DEX vs CEX: What’s the Difference? Which One to Choose in 2025

What are DEX and CEX?

CEX (Centralized Exchange) refers to exchanges managed by companies, such as Binance, Coinbase, or Bitkub. Users must deposit funds into the exchange's account, allowing the company to hold assets on their behalf.

DEX (Decentralized Exchange) refers to exchanges operating via smart contracts without intermediaries. Users connect their wallets directly and maintain control over their assets at all times.

DEX vs CEX Comparison

1. Security

CEX: Funds are in the company's custody. If the company is hacked or collapses (like FTX in 2022, which caused users to lose over $8 billion), your funds may disappear as well.

DEX: Funds are in verifiable smart contracts on the blockchain. You own the private keys; funds cannot be taken or misused by a company.

2. KYC and Privacy

CEX: Identity verification (KYC) is required using ID cards and facial recognition. Your personal data is stored with the company.

DEX: No KYC. You connect using only a wallet address. No personal information is at risk of leaking.

3. Fees

Thai CEX: Most charge around 0.1-0.25% per trade.

Hyperliquid via SiamDEX: Taker fee is only 0.025% + Builder fee of 0.01%, which is significantly cheaper than most Thai CEXs.

4. Tradable Assets

Thai CEX: Mostly limited to a few dozen cryptocurrencies. No stocks, gold, or commodities are available.

Hyperliquid via SiamDEX: 200+ assets covering crypto, US stocks (NVDA, AAPL, TSLA), Gold, Oil, S&P 500 index, and Forex.

5. Leverage

Thai CEX: Most do not support leverage trading.

Hyperliquid via SiamDEX: Leverage up to 40x for BTC and up to 50x for certain other assets.

6. Operating Hours

Thai CEX: Open 24/7, but if there are server issues or maintenance, you may be unable to trade.

DEX: Operates on the blockchain, which never stops. As long as the blockchain is running, the DEX is functional.

Conclusion: Which One Should You Use?

It depends on your usage:

• Buying crypto with Thai Baht → Thai CEX (e.g., Bitkub), as you need an exchange that accepts Baht.
• Trading crypto with leverage → DEX (e.g., Hyperliquid via SiamDEX).
• Trading Stocks, Gold, and Oil 24/7 → DEX only, as Thai CEXs do not support these.
• Requiring privacy/No KYC → DEX.
• Seeking ease of use without managing a wallet → CEX.

For Thai traders in 2025, using both together is the best strategy: use Bitkub to buy USDC with Baht, then transfer it to trade on Hyperliquid via SiamDEX to access assets and leverage that Thai CEXs don't offer.

Is Hyperliquid the Best DEX for Thais?

Hyperliquid is currently the top choice for DeFi perpetual futures trading due to its highest volume, low fees, diverse assets, and the best UX among all DEXs. SiamDEX makes using Hyperliquid even easier with a Thai interface and step-by-step guides.