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Merriam-Webster defines Exchange as ‘the act of giving or taking one thing in return for another’ Decentralized exchanges allow people to swap crypto tokens directly with each other. DEXs allow trading without an intermediary and users don’t need to give up custody of their coins. CEXs are custodial. They hold user funds and digital currencies on the exchange and act as the. central authority that verifies and authorizes all transactions. DeX is relatively new, but they’re recording rapid growth.