Centralized exchanges (CEXs) and decentralized exchanges (DEXs) are two different types of platforms for trading cryptocurrencies. Centralized exchanges are operated by a central authority, typically a company or organization, that acts as a middleman between buyers and sellers. They hold users' funds and facilitate trades, often charging fees for their services. Examples of centralized exchanges include Coinbase, Binance, and Kraken. Decentralized exchanges, on the other hand, operate i...