A decentralized exchange (DEX) is a cryptocurrency exchange which operates in a decentralized way, without a central authority.

Decentralized exchanges allow peer-to-peer trading of cryptocurrencies.

Because users do not need to transfer their assets to the exchange, decentralized exchanges reduce the risk of theft from hacking of exchanges. Decentralized exchanges can also prevent price manipulation or faked trading volume through wash trading, and are more anonymous than exchanges which implement know your customer requirements.

In a Tweet, Charlie Lee, the creator of Litecoin spoke out and claimed an exchange cannot be decentralized if it can lose or freeze customer funds.

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LocalCoin Blockchain Explorer. https://llc.is and LocalCoin Explorer API. https://api.llc.is/apidocs/
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