#交易流动性 Centralized Exchanges (CEX) and Decentralized Exchanges (DEX) are the two main types of exchanges in the virtual currency trading field. Here is a detailed introduction to them:

Centralized Exchanges (CEX)

- Definition and Characteristics: Operated and managed by a centralized institution, users deposit their virtual currency assets into the exchange and trade through the exchange's order book. It features a specialized trading interface, rich trading functionalities, and an efficient trading matching mechanism, such as depth charts, various order types (limit orders, market orders, etc.), margin trading, and leveraged trading.

- Asset Security: User assets are managed uniformly by the exchange, relying on the exchange's security measures and reputation. If the exchange suffers from a hacker attack, malicious internal operations, or system failures, users' assets may face the risk of being stolen or lost.