That DEX you're using, is it really a DEX (decentralized exchange)? Or is it more of a CEX (centralized exchange)? How decentralized are DEXs? Well, which part of it is decentralized? Does it enable peer-to-peer exchange? Is a business running it? Does it require KYC/AML? In this video Andreas discusses what a DEX actually is and reviews 5 criteria you can use to figure out how decentralized the exchange is that you're looking at. 0:00 Is DEX just a marketing word? 0:17 The word decentralized is not a definition, it describes a spectrum, it describes a group of behaviors 0:45 Difference between DEX(decentralized exchange) and CEX(centralized exchange) 1:16 Is it custodial or non-custodial? Does it require some kind of identification? 2:08 Does it operate across multiple cryptocurrencies and blockchains or is it limited to one? 2:53 Does it have a decentralized order book or does it rely on a central service for matching buyers and sellers? What is the interface you're using to access it? This was one of many questions I answered on DEXs during a bonus livestream on August 15, 2020. Watch the entire Decentralized Exchange livestream: https://youtu.be/ugPa1r2OdIU. Related Videos:  Bitcoin Q&A: Decentralized exchanges with fiat - https://youtu.be/3Url8tbQEkA Patrons and YouTube Community Builders get to ask questions early, get behind-the-scenes info, and get early access to my work. Learn more at https://www.patreon.com/aantonop. Learn more about becoming a Community Builder: https://patreon.com/aantonop Join the YouTube Channel: https://www.youtube.com/channel/UCJWCJCWOxBYSi5DhCieLOLQ/join  *** Socials, Books, & More ***  Website: https://aantonop.com  Twitter: https://twitter.com/aantonop  Facebook: https://www.facebook.com/AndreasMAntonopoulos Insta: https://www.instagram.com/amantonop/ LinkedIn: https://www.linkedin.com/company/aantonop/ Amazon Author: http://www.amazon.com/-/e/B00MVAG8Z8  Audible: https://www.audible.com/author/Andreas-M-Antonopoulos/B00MVAG8Z8 Music: "Unbounded" by Orfan (https://twitter.com/grassfedbitcoin) Don't forget to SUBSCRIBE to this YouTube channel and select the bell ? for notifications.  Thanks for watching!