Decentralized exchanges (DEXs) and centralized exchanges (CEXs) offer different approaches to trading cryptocurrencies. DEXs operate on blockchain technology and use smart contracts to facilitate peer-to-peer trading, providing greater privacy and control over funds. CEXs, on the other hand, are managed by centralized entities and offer more advanced features, higher liquidity, and customer support. Each type of exchange has its advantages and challenges, and the choice between DEXs and CEXs depends on users' priorities regarding security, convenience, and control.