Centralized exchange.
All key decisions are made by one governing body (center) and all participants in one way or another depend on these decisions and almost never can affect them. Participants must keep their funds in the wallets of the exchange.
Decentralized exchange.
It does not have a single decision-making center on all issues, provides all participants with equal conditions and a platform where they can make trading operations directly to each other.
Centralized exchanges provide high margins and the volatility of crypto-currencies and tokens. They are easy to use,have easy access and provide advanced trading features such as margin trading, stop loss, lending and others. As examples centralized cryptocurrency exchanges can lead to well-known platforms such as Poloniex, Kraken, Bittrex, BitFinex, BitStamp, BTC-e.
Decentralized exchanges are a fairly new phenomenon in the crypto-currency world, which most fully disclose the ideology of decentralized blockchain, where all participants have equal rights and the opportunity to participate in the management of the exchange's activities and perform any cryptocurrency exchange operations between themselves, saving funds in a personal wallet, and not in a third-party wallet (the practice of centralized exchanges). A very important advantage is the highest degree of data confidentiality.
Decentralized exchanges are BitShares, OpenLedger, RuDE
Functionality and benefits the exchange DEEX
DEEX EXCHANGE:
http://deex.exchange
http://www.deex.com