#中心化与去中心化交易所

Centralized and Decentralized Exchanges: The Core Differences in Trading Models

Centralized Exchanges (CEX) such as Binance and Coinbase are similar to traditional financial institutions, where the platform centrally manages user assets and transactions. Its advantages include convenience of operation, high liquidity, support for fiat trading, and a variety of derivatives, making it suitable for beginners; however, users must entrust their assets to the platform, which carries risks such as hacking (e.g., the FTX incident) and changes in regulatory policies, and the platform may restrict trading due to compliance requirements.

Decentralized Exchanges (DEX) such as Uniswap and PancakeSwap operate based on blockchain smart contracts, allowing users to trade directly through wallets, maintaining control over their assets without the need for account registration, providing strong anonymity. It relies on an Automated Market Maker (AMM) mechanism to avoid single points of failure common in centralized platforms, but the trading experience can be more complex, liquidity is dispersed, and vulnerabilities in smart contracts may lead to asset loss.

The essential difference between the two lies in the "trust model": CEX relies on platform credit, while DEX relies on code and blockchain technology, allowing investors to choose based on their risk preferences and needs.