#中心化与去中心化交易所 Centralized Exchange (CEX) is operated by companies or institutions, providing high liquidity, ease of use, and fast trading speed, but users must trust the platform to custody their assets, which carries the risk of being hacked. Decentralized Exchange (DEX) is based on blockchain smart contracts, does not require intermediaries, and users manage their assets independently, making it relatively safer but with a higher operational threshold, lower liquidity, and slower trading speed. CEX is suitable for beginners and high-frequency traders, while DEX emphasizes privacy and asset control. Both have their advantages and disadvantages, depending on user needs and risk preferences.