#CommunityAMA Centralized exchanges (CEXs) act as intermediaries that facilitate crypto trading, offering user-friendly platforms, high liquidity, and custodial services. They require user registration and often comply with regulations (e.g., KYC). Decentralized exchanges (DEXs) operate without intermediaries, using blockchain smart contracts to enable peer-to-peer trading. They offer greater privacy and user control but may have lower liquidity, slower trades, and a more complex interface.