#中心化与去中心化交易所 Centralized Exchanges (CEX)**

- Operated by companies or organizations, users need to deposit assets into wallets controlled by the exchange (custodial accounts).

- The exchange manages the order book, matches trades, and holds user funds.

- For example: Binance, Coinbase, Kraken.

- **Decentralized Exchanges (DEX)**

- Operate based on blockchain smart contracts, users trade directly through personal wallets (such as MetaMask), with assets always controlled by the user.

- No centralized entity holds funds, trades are executed automatically by algorithms or liquidity pools.

- For example: Uniswap, PancakeSwap, dYdX.