Choosing between a decentralized crypto exchange (DEX) and a centralized crypto exchange (CEX) is a crucial decision for traders and investors. While centralized exchanges offer convenience, liquidity, and user-friendly interfaces, they also pose risks related to security breaches and regulatory control. On the other hand, decentralized exchanges prioritize privacy, security, and user control but often struggle with liquidity and usability. Understanding the differences between DEXs and CEXs helps users avoid fake crypto exchanges and crypto scams. This guide explores the key aspects of decentralized vs centralized crypto exchanges, highlighting their pros, cons, and which one might be the right choice for you.