Centralized and decentralized exchanges each have their advantages and disadvantages. Centralized exchanges (CEX) such as Binance and Coinbase are easy to operate, have fast transaction speeds, and strong liquidity, making them friendly for beginners. However, users need to entrust their assets to the platform, posing risks of hacking or platform failure. In contrast, decentralized exchanges (DEX) like Uniswap and PancakeSwap do not require intermediaries, and users retain control of their assets, aligning more with the blockchain principle of 'trustlessness'. However, they have higher operational thresholds, poorer user experience, and significant slippage in transactions. The future may see a combination of both into hybrid trading platforms that ensure cybersecurity while enhancing efficiency, which is a development direction worth paying attention to.