A decentralized exchange (DEX) is a financial services platform for buying, trading, and selling digital assets. On a DEX, users transact directly and peer-to-peer on the blockchain without a centralized intermediary. DEXs do not serve as custodians of users' funds and are often democratically managed with decentralized governance organizations. Without a central authority charging fees for services, DEXs tend to be cheaper than their centralized counterparts.