The difference between CEX (Centralized Exchange) and DEX (Decentralized Exchange) is fundamental in terms of operation and control. In CEXs like Binance or Coinbase, transactions are done through a central intermediary that provides high speed and security, but requires trust in a third party. On the other hand, DEXs like Uniswap and PancakeSwap allow trading directly between users without intermediaries, enhancing privacy and complete control over assets. DEXs are characterized by transparency and decentralization, but they may have lower liquidity and slower execution. The choice between them depends on the preference for security versus convenience, and privacy versus performance. Both models have their advantages and complement each other in the evolving crypto world.