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How Do ‘Decentralized Exchanges’ (DEXs) Differ from ‘Centralized Exchanges’ (CEXs)?

CEXs are custodial and centrally managed; DEXs are non-custodial, peer-to-peer, and run by smart contracts (often using AMMs).
Greeks.Live07.11.25

How Do ‘Decentralized Exchanges’ (DEXs) Differ from ‘Centralized Exchanges’ (CEXs)?

CEXs are operated by a central company that holds users' funds in custody and manages the order book. DEXs, conversely, are peer-to-peer trading platforms that operate via smart contracts on a blockchain, allowing users to retain custody of their funds (non-custodial).

DEXs often use Automated Market Makers (AMMs) instead of traditional order books.

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