#中心化与去中心化交易所 **Comparison of Centralized and Decentralized Exchanges****Centralized Exchanges (CEX)** Such as Binance and Coinbase, managed by third-party institutions that handle user assets and transaction matching, provide high liquidity, fast trading, and a variety of features (such as fiat gateways). However, users must entrust their assets, which poses risks of hacking or platform failure, and rely on the platform's compliance.**Decentralized Exchanges (DEX)** Such as Uniswap and dYdX, automatically match trades via smart contracts, allowing users to self-custody their assets, offering strong privacy without the need for KYC. However, liquidity is dispersed, trading speed is limited by blockchain performance, and vulnerabilities in smart contracts can lead to security issues.**Key Differences**: CEX is suitable for beginners and high-frequency traders, sacrificing some autonomy for convenience; DEX emphasizes user sovereignty, suitable for those who prioritize privacy and resistance to censorship. In the future, the two may complement each other, with CEX dominating the mainstream market and DEX serving the decentralized finance (DeFi) ecosystem.