What is the difference between a CEX and DEX?
A CEX (Centralized Exchange) is operated by a company that holds user funds and matches orders through a central order book. Examples: Binance, Coinbase. A DEX (Decentralized Exchange) uses smart contracts and AMM (Automated Market Maker) models to enable peer-to-peer trading without a central authority. Examples: Uniswap, PancakeSwap. CEX offers better liquidity and fiat support; DEX offers non-custodial trading and censorship resistance.