$BTC ### **#CEXvsDEX101 – Centralized vs. Decentralized Exchanges**

When trading crypto, you’ll mainly use **Centralized Exchanges (CEXs)** or **Decentralized Exchanges (DEXs)**. Here’s a quick breakdown:

| Feature | **CEX (e.g., Binance, Coinbase)** | **DEX (e.g., Uniswap, dYdX)** |

|-----------------|----------------------------------|--------------------------------|

| **Control** | Controlled by a company | Runs on smart contracts (no central authority) |

| **Custody** | You don’t own private keys | You control your wallet (self-custody) |

| **Liquidity**#slm