DEXs vs CEXs: Comparing Exchange Models

Compare decentralized and centralized exchanges across mechanics, custody, regulation, and risk.

Syllabus — beginner tier

1. 1. What is a Centralized Exchange (CEX)?15 min
2. 2. What is a Decentralized Exchange (DEX)?15 min
3. 3. Key Trade-offs: Custody, Speed, and Fees15 min