Centralized exchanges have high trading efficiency, strong liquidity, professional customer service and regulation, providing a good user experience. However, there are risks of platform misconduct and hacker attacks leading to asset losses, and users need to entrust their assets. Decentralized exchanges do not require asset custody, are open and transparent, with users holding the private keys, resulting in high security. However, they have poor trading depth, complex operations, lack effective regulation, difficulties in safeguarding rights, and lower trading efficiency.