A decentralised exchange (DEX) is a blockchain-based platform that enables users to trade cryptocurrencies directly with one another, bypassing middlemen. The following are the main benefits that make DEXs the favoured option for many cryptocurrency consumers.

1. Full ownership of funds: Users retain ownership of their private keys and cryptocurrency assets; there is no need to deposit cash with a third party.

2. Increased Privacy: DEXs often do not need KYC/AML, providing more user anonymity.

3. Security: The risk of centralised hacking is reduced because assets are not held on the exchange.

4. Lower fees: DEXs often have fewer intermediaries and lower transaction costs.

5. Global Accessibility: Anyone with a cryptocurrency wallet and an internet connection may trade from anywhere.

6. Wide Token Variety: Easier to list new or specialised tokens that are not available on centralised exchanges.

7. Innovation Friendly: Faster integration of DeFi functionality, such as yield farming, staking, and token swapping.

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