#CEXvsDEX101

🔒 Centralized Exchanges (CEXs) like Binance or Coinbase are operated by a central entity. They offer:

✅ High liquidity

✅ Faster trades

✅ User-friendly interfaces

❌ Require KYC

❌ Funds are held by the exchange (custodial risk)

🔓 Decentralized Exchanges (DEXs) like Uniswap or PancakeSwap operate without intermediaries. They offer:

✅ Full control of your funds (non-custodial)

✅ No KYC (privacy-focused)

✅ Open and transparent protocols

❌ Lower liquidity (in some cases)

❌ Higher learning curve & gas fees