Centralized exchanges (CEX) — like Binance or Coinbase — operate as intermediaries. They are convenient, fast, but require verification and hold your funds.

Decentralized exchanges (DEX), like Uniswap or PancakeSwap, operate without intermediaries. You have full control over your assets, and transactions are executed through smart contracts. But the responsibility is entirely on you.

✅ CEX: speed, liquidity, support

✅ DEX: autonomy, privacy, less censorship

Which exchange to choose? It depends on your goals and level of experience. Understanding the difference is the key to safe trading.