Centralized exchanges (CEXs) are platforms like Binance or Coinbase, where a company manages users' assets, providing fast trading, high liquidity, and customer support. However, users must trust the platform with their funds and data. Decentralized exchanges (DEXs), like Uniswap or PancakeSwap, operate on blockchain technology, allowing peer-to-peer trading without intermediaries. Users retain control of their assets but face slower speeds, lower liquidity, and limited support. CEXs are user-friendly and regulated; DEXs offer privacy and decentralization. The choice between them depends on your priorities: convenience and speed (CEX) or privacy and control (DEX). Understand your needs before trading!