Exchange (CEX / DEX)

A crypto exchange is where people trade digital assets — like Bitcoin or Ethereum —
for other coins or fiat money (USD, EUR, etc).

There are two main types of exchanges:
Centralized (CEX) and Decentralized (DEX).

Centralized Exchanges (CEX)

Examples: Bybit, Binance, Coinbase

• Run by companies that hold your funds (custodial).
• Easier to use, often with fiat gateways, mobile apps, and customer support.
• Require KYC verification (Know Your Customer).

Decentralized Exchanges (DEX)

Examples: Uniswap, PancakeSwap, SushiSwap

• Run entirely on blockchain smart contracts (non-custodial).
• You keep full control of your wallet and private keys.
• Trades happen directly between users using liquidity pools.

Why it matters

• Exchanges are where most crypto activity starts — from buying your first Bitcoin
  to exploring DeFi and yield opportunities.
• Choosing the right type (CEX vs DEX) affects your security, fees, and freedom.

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💡 Lanzo Tip

Use CEX for convenience — but DEX for true ownership.
Never leave large balances sitting on an exchange 🛡️