#CEXvsDEX101 Centralized Exchanges (**CEXs**) like Binance or Coinbase are managed by companies, offering high liquidity, fast trades, and fiat support but require KYC and control user funds.

Decentralized Exchanges (**DEXs**) like Uniswap or PancakeSwap run on blockchains, enabling peer-to-peer trading without intermediaries—users retain custody of their assets. However, DEXs may have lower liquidity and steeper learning curves.