Centralized exchanges (CEX) like Binance offer user-friendly trading with high liquidity but require trusting a third party with your funds. Decentralized exchanges (DEX) like Uniswap provide full asset control through self-custody wallets but may have lower liquidity and higher complexity. CEX suits beginners with fiat on-ramps and customer support, while DEX appeals to advanced users prioritizing security and decentralization. Both have trade-offs - CEX faces regulatory risks, DEX deals with smart contract vulnerabilities. Choose based on your priorities: convenience or autonomy.

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