#中心化与去中心化交易所

# **Comparison of Centralized and Decentralized Exchanges**

Centralized exchanges (CEX) such as Binance and Coinbase are operated by institutions that hold user assets, providing efficient trading but with regulatory and security risks. Decentralized exchanges (DEX) like Uniswap and PancakeSwap facilitate peer-to-peer trading through smart contracts, allowing users to hold their private keys, offering strong privacy, but with lower liquidity and more complex operations. CEXs are suitable for beginners and high-frequency trading, while DEXs align more with the principles of decentralization, catering to security-conscious users. In the future, both may complement each other, driving the development of the crypto market.