#CEXvsDEX101 A CEX (centralized exchange) like Binance or Coinbase acts as an intermediary in transactions, offering high liquidity, speed, and user support. However, it requires identity verification (KYC) and holds your funds, which implies certain security risks.

A DEX (decentralized exchange) like Uniswap or PancakeSwap allows direct trading between users through smart contracts. It does not require KYC and you control your funds, but it may have lower liquidity, more complex interfaces, and higher fees on some networks.

Both have advantages and disadvantages, and the choice depends on your needs for security, privacy, and experience.