Centralized exchanges (CEX) and decentralized exchanges (DEX) are the two main types of cryptocurrency trading, each with its own advantages and disadvantages.

Centralized exchanges (CEX) are operated by institutions, where users need to register and custody their assets. The advantages include high liquidity, fast trading, a wide variety of trading pairs, and a user-friendly interface, but there are asset security risks (such as hacking or fraud).

Decentralized exchanges (DEX) are based on blockchain smart contracts, where users hold their private keys, and transactions are transparent and censorship-resistant. However, they typically have lower liquidity, slower transaction speeds, and more complex operations.

In the future, CEX will still dominate the market, while DEX will continue to innovate in terms of security and trustlessness.