Centralized exchanges (CEX) like Binance are managed by companies and require registration and KYC approval, which provides speed and ease of use, but they control your funds.

Decentralized exchanges (DEX) like Uniswap do not require registration, and transactions occur directly between users via smart contracts, giving you complete control over your assets.

CEX offers higher liquidity and an easier interface for beginners, but it is less private and more susceptible to hacks or government shutdowns.

DEX provides privacy and independence, but it can be slower and more difficult to use at times.

The choice between them depends on your preference between convenience versus freedom and control.