The difference between CEX and DEX: Who really controls your money?

I have once lost all my money when using these CEX, so I feel quite bitter when talking about this topic. CEX is a centralized exchange, which means there is a "guy" controlling all our money. Meanwhile, DEX is a decentralized exchange, operating through smart contracts on the blockchain without needing permission from anyone.

With CEX, you have to do what they say - register, KYC, and "send" money for them to hold. The fact is YOU HAVE LOST CONTROL OF YOUR MONEY! They can freeze or lock your account at any time. Still remember 2022? How many exchanges collapsed, how many people lost everything!

On the other hand, DEX does not require an account, does not require KYC, and only requires a cryptocurrency wallet to trade. The money is always in your hands. No one can touch it unless you allow them.

Of course, CEX also has advantages such as an easy-to-use interface and customer support. But they charge higher fees and, most importantly, the liquidity is unclear - who knows if they actually have enough money to pay all users?

DEX has better privacy protection and complete control over your funds, but it can be a bit complex for newcomers and difficult to deposit/withdraw fiat.

For me, after everything I've been through, DEX is the obvious choice. No one has the right to hold my money except for me!