#中心化与去中心化交易所 Capital Control

CEX: Users need to deposit assets into the exchange account, and the exchange has control over the private keys, relying on the platform's credibility.

DEX: Users manage their own private keys, and assets are held through smart contracts, with transactions being transparent and immutable.

Transaction Efficiency and Liquidity

CEX: Utilizes a centralized order book, fast transaction speed (in milliseconds), high liquidity, and supports high-frequency trading and derivatives (such as futures and leverage).

DEX: Based on on-chain smart contracts or liquidity pools (AMM), transactions require on-chain confirmation (in minutes), lower liquidity, and large transactions may face slippage.

Privacy and Compliance

CEX: Requires KYC/AML certification, user identity information is regulated by the platform, with strong compliance.

DEX: Anonymous transactions, no identity verification required, but there are money laundering risks and high uncertainty in regulation.

Fee Structure

CEX: Charges trading fees (0.1%-0.5%), withdrawal fees, etc., with transparent but relatively high fees.

DEX: Only pays on-chain gas fees (depending on network congestion), no platform cut, but gas fees can fluctuate significantly.