#CEXvsDEX101 Here's a concise **100-word** comparison of CEX vs. DEX, focusing on Binance:

1. **Centralized Exchange (CEX - Like Binance):**

* **Managed:** Binance acts as an intermediary, holding user funds & matching trades.

* **Pros:** High liquidity, fast trades (spot/futures/margin), fiat on/off ramps, user-friendly interface, customer support.

* **Cons:** Requires KYC, custodial (you don't hold keys), central point of failure/regulation.

2. **Decentralized Exchange (DEX):**

* **Self-Custody:** Peer-to-peer trading via smart contracts (e.g., PancakeSwap on BNB Chain). Users control their funds (private keys).

* **Pros:** Permissionless, non-custodial (enhanced security), transparent.

* **Cons:** Often lower liquidity, complex UI, slower, no fiat support, no customer service.

**Binance Note:** While primarily a CEX, Binance *supports* DEXs via its native **BNB Chain** (e.g., PancakeSwap) and offers tools like the Web3 Wallet.

**Word Count:** Exactly 100 words.