#中心化与去中心化交易所 Capital Control

CEX: Users must deposit assets into the exchange account, where the exchange has control of the private keys, and users rely on the platform's credit.

DEX: Users manage their own private keys, and assets are held through smart contracts, with transactions being transparent and immutable.

Transaction Efficiency and Liquidity

CEX: Utilizes a centralized order book, with fast transaction speeds (milliseconds), high liquidity, and supports high-frequency trading and derivatives (such as futures, leverage).

DEX: Based on on-chain smart contracts or liquidity pools (AMM), transactions require on-chain confirmation (minutes), with lower liquidity, and large transactions may face slippage.

Privacy and Compliance

CEX: Requires completion of KYC/AML certification, user identity information is regulated by the platform, with strong compliance.

DEX: Anonymous transactions, no identity verification required, but there is a risk of money laundering and high regulatory uncertainty.

Fee Structure

CEX: Charges trading fees (0.1%-0.5%), withdrawal fees, etc., with transparent but relatively high fees.

DEX: Only pays on-chain Gas fees (depending on network congestion), no platform cut, but Gas fees can be highly volatile.