At its core, a DEX is a market that allows users to trade directly with each other, cutting out any middlemen in the process. Let’s use Binance as an example. The regular Binance exchange acts as a third party that holds assets on behalf of its users. Binance DEX, on the other hand, allows users to trade directly with each other, with direct control over their own funds. The platform doesn’t store your private keys or any other sensitive data, which puts you fully in control of your crypto.