At some point, I divided the market into two camps for myself — DEX and CEX, and each has its own vibe, its own advantages, and its own pitfalls.
CEX (centralized exchanges) are like Binance or Bybit. Everything is familiar there: login, password, technical support, a normal interface. Convenient, fast, high liquidity — you can enter with a large volume and not disrupt the order book. Plus, there is fiat, P2P, cards — in general, a complete package.
But there is one thing that always slightly bothers me — you do not directly own your funds. The exchange controls your money. Any blocks, KYC, restrictions — and you are no longer such a free player. There are plenty of stories about freezes and 'checks'.
DEX is already a different philosophy. There you are your own bank. You connect your wallet — and trade. No intermediaries, no KYC. You really feel freedom, especially when you understand that only you have access to the funds.
But for this freedom, you pay. Interfaces are often crooked, commissions can bite (especially on the Ethereum network), and liquidity is not always perfect. Plus the risks of smart contracts — if the protocol is hacked, no one will return anything to you. And if you made a mistake yourself (sent it to the wrong place, signed something incorrect) — that's it, it's already your responsibility.
If by feelings:
CEX is like a bank with a convenient app, but with rules.
DEX is like cash in your pocket, but if you lose it — it’s your own fault.
I currently use both. I keep liquidity on CEX and work with fiat, while on DEX I dive into new narratives and more 'wild' opportunities. It’s just important to understand: where convenience is, the control is not yours. Where freedom is, the risk is fully on you.