#中心化与去中心化交易所 • Centralized Exchange (CEX): Assets are directly controlled by users and stored in personal wallets or smart contracts. Transactions are automatically executed through smart contracts without the need to trust third-party institutions (e.g., Uniswap, 0x on Ethereum).

​​Trading Mechanism​​

• ​​CEX​​: Relies on a centralized limit order book (like Binance), similar to traditional financial markets, where users complete transactions after matching orders with the platform.

• ​​DEX​​: Uses an Automated Market Maker (AMM) mechanism, such as constant product (xAMM), constant rate (yAMM), etc., to exchange assets directly on the blockchain through smart contracts without a matching party.

​​Security and Privacy​​

• ​​CEX​​: Requires user identity verification (KYC), and asset custody poses risks of being tampered with or stolen by the platform, but the transaction transparency is relatively high (some platforms publish source code).

• ​​DEX​​: No identity verification is needed, providing stronger privacy protection, but users must manage their private keys and mnemonic phrases themselves, facing risks like smart contract vulnerabilities and key loss.

​​Transaction Fees and Liquidity​​

• ​​CEX​​: Transaction fees are lower (typically 0.1%-0.5%), with strong liquidity, supporting fiat transactions, suitable for beginners.

• ​​DEX​​: Transaction fees are higher (around 2%-5%), and liquidity depends on the popularity of the smart contract, with some DEXs supporting fiat exchange but with lower depth.