What is the difference between Binance and DeX?

As a crypto enthusiast, I'm often perplexed by the plethora of exchanges and decentralized platforms out there. Could you clarify for me the fundamental differences between Binance, a leading centralized exchange, and DeX, a decentralized exchange? Binance, I understand, offers high liquidity and a wide range of trading pairs, but how does it differ from DeX in terms of security, decentralization, and user control? Also, I've heard that DeX boasts anonymity and low transaction fees. How does Binance compete with that? Additionally, what are the implications of these differences for traders and investors? Your insights would be greatly appreciated.