Exchanges are businesses that let you buy crypto using traditional currencies. They have custody over any crypto you buy until you send it to a wallet you control.
If you want more control, buy peer-to-peer. With a DEX you can trade without giving control of your funds to a centralized company. Decentralized exchanges are open marketplaces for ETH and other tokens. They connect buyers and sellers directly.
Instead of using a trusted third party to safeguard funds in the transaction, they use code. The seller's ETH will only be transferred when payment is guaranteed. This type of code is known as a smart contract.
This means there are fewer geographical restrictions than with centralized alternatives. If someone is selling what you want and accepting a payment method you can provide, you’re good to go. DEXs can let you buy ETH with other tokens, PayPal or even in-person cash deliveries.
You will need a wallet to use a DEX.
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