Centralized Exchanges (CEX) and Decentralized Exchanges (DEX) are the two major trading models in the cryptocurrency market. CEX is operated by centralized institutions, where users need to deposit assets onto the platform, relying on it for trade matching. The advantages include high liquidity, fast execution, and user-friendly interfaces, but there are risks related to custody, regulatory compliance pressure, and potential security vulnerabilities. DEX is based on blockchain and smart contracts, allowing users to have full control over their assets, with transparent and high privacy transactions. However, it is limited by blockchain performance, resulting in slower transaction speeds, insufficient liquidity, and higher operational thresholds. Currently, CEX still dominates the market, but DEX is gradually enhancing its competitiveness through innovations like Layer 2 scaling and cross-chain technology. In the future, both may tend towards integration, combining efficiency with decentralized characteristics.