#中心化与去中心化交易所

Core Differences:

1. Control

- CEX: Exchange custodies assets (Risk: running away/frozen)

- DEX: Users hold private keys (absolute control of assets)

2. Mechanism

- CEX: Order book matching, requires KYC real-name verification, fiat currency deposits and withdrawals

- DEX: AMM liquidity pool trading, anonymous operation, only supports cryptocurrencies

3. Applicable Scenarios

- Large amounts/Newcomers → CEX; Privacy/Anti-censorship → DEX

> Key Choice: Trusting a third party (CEX) vs Trusting code (DEX).