Centralized vs Decentralized Crypto Exchanges

Two market structures

A centralized exchange (CEX) typically matches orders in a venue operated by a company. Users usually deposit assets (or fiat) and trade an internal ledger. Catalogs, APIs, and status pages are the documents this radar can collect.

A decentralized exchange (DEX) typically swaps through smart contracts or an on-chain order book. Custody stays in the trader’s wallet; liquidity lives in pools or on-chain orders. Those pools are not in this product’s fact model.

Hybrid and broker-style products blur the line. Always read the venue’s own description of custody rather than the category label alone.

What this radar monitors

Figures below are catalog observations, not live prices, volumes, or a ranking.

The 15 venues in the current snapshot are categorized as centralized or broker-style catalogs:

• Global CEX — 12 venues
• Broker / exchange — 1 venue
• EU-regulated CEX — 2 venues

There is no DEX pool, AMM fee tier, or on-chain TVL in these facts. Comparison pages therefore cannot claim a CEX-versus-DEX winner. They can only compare two monitored catalogs — see comparison pages.

Practical differences (without a recommendation)

Questions that usually differ between the models, and that you must verify elsewhere:

• Who holds the private keys while a position is open?
• Is there a KYC gate, a geo restriction, or a listing process?
• Are you paying a taker rate, a pool fee, or both plus gas?
• What happens if the website is down but the chain is live (or the reverse)?

Exchange Market Radar does not answer those with security scores. It can show whether a monitored CEX currently lists an asset or pair, and when that observation last changed, via exchange pages and capability history.