#CEXvsDEX101 Here's a concise 100-word explanation of **#CEXvsDEX101**:

**Centralized Exchanges (CEXs)** (like Coinbase, Binance) act as intermediaries. You deposit funds, trusting them to handle trades, custody, and security. They offer high liquidity, fiat on/off ramps, user-friendly interfaces, and customer support, but require KYC/AML verification and control your assets.

**Decentralized Exchanges (DEXs)** (like Uniswap, PancakeSwap) operate on blockchains via smart contracts. You trade directly from your wallet, maintaining full asset custody and anonymity (no KYC). Trades are peer-to-peer or via liquidity pools. They offer greater transparency and censorship resistance but can have lower liquidity, higher slippage, complex interfaces, and involve network gas fees.

**Choose CEX for ease/fiat, DEX for control/privacy.**