#中心化与去中心化交易所 Centralized Exchanges (CEX) and Decentralized Exchanges (DEX) are the two core models of cryptocurrency trading, with differences reflected in asset control, security mechanisms, and user experience.

**Asset Control**: CEX (such as Binance, Coinbase) is managed centrally by institutions, requiring users to deposit funds into the platform's custody. This offers high trading efficiency and strong liquidity, but there are risks of exchange insolvency or hacking. DEX (such as Uniswap) enables on-chain trading through smart contracts, allowing users to control their private keys, with assets always stored in personal wallets, avoiding the risks of centralized custody, but users must bear the responsibility for lost private keys.

**Security and Transparency**: CEX relies on platform security measures (such as cold storage, KYC), but historical events (like the Mt. Gox hack) have exposed centralized vulnerabilities. DEX trading records are fully on-chain, immutable, and highly anonymous, but vulnerabilities in smart contracts can lead to loss of funds.

**Liquidity and Experience**: CEX provides deep order books and fast matching due to its large user base, suitable for high-frequency trading; DEX relies on liquidity pools, where niche tokens may experience slippage, and operations are complex.

**Future Trends**: CEX remains mainstream, but DEX is optimizing the experience through technological iterations (such as cross-chain, Layer 2), and the two may form a complementary pattern. Investors need to choose based on risk preferences and trading needs: beginners can prioritize CEX, while privacy-focused and long-term holders may find DEX more suitable.