#美国证券交易委员会推进数字资产监管框架创新 Want to navigate the crypto market with ease? First, understand the differences between these two trading models

First: Centralized Exchange (CEX)
This is the traditional trading platform with a clear operational entity, account system, and fund pools. Users entrust their assets to the exchange, which handles order matching. It offers fast speed, deep liquidity, and smooth user experience—the price is trusting a middleman, and security depends on the platform's risk control level.

Second: Decentralized Exchange (DEX)
A completely different logic. Users keep their private keys, and assets always stay on-chain. Trades are executed automatically via smart contracts, with no middlemen to take a cut, and no one can freeze your funds. It sounds very free, but it comes with high liquidity volatility, potentially higher trading fees, and a higher barrier to interaction.

Both models have their pros and cons. CEX is suitable for quick trades and large liquidity needs, while DEX caters to users who prioritize asset autonomy. Understanding these two trading mechanisms allows you to make smarter choices based on your trading strategy and risk preference.