linked back to an individual.

Therefore, user responsibility on DEXs extends to:

• Tax Compliance: Accurately reporting all earnings and losses from DEX trading to relevant tax authorities.
• Legal Awareness: Remaining informed about local and international laws pertaining to cryptocurrency and decentralized finance.
• Ethical Conduct: Avoiding participation in activities that could be deemed illegal or unethical, even if the platform doesn’t explicitly prevent them.
• Due Diligence: Thoroughly researching tokens and liquidity pools to avoid scams and projects with questionable intentions.

Ultimately, the freedom and autonomy offered by DEXs come with the onus of increased personal responsibility. Users must act diligently and ethically to navigate the evolving regulatory landscape successfully.

Challenges and Limitations of DEXs for Beginners

Despite their growing popularity and inherent advantages, decentralized exchanges present several challenges and limitations, especially for newcomers to the crypto space. The very features that make DEXs appealing to experienced users – decentralization, self-custody, and permissionless access – can paradoxically become barriers for beginners. Understanding these hurdles is crucial for setting realistic expectations and navigating the DEX landscape effectively.

One of the most significant challenges is the user experience. Compared to the polished, intuitive interfaces of centralized exchanges, many DEXs can feel less user-friendly. The process of connecting wallets, understanding gas fees, managing slippage, and interpreting complex charts can be overwhelming for someone accustomed to simpler web platforms. Error messages can be cryptic, and troubleshooting issues often requires a deeper technical understanding of blockchain operations. Furthermore, the responsibility of self-custody, while a security advantage, shifts the burden of asset protection entirely to the user. Losing a private key or making an irreversible mistake in a transaction means permanent loss of funds, with no customer support to assist in recovery. This steep learning curve is a primary deterrent for many potential users.

Another limitation is related to liquidity and trading features. While some major trading pairs on large DEXs have ample liquidity, smaller or newer tokens might suffer from low liquidity, leading to significant price slippage for even modest trades. This means the actual execution price could be far worse than the quoted price, especially during volatile market conditions. Advanced trading features common on CEXs, such as limit orders, stop-loss orders, margin trading, and futures trading, are either non-existent or still in nascent stages on most DEXs due to the technical complexities of implementing them in a decentralized, non-custodial manner. This lack of sophisticated tools can hinder the strategies of more experienced traders. Finally, the inherent nature of blockchain transactions means that every action, including swapping tokens or adding liquidity, incurs network fees (gas fees). These fees can be unpredictable and, on busy networks like Ethereum, can become prohibitively expensive for smaller transactions, making frequent trading uneconomical for many users. While Layer 2 solutions are addressing this, it remains a notable barrier.

Understanding Gas Fees and Slippage

Two common technical hurdles that beginners frequently encounter when interacting with decentralized exchanges are gas fees and slippage. These concepts are fundamental to understanding the true cost and execution of trades on a DEX.

Gas Fees: These are the transaction fees paid to the network validators for processing and confirming your transactions on a blockchain. Think of gas as the fuel required to power the blockchain’s operations. The cost of gas varies depending on several factors:

• Network Congestion: When a blockchain network is busy with many pending transactions, gas prices tend to rise as users bid higher to get their transactions included in the next block.
• Transaction Complexity: More complex smart contract interactions (e.g., swapping tokens vs. simply sending them) require more computational resources and thus incur higher gas fees.
• Blockchain Network: Different blockchains have different base gas fee structures. Ethereum, for example, is notorious for its high gas fees during peak times, while networks like Polygon or Binance Smart Chain generally have much lower fees.

You typically pay gas in the native token of the blockchain (e.g., ETH for Ethereum, MATIC for Polygon). Failure to have enough native tokens in your wallet will result in failed transactions.

Slippage: This refers to the difference between the expected price of a trade and the actual executed price. Slippage is a common occurrence in volatile markets or when trading large volumes relative to the liquidity available in a pool on an Automated Market Maker (AMM) DEX. It happens because the price of assets in a liquidity pool adjusts dynamically with each trade.

• Liquidity Pool Depth: Shallow liquidity pools (those with less capital) are more susceptible to slippage because even small trades can significantly alter the token ratio and thus the price.
• Trade Size: Larger trades, relative to the pool’s size, will inevitably cause more slippage as they move the price more dramatically.
• Network Latency: During periods of high network congestion, trades can take longer to confirm, allowing prices to shift further from the initial quote.

Most DEX interfaces allow users to set a “slippage tolerance” percentage. If the price moves beyond this tolerance during the transaction, the trade will fail. While setting a higher tolerance can ensure your trade goes through, it also means you might accept a worse price. Beginners must learn to manage these aspects to avoid unexpected costs and ensure successful trades.

Frequently Asked Questions About DEXs