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What Is the Main Difference between a Centralized Exchange (CEX) and a Decentralized Exchange (DEX)?

CEX is custodial and centrally controlled; DEX is non-custodial and operates via smart contracts.
Greeks.Live17.11.25

What Is the Main Difference between a Centralized Exchange (CEX) and a Decentralized Exchange (DEX)?

A CEX is operated by a single company, holding users' funds in custody, similar to a traditional bank. A DEX operates via smart contracts on a blockchain, allowing peer-to-peer trading without an intermediary, meaning users retain custody of their private keys and assets.

CEXs offer higher speed and simpler fiat on-ramps, while DEXs offer greater security and transparency.

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