#CEXvsDEX101 Centralized Exchanges (CEXs), like Binance or Coinbase, act as intermediaries, holding your crypto assets. They offer user-friendliness, high liquidity, fiat on/off-ramps, and customer support. However, you sacrifice control of your private keys and are subject to KYC/AML regulations and potential hacks or regulatory risks.

Decentralized Exchanges (DEXs), such as Uniswap or PancakeSwap, allow peer-to-peer trading directly from your wallet via smart contracts. This grants self-custody and greater privacy (no KYC). While empowering, DEXs can be complex, have lower liquidity for some pairs, and require understanding of fluctuating "gas fees."

The choice depends on your priorities: CEX for ease and fiat access, DEX for control and privacy.