#中心化与去中心化交易所 Centralized Exchange (CEX) is operated by companies or institutions, offering high liquidity, ease of operation, and fast transaction speeds, but users must trust the platform to custody assets, which carries the risk of being hacked. Decentralized Exchange (DEX) is based on blockchain smart contracts, requiring no intermediaries, allowing users to manage their assets independently, which is relatively safer but has a higher operational threshold and lower liquidity and transaction speeds. CEX is suitable for beginners and high-frequency traders, while DEX emphasizes privacy and asset control. Both have their pros and cons, depending on user needs and risk preferences.