#中心化与去中心化交易所 Core Differences

In the field of cryptocurrency trading, centralized exchanges (CEX) and decentralized exchanges (DEX) are the two main models, with the core difference lying in asset control and trust mechanisms.

CEX (such as Binance, Coinbase)

Custodial Model: User assets are held by the platform, requiring trust in its security.

Order Book Matching: The platform matches buy and sell orders.

Advantages: Smooth user experience, complete fiat channels, strong liquidity.

Risks: Potential for hacking, poor internal management, or exit scams.

DEX (such as Uniswap, PancakeSwap): Non-Custodial Model: Users hold private keys through wallets, and transactions are completed peer-to-peer via smart contracts.

Automated Market Maker (AMM): A common model that relies on liquidity pools for pricing.

Advantages: Users control their assets, high transparency, resistant to censorship.

Challenges: Transaction speeds may be slower, gas fees fluctuate, liquidity may be fragmented, and the operational threshold is slightly higher.

How to choose?

Users seeking convenience and deep liquidity tend to prefer CEX; those valuing asset sovereignty and censorship resistance opt for DEX. Understanding their core differences is key to safely participating in the crypto ecosystem. Both have applicable scenarios and jointly promote industry development.