#CEXvsDEX101 A Quick Summary:
CEXs (Centralized Exchanges) like Binance operate similarly to banks: the platform holds your cryptos, requires identity verification (KYC), and offers a user-friendly interface, high liquidity, and fiat support. However, they carry the risk of hacks and censorship, as you do not control your keys.
On the other hand, DEXs (Decentralized Exchanges) like Uniswap operate directly on the blockchain. You maintain full control of your funds (self-custody), do not require KYC, and offer resistance to censorship. They tend to be more complex to use, with lower liquidity and variable gas fees. The choice depends on your priority between convenience and control.
