#CEXvsDEX101 CEX (Centralized Exchange) and DEX (Decentralized Exchange) are two types of cryptocurrency exchanges that differ fundamentally in their structure and operation. CEXs, like Binance or Coinbase, are managed by a central authority, offering high liquidity, user-friendly interfaces, and customer support, but require ID verification and charge higher fees. In contrast, DEXs, such as Uniswap or PancakeSwap, operate without intermediaries using smart contracts, prioritizing anonymity, user control, and lower fees, but often have lower liquidity and can be more complex to use. While CEXs are ideal for beginners or large trades, DEXs suit those seeking privacy and control over their assets.