#CEXvsDEX101 Centralized Exchanges (CEXs) are like traditional banks, holding your crypto, requiring ID, and offering user-friendly platforms with high liquidity. However, this comes with the risk of a central point of failure if the exchange is hacked or goes bankrupt.

Decentralized Exchanges (DEXs) allow you to retain full control of your assets, operate without intermediaries, and generally don't require ID, offering greater privacy. While safer from central hacks, they can be more complex to use, have lower liquidity, and carry smart contract risks.