The comparison between centralized exchanges (CEX) and decentralized exchanges (DEX) relates to how cryptocurrencies are traded. Centralized exchanges like Binance provide high liquidity and a smooth user experience, as the assets are managed by the exchange itself. This offers additional security but requires trust in the exchange. On the other hand, decentralized exchanges allow users to trade directly with each other without an intermediary, enhancing privacy and personal control over assets. However, DEX may face challenges in liquidity and execution speed. The choice between CEX and DEX depends on user preferences regarding security, privacy, and convenience.