Topic: decentralized exchanges are safe? - page 3. (Read 622 times)
I have been with forkdelta because I bought more of the RCC token because I like the idea of that project. I found out its a very cheap token in the decentralized exchange and so I went there. Forkdelta looks way better and you own the private key of your account, kinda like a safer thing to look at. withdrawing is a whole lot of problems, probably because the network is congestion but most of the time the process takes more than an hour.
Are they safe, If decentralized exchanges are good then why ppl are using centralized exchanges?
Decentralized is very safe, because you are the one who holding your private keys, and people still using centralized exchange is because the volume of their coin traing is really high on those centralized exchange, so the volume is much higher, the trading is very active on the centralized exchange. 
Of course, i find very comfortable in decentralized exchange because we see there are many traders showing good way for trading. In decentralised every thing is visible to each and every transaction. Some people won't like this decentralised format for trading.
Decentralized exchanges are of course more reliable when working with smart contracts, this guarantees a deal or a refund unlike centralized ones. Although they are still not very popular, but it's only a matter of time. A very interesting platform in this regard is now developing and called Trade.io.
I do not understand with your statement, what do you mean?
please explain and other members will respond well
please explain and other members will respond well
Good day sir,
just my recommendation, don't use your main wallet
rather make another one, it will cost you more fees
but it is more safer.
just my recommendation, don't use your main wallet
rather make another one, it will cost you more fees
but it is more safer.
Decentralized exchanges actually offer better security and we have full control with our money there, because they give the private key. Currently most of trader chooce centralized exchange because some factor like trading volume and trading fee, also centralized exchange give more benefits like feature trigger order and some contest in trading, marketing strategy and customer support of centralized exchange is better , all these make many trader chooce these exchange.
Nope. Not really. Since DEX(decentralized exchange) is allowing you to hold your own crypto. You are vulnerable to attacks like hacking and other attacks which leads you to losing your money. While centralized exchange holds the funds and they are taking care of it. Anyway, im not saying centralized exchanges are not vulnerable from attacks. Actually we see some of them were hacked and stole the funds. But good thing is, the investors are secured. The exchange is obliged to recover the money or they might face criminal case.
Anyway, these are the advantages and disadvantages of DEX
Pros
1. user control their own funds - since it's decentralized, the trader is not storing the funds to the DEX itself. The trader is the one who's responsible for his/her funds
2. anonymous - DEX allows you to trade anonymously because it won't ask for your identity.
3. No trading fees
4. no personal documents to apply for anonymity.
Cons
1. not for beginner- it's not easy to use compared to centralized exchange
2. basic features
3. User is vulnerable from hacking since the user uses only his/her own device to store the funds.
Anyway, these are the advantages and disadvantages of DEX
Pros
1. user control their own funds - since it's decentralized, the trader is not storing the funds to the DEX itself. The trader is the one who's responsible for his/her funds
2. anonymous - DEX allows you to trade anonymously because it won't ask for your identity.
3. No trading fees
4. no personal documents to apply for anonymity.
Cons
1. not for beginner- it's not easy to use compared to centralized exchange
2. basic features
3. User is vulnerable from hacking since the user uses only his/her own device to store the funds.
The security risk transfers from the centralised exchange to the centralised hosting of the decentralised exchange. There's been the Etherdelta DNS hack. And there've been a couple of cases of traditional exchanges having doors left wide open with their hosts too.
Until that's solved I don't think they'll ever be bulletproof.
Until that's solved I don't think they'll ever be bulletproof.
Decentralized exchanges mark a new strategy among the entire cryptocurrency users. I find it an way to make exchange activities better avoiding the intermediary. Maybe at present the increasing number of such exchanges look weird, but it is a must to the cryptocurrency network.
Decentralize are fast and safe than most centralize exchanges. The only preference that make most people use centralize exchange is due to the support one get from dealing with centralized exchanges.
I can tell you that the decentralized stock exchanges IDEX and EtherDelta are safe. Other decentralized exchanges would not advise you to use, because there you can have any problems.
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.
Yep. Pretty much because probably majority of people use BTC as a primary coin deposit rather than ETH.
And just to add to this, simply because decentralized exchanges are pretty hard to use for now(in my opinion, at least). I vividly remember the first time I used etherdelta. It was an absolute nightmare as the UI/UX was so bad. Hopefully they would improve it.
Most of the decentralised exchanges are safe. But decentralized exchange always has a risk. That's why everyone needs to use metamask for safety. Idex and Forkdelta mean Etherdelta is the most popular exchange from other decentralized exchange, But forkdelta is not safe enough, because it got two hack attacks last year. But Idex, Idax, etherflyer and other decentralized exchange are safe enough. But once again, always use metamask. Because who knows, decentralised exchange anytime got hack.
So far with my experience with decentralised exchanges, the things that stands out is the fees - fees for making and cancelling an order is a bit off putting to me but the high withdrawal fees that tend to be used is also a bit off putting. That being said have seen centralised exchanges with some exorbitant fees too.
The decentralised exchanges seem to be safe but you have to make sure you choose carefully like anything - same goes with centralised exchanges.
The decentralised exchanges seem to be safe but you have to make sure you choose carefully like anything - same goes with centralised exchanges.
Are they safe, If decentralized exchanges are good then why ppl are using centralized exchanges?
These decentralized exchange do not have bigger advertisements and that is why they do not have their bigger community and if an exchange will not have any community then how will be the trade on there? The trade volume will be much lower which you can see on these exchanges and the trade on these websites. People do not trade on these exchanges because they do not want to lose their money in these low community. They are safe. But there is no decentralized exchange at all. You are always controlled by the owner of the exchange. I hope that there will be a decentralized exchange base on the blockchain on the internet so that we always can protect ourselves
Etherdelta , Token Store , Idex , Switcheo are example of popular DEX , and in dex owner can not steal your funds . bcoz it works on smart contract , so before doing anything from our address or wallet they need our signature on blockchain via metamask (if using metamask) .
also if site is offline then we can withdraw our funds from exchange wallet , it work for etherdelta and in december many people did it .
Are they safe, If decentralized exchanges are good then why ppl are using centralized exchanges?
just like decentralized currency is better than centralized currency , same way DEX are decentralized and no one can hack that easily . centralized exchanges are not fully safe as team member have their control on it . thats why many exchanges have been hacked in past .
DEX only can be attacked by making a phishing site like that happened with etherdelta in december 2017 .
people use centralized exchange bcoz mostly DEX are slower than centralized exchange and using them is more complicated . also Dex like IDEX and forkdelta have no fiat option .
They are safe. But there is no decentralized exchange at all. You are always controlled by the owner of the exchange. I hope that there will be a decentralized exchange base on the blockchain on the internet so that we always can protect ourselves
Are they safe, If decentralized exchanges are good then why ppl are using centralized exchanges?
Decentralize exchange are save for trading but not good to save tokens or coins. I also believe that decentralized exchange is a place for dumping. I have seeing some coins that has high icos price but get dumped below price when they are first listed at etherdelta or any other decentralized exchange. I don't think it is wise to trade there for now and centralized exchange look moderated. Jump to: