A centralized platform managed by a company, such as Binance or Coinbase. Easy to use, offers high liquidity, but you rely on them to hold your money (non-private wallet).

DEX (Decentralized Exchange):

A decentralized platform that operates without a central authority, such as Uniswap or PancakeSwap. You always own your money (private wallet), but it has lower liquidity and can sometimes be complicated for beginners.