A DEX, or Decentralized Exchange. It means that traders can buy and sell cryptocurrencies without storing their coins on an exchange, maintaining control of their own coins in their personal wallet and executing trades directly on the decentralized exchange. Once the orders are filled, users confirm the transactions, and their wallets transfer the coins.
BarterDEX is one example of a decentralized exchange. It was developed by the Komodo project and uses their associated token, KMD.
BarterDEX is an open-source software that uses atomic swaps, a method of trading between different blockchain networks. Atomic swaps eliminate the need for traditional intermediaries like centralized exchanges.
The Komodo developers implemented a unique system combining full relay nodes and a non-relay node. This setup ensures that all buy and sell orders are visible to traders, and updates are frequently distributed throughout the network.
When using BarterDEX, you’ll have access to a diverse range of cryptocurrencies. However, keep in mind that some coins may have lower trading volume, resulting in slower trade execution unless you opt for market orders.
It’s important to note that if you use the BarterDEX app, it is recommended to securely save the twelve-word mnemonic phrase provided. This phrase grants access to your portfolio data, trade history, debug menu, and settings section where you can customize themes, language, and other preferences.