Centralized Exchange (CEX) Run by a company. You create an account, complete KYC, and deposit funds to trade. The exchange controls assets, offers fast trades, high liquidity, and supports bank payments. Examples: Binance, Coinbase, Kraken. Decentralized Exchange (DEX) Runs on blockchain smart contracts. You trade directly from your wallet with no middleman. No KYC, more privacy, but gas fees apply and no direct bank support. Examples: Uniswap, PancakeSwap, SushiSwap.