Centralized and decentralized exchanges explained in three sentences:
PancakeSwap is one of the major DEXs on BNB Smart Chain, and $CAKE is its platform token.
The most fundamental difference is who holds the assets: on a CEX, the platform holds them; on a DEX, users control their own private keys.
If you want convenient deposits and withdrawals and customer support, a CEX is easier; if you want to control your own private keys and use on-chain apps, you need to learn how to keep your wallet secure.
$BNB 704.51（-0.93%）
#BNB
PancakeSwap is one of the major DEXs on BNB Smart Chain, and $CAKE is its platform token.
The most fundamental difference is who holds the assets: on a CEX, the platform holds them; on a DEX, users control their own private keys.
If you want convenient deposits and withdrawals and customer support, a CEX is easier; if you want to control your own private keys and use on-chain apps, you need to learn how to keep your wallet secure.
$BNB 704.51（-0.93%）
#BNB
