> For the complete documentation index, see [llms.txt](https://docs.cexiswap.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.cexiswap.io/basics/dex-and-cex.md).

# DEX & CEX

### Decentralized exchange (DEX)

Decentralized exchange (DEX) is a cryptocurrency exchange offering secure direct peer-to-peer cryptocurrency transactions, where an intermediary is not needed.<br>

### Centralized exchange (CEX)&#x20;

Centralized exchange (CEX) is a cryptocurrency exchange that is operated by a company-owner (centralized management).<br>

> ### CEXISWAP liberate CEX & DEX liquidity
>
> CEXISWAP is a new DEX which provides CEX competitive price and keeps the good parts of CEX (e.g., no price slippage and frontruns protection).