#CEXvsDEX101 Centralized Exchanges (CEXs) and Decentralized Exchanges (DEXs) are two main types of cryptocurrency exchanges, differing in how they operate and their level of control over user funds. CEXs are managed by a central entity, like a company, and hold users' funds, while DEXs are peer-to-peer platforms that operate on a blockchain, allowing users to directly trade their cryptocurrencies without intermediaries.