#CEXvsDEX101 Centralized Exchanges (CEXs) like Binance and Coinbase are run by companies that act as intermediaries for crypto trades, offering high liquidity, fast transactions, and user-friendly interfaces. However, they require user trust and often hold user funds. Decentralized Exchanges (DEXs) like Uniswap and PancakeSwap operate via smart contracts, allowing peer-to-peer trading without intermediaries. Users retain control of their assets but face slower speeds, lower liquidity, and complex interfaces.