Traditionally, centralized exchanges are needed to facilitate the trading of financial assets between two parties. A decentralized exchange (DEX) is a decentralized marketplace where financial assets can be traded in a permissionless and trustless manner. DEXs are accessible by anyone with an internet connection and a crypto wallet, with no sign up or KYC needed. Decentralized exchanges allow users to maintain full control over their assets, unlike centralized exchanges which take custody over all assets deposited. Since there is no intermediary needed, trading fees are often significantly cheaper on a decentralized exchange than a centralized exchange.