#OrderTypes101 *Centralized Exchanges (CEX)* and *Decentralized Exchanges (DEX)* are two types of crypto trading platforms. CEXs like Binance or Coinbase are managed by companies, offer high liquidity, user-friendly interfaces, and customer support, but require users to trust a third party with their funds. In contrast, DEXs like Uniswap or PancakeSwap operate without intermediaries, letting users trade directly from their wallets using smart contracts. DEXs offer more privacy and control but can have lower liquidity, slower speeds, and less intuitive interfaces. While CEXs are great for beginners, DEXs appeal to users who prioritize decentralization, security, and autonomy over convenience.