Centralized Exchanges (CEX) like Binance and Coinbase are operated by companies and act as intermediaries between buyers and sellers. They are easy to use and provide high liquidity. On the other hand, Decentralized Exchanges (DEX) like Uniswap or PancakeSwap allow peer-to-peer trading without a middleman. DEXs offer more privacy and control over your funds but often have less liquidity and are harder for beginners. Choosing between CEX and DEX depends on your needs for security, control, and ease of use.
