#CEXvsDEX101 On Binance, you primarily use a CEX (Centralized Exchange). This means Binance holds your crypto for you, offering ease of use, high liquidity, and customer support. Think of it like a traditional bank for crypto.

However, the crypto world also has DEXs (Decentralized Exchanges) like PancakeSwap. On a DEX, you keep full control of your funds in your own wallet, trading directly peer-to-peer. This offers greater privacy and censorship resistance but can be less user-friendly and have lower liquidity for certain tokens.

Binance is even integrating CEX-to-DEX features to bridge these worlds, allowing you to access DEX liquidity from your Binance wallet. Choose based on your priorities: convenience and support (CEX) or self-custody and privacy (DEX).