Centralized Exchanges (CEX) such as Binance and Coinbase, where assets are custodied and transactions are matched by the platform, offer user-friendly interfaces, high liquidity, and fast transaction speeds, making them suitable for beginners and high-frequency traders. However, assets must be stored on the platform, which poses risks of hacking or fund freezing.

In contrast, Decentralized Exchanges (DEX) like Uniswap and PancakeSwap facilitate on-chain matching directly through smart contracts, allowing users to have control over their assets without third-party custody, making them relatively safer and more transparent. The downside is that the operational threshold is higher, transaction speeds are slower, and some smaller tokens may have insufficient liquidity.

Overall, CEXs are suitable for stable operations, while DEXs emphasize trustlessness and autonomy, allowing users to flexibly choose based on their needs.