Decentralized exchanges or DEX for short, are a type of cryptocurrency exchange which allow for direct cryptocurrency exchanges of tokens to take place online securely and without the need for a middleman like a bank or a government.
To use a DEX:
- Go to the DEX’s website (e.g. uniswap.io)
- Connect your wallet to the DEX
- Swap a token in your wallet for another
I currently use the 1inch.io DEX to exchange ETH tokens for the HEX token, a type of savings and term deposit token that averages around 40% interest rate.