#中心化与去中心化交易所 The core differences between centralized exchanges (CEX) and decentralized exchanges (DEX) are reflected in the following aspects:

Asset Control and Security

CEX is managed by a central institution that holds user assets, with private keys controlled by the platform, which carries risks of hacking and exit scams (like the Mt. Gox incident). DEX, on the other hand, executes trades on-chain through smart contracts, allowing users to hold their private keys and store funds in personal wallets, resulting in higher security, but users must bear the risk of smart contract vulnerabilities themselves.

Trading Efficiency and Liquidity

CEX utilizes order book matching, offering fast trading speeds and high liquidity, making it suitable for high-frequency trading and large transactions. DEX relies on liquidity pools and blockchain confirmations, meaning trading speed can be affected by network congestion, with higher slippage, especially in lesser-known cryptocurrencies where liquidity is insufficient.

Regulation and Privacy

CEX must operate in compliance (such as KYC/AML), is subject to legal regulation, and provides customer support, but sacrifices user privacy. DEX offers strong anonymity, resists censorship, and lacks centralized regulation, but faces potential policy pressure.

User Experience and Costs

CEX has a user-friendly interface and is easy to operate, making it suitable for beginners, but it charges higher fees. DEX operations are complex (requiring wallet management and gas fees), but trading costs are lower, and some chains (like EOS) offer free withdrawals.

Summary: CEX is known for efficiency and high liquidity, making it suitable for mainstream cryptocurrency trading; DEX focuses on security and decentralization, catering to users with strong privacy needs. In the future, both may coexist complementarily, with CEX leading the high-frequency market and DEX driving technological innovation and asset autonomy.