#中心化与去中心化交易所 Centralized and Decentralized Exchanges Centralized exchanges (CEX) are operated by a central entity, requiring users to entrust their assets to the platform. They offer fast trading speeds and strong liquidity, such as Binance and Huobi. However, they carry risks such as asset theft and manipulated trading.

Decentralized exchanges (DEX) are based on blockchain technology, allowing users to control their private keys and assets, with trades executed on-chain, like Uniswap and PancakeSwap. Although they are more secure and transparent, they tend to have slower trading speeds and limited liquidity.

Both have their advantages and disadvantages; centralized exchanges are suitable for beginners and high-frequency trading, while decentralized exchanges are better for users who prioritize privacy and asset control. In the future, there may be a trend toward integration, forming a hybrid trading model.