Topic: decentralized exchanges are safe? (Read 622 times)
Decentralized exchange is of course very good, but it also has shortcomings. When you have made a transaction, there is no way to cancel or perform other operations. This will cause you to make a wrong transfer or the account is stolen by the hacker and there is no way to recover the loss!
DEXes are safer in general, but after the recent hacks things turned out that they are not really decenralized and secured pretty badly.
After I have tried it and it asked no phone number and I got private keys with me, I think dex are much safer than those centralized one like binance. No KYC and all. I just don't know about its security like the penetration from hackers. Forkdelta was the first I've tried since etherdelta isn't just working for me because you have to enter your private keys there from which is your personal wallet.
I think no exchanges are safe because binance is a world best exchange and in a couple of years ago binance was the hack but still, now binance is safe, 2nd time it is not hacked. Most of the people know in this online industry there is too many exchange hack. In a couple of months ago, etherdelta was the hack so no one exchanges are safe in this online market.
No exchange on this world is safe neither a Centralized or Decentralized one,all of them are on risk of hacked. For DEX we do see how a hack works when ED is being compromised and victimized users when it do have a redirecting on such site and being phished out on their keys.
yes, they are safe, but the commission is usually higher than on the traditional exchange.
I prefer to simply exchange money on the exchange, but do not store them there
I prefer to simply exchange money on the exchange, but do not store them there
I think no exchanges are safe because binance is a world best exchange and in a couple of years ago binance was the hack but still, now binance is safe, 2nd time it is not hacked. Most of the people know in this online industry there is too many exchange hack. In a couple of months ago, etherdelta was the hack so no one exchanges are safe in this online market.
After I have tried it and it asked no phone number and I got private keys with me, I think dex are much safer than those centralized one like binance. No KYC and all. I just don't know about its security like the penetration from hackers. Forkdelta was the first I've tried since etherdelta isn't just working for me because you have to enter your private keys there from which is your personal wallet.
Are they safe, If decentralized exchanges are good then why ppl are using centralized exchanges?
Probably yes, but we cannot depend to the decentralized exchanges since there are hacks event that happened before. What we need to do is stock our coins from our wallet and use only Decentralized exchanges when we needed. I don't know the reason why there is a centralized exchange but for me, I will rather choose Dex than centralized exchange because there is a manipulation in centralized. Are they safe, If decentralized exchanges are good then why ppl are using centralized exchanges?
I think it's safe as long you not give your private key or not store your wallet all the time to that decentralized exchange. That's why we need a extra careful if trade in decentralized exchange always choose the good one that you know it's proven and trusted.
I dont agree they are safe at all.
I have so many bad experience with decentralized exchanges. Most of them take longer time to load the platform and not sure why they have more maintainance schedules. And when that happens, I wont be able to withdraw.
I always have problems with withdrawing coins from decentralized exchanges (except for bisq, its a good one). My coins usually get stuck for days on the blockchain.
I have so many bad experience with decentralized exchanges. Most of them take longer time to load the platform and not sure why they have more maintainance schedules. And when that happens, I wont be able to withdraw.
I always have problems with withdrawing coins from decentralized exchanges (except for bisq, its a good one). My coins usually get stuck for days on the blockchain.
Are they safe, If decentralized exchanges are good then why ppl are using centralized exchanges?
Decentralized exchanges are mostly based on ethereum and eth tokens. People prefer the usual ones like poloniex or binance because they have a lot more different markets to chose from. Decentralized exchanges are more safer in my opinion because there is no intermediary and all works based on smart contracts. There are many famous ones like etherdelta and I recently saw a new one called airswap. As always, do your research before sending your coins/token to an exchange.
Decentralized exchanges are the safest exchanges, because no one else can use your crypto currency. It's strange why most people prefer centralized services.
DEX or decentralized exchanges are SAFE. Why? First, DEX manages cryptocurrency trading using a distributed ledger that gives control to the users and transaction are transparent to all. This will a cause a decrease in error and fraud. Though, there are shortcoming with DEX as of the present, but for sure they can be eliminated sooner.
Are they safe, If decentralized exchanges are good then why ppl are using centralized exchanges?
The reason people choose to trade in centralized exchange is because of high trading volume and they doesn't want to import their private keys. As we knew the fact that if we import our private keys there's a chance that if the trading sites gets compromise as so with our keys as it's already in their system and even if you click the forget account, it's still at risk.
However, some choose decentralized because of there's no need to go through kyc which is really annoying.
decentralized exchange are very safe for eth base exchange many people are use now and trade this kind of exchange
I remember theres a hacking issue in etherdelta it means even decentralise exchange is not safe, do not put all your coin in one exchange as a precaution. you can also save your other coin in your own bitcoin wallet do not use other wallet always use its own wallet
There are many reasons why traders choose Centralized Exchanges
one of the important reason is liquidity. there are still few who uses
DExs, and DExs only have ETH pairs unlike CExs.
one of the important reason is liquidity. there are still few who uses
DExs, and DExs only have ETH pairs unlike CExs.
Are they safe, If decentralized exchanges are good then why ppl are using centralized exchanges?
Yes, it is safe as long as you will not use your private key logging in on their website, use Metamask, because there are some exchange that have key logger, so beware to enter your private keys on those website. Always use metamask, and decentralized exchange is the best.Im using private key to use decentralized exchange such as ed and so far i did not ever experienced to get scammed , therfor i can say that using a decentralize exchange is pretty safe as long as you know that they are legit . you cant get scammed or experienced any other unwanted problems as long as you know what you are doing , you need to be smart and vigilant on whatever you do online because being online is not safe at all times .
I do not understand with your statement, what do you mean?
please explain and other members will respond well
Almost all the exchanges here are safe and for our security we choose highly rate and best recommended exchanges through which we can sell and use it in trading process with safety. Exchanges like Binance, Bitrex and Coinbase and responsive and safer for traders but this is for our own security besides which many other are also safe and of no problem which are also okay. please explain and other members will respond well
Are they safe, If decentralized exchanges are good then why ppl are using centralized exchanges?
Yes, it is safe as long as you will not use your private key logging in on their website, use Metamask, because there are some exchange that have key logger, so beware to enter your private keys on those website. Always use metamask, and decentralized exchange is the best. 
Decentralized exchanges are safe but not all are that safe abd with what I'm seeing most of all the crypto currency exchange we have this days are not decentralized because most of them have to abide with rules and regulations of the country they operate.
Jump to: