# DEX

> A decentralised exchange. Trade crypto directly from your wallet, without an account.

Canonical URL: https://fudfomo.co/glossary/dex
Source: What The Block! Dictionary v1.0 (last updated 2026-04-25), browsable at https://wtb.fudfomo.co.

## Definition

DEX stands for decentralised exchange. Instead of depositing funds with a company, you connect your wallet and trade through smart contracts.

Most DEXes use liquidity pools rather than an order book: people deposit pairs of tokens, and you trade against that pool. The price moves automatically based on supply and demand.

## Related terms

- [DeFi](https://fudfomo.co/glossary/defi): Decentralised finance. Apps that offer lending, trading, and saving on a blockchain instead of through a bank.
- [CEX](https://fudfomo.co/glossary/cex): A centralised exchange. A regulated platform where you buy and sell crypto using an account.
- [Liquidity Pool](https://fudfomo.co/glossary/liquidity-pool): A shared pot of two tokens that lets people trade between them on a decentralised exchange.
- [Slippage](https://fudfomo.co/glossary/slippage): The gap between the price you expected when you placed a trade and the price you actually got.

## See the full catalogue

What The Block! covers more than 2,000 plain-English crypto terms, delivered as embeddable hover-state tooltips for crypto exchanges. https://wtb.fudfomo.co