An Exchange is a centralized platform where individuals can buy and sell cryptocurrencies using fiat money or other cryptocurrencies. A Decentralized Exchange (DEX) operates on blockchain technology, allowing users to trade cryptocurrencies without the need for intermediaries. A Swap is a type of trade where two individuals exchange cryptocurrencies without the need for a third party. Both DEXs and Swaps allow for more privacy and security compared to centralized exchanges, but DEXs are generally slower and less user-friendly than centralized exchanges.