Topic: Dex exchanges are safe? - page 2. (Read 6676 times)
I think it is. Decentralized exchange are far better and secure than any centralized one. Cause in decentralized exchange you don't have to give your asset to anyone. You have your asset just you have to connect your wallet. But in centralized exchange you have to send your asset to an address you never have access. That's why its less secure. But most of the centralized exchange try best to keep this asset safe but still got into hacking. But if you are not in a pishing site then decentralized exchange is always secure.
why do we have to trade on DEX that we have to share our private keys
Who told you that? Kick ass that scammer! You need to trust (share your keys or similar) only to FAKE dex. Go to https://blockdx.co/ and check how TRUE DEX works.
I've been using dex exchanges like ddex, switcheo. They asked to connect wallet through metamask or trust wallet, I'm an android user so I'm using trust wallet to use these exchanges, i wanted to ask when we connect our wallet to a specific exchange is there any possibility to stole funds anyhow?
Even though it's small, the possibility of someone else stealing our tokens is still there. But to be more secure, we create a new wallet that is separate from our main wallet and which is devoted to transactions at Dex exchangers. Alert is one of the keys to keep your coins or tokens safe from theft
Righ now there is only one TRUE DEX exchange. Block DX. The liquidity there is a joke, yes. But only you, lazy and stupid people are fold. Everyone likes KYC, exchange fees, regularly to be scamed and fucked. Well, that is your choice.
No it isn't as safe ywe all think. Idex was hacked sometime last year or so now if you're making a transaction during a hack on Dex, your wallets details can be compromised and you get hacked as well. Once a Dex is hacked, any one performing any sort of transaction at the moment is always affected despite the fact its individual wallet.
I've been using dex exchanges like ddex, switcheo. They asked to connect wallet through metamask or trust wallet, I'm an android user so I'm using trust wallet to use these exchanges, i wanted to ask when we connect our wallet to a specific exchange is there any possibility to stole funds anyhow?
I use the DEX exchange and I have never encountered security problems. Therefore, from personal experience I can say that for me this exchange is safe. The main thing is that you store your data (password, private key and mnemonic phrase) in a safe place. Also, make sure that you don't accidentally log in on a phishing site. To do this, immediately add a link to the official website of the exchange as a bookmark so that in the future you are sure that you are logging in to the official website. 
DEX exchanges are safe cause you are using your wallet address to sign in and when the smart contract gets executed transfer of assets is done. For example, you have some coins in a decentralized exchange those coins are in your possession, in a centralized exchange the ownership of the coins is held by the exchange. You know that cause you have the private keys from your wallet, in decentralized exchange, you trade with your wallet, in any centralized exchange owners hold the private keys.
DEX is safer, but yet their volume is low, they are not popular like CEX. I believe that will change in the future.
DEX is safer, but yet their volume is low, they are not popular like CEX. I believe that will change in the future.
Technically, DEXs are safer than CEXs since most of them (like HB DEX) wont ask you for your personal data (KYC) and user funds are not gathered in one central point so it's virtually impossible for hackers to target. Connecting your wallet to a DEX is normal so don't worry. However, it's better not to place all your coins in just one single wallet if you don't fully trust where you connect with.
I've been using dex exchanges like ddex, switcheo. They asked to connect wallet through metamask or trust wallet, I'm an android user so I'm using trust wallet to use these exchanges, i wanted to ask when we connect our wallet to a specific exchange is there any possibility to stole funds anyhow?
Since I started login my private key or my real wallet in a Decentralized Exchanges like etherdelta, fokdelta, Ddex, I didn't experience about losing funds between them. But I can hear saying that their funds get stole. So I think they did not notice that maybe they are login into the phishing sites, so be cautious all the time. 
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Dex exchanges are safe and good to use, you just need to connect your wallet with putting your private key!
If you will search the website on the first time you might want to go to www.coinmarketcap.com first and go on the link there.
that will keep you safe from many fake links online.
Making sure that you are using the right site is very important most of the time phishing sites are the one who's responsible losing your assets, even the site itself is safe but when you have been victimized by those hackers there's no chance for you to recover your assets anymore, they will control everything and surely emptied your wallet so make sure to have the right securities and precautions. If you will search the website on the first time you might want to go to www.coinmarketcap.com first and go on the link there.
that will keep you safe from many fake links online.
Yes, it possible to stole your funds especially if you use private keys to enter your account for trading. Better use Metamask wallet or ledger nano S. It is the most secure ways to use DEX's.
Whether an exchange is centralized or decentralized, you should first do your research on it before using it.
Search for the name online and check what people have said about it or you go to cryptocurrency forums or discussion threads to ask about it, in order to be sure of what it is.
Search for the name online and check what people have said about it or you go to cryptocurrency forums or discussion threads to ask about it, in order to be sure of what it is.
It seems to me that the exchange itself is safe. But at least I did not meet any problems there. But your wallets will always be the most vulnerable spot.
Dex exchanges are safe and good to use, you just need to connect your wallet with putting your private key!
If you will search the website on the first time you might want to go to www.coinmarketcap.com first and go on the link there.
that will keep you safe from many fake links online.
If you will search the website on the first time you might want to go to www.coinmarketcap.com first and go on the link there.
that will keep you safe from many fake links online.
I've been using dex exchanges like ddex, switcheo. They asked to connect wallet through metamask or trust wallet, I'm an android user so I'm using trust wallet to use these exchanges, i wanted to ask when we connect our wallet to a specific exchange is there any possibility to stole funds anyhow?
Yeah. First by phishing and then second by social engineering you to install their malware. Once active, your PC/phone is compromised. They can get any information from your device.
In your case it would be a fake wallet install or a fake dex exchange that looks like ddex or switcheo.
I thought they are safe before seing etherdelta hack.
Now i can't be sure, is it safe or not. I was lucky enough, didn't lose anything while it happened but not everybody was lucky like me.
Now i can't be sure, is it safe or not. I was lucky enough, didn't lose anything while it happened but not everybody was lucky like me.
Well, these exchanges are secured as long as you don't expose your private keys to any party. Dex exchanges are more safer than Cex exchanges in my own opinion.
On Dex exchanges we give our keys to activate wallets. Here is an example that demonstrates the opposite statement. After my trading on Forkdelta the hacker took the ether from my MEW wallet. I left a bit here the commission for gas. Many more users suffered at this time with me.
My personal experience with IDEX has been good, the exchange transaction fee is competitive and the user interphase is simple for everyone to understand. I actually had an issue with my Mew using the meta mask wallet and had to uninstall the Google chrome browser because I felt it was infected. In using the decentralised exchange one needs to be very careful to avoid issues.
I've been using dex exchanges like ddex, switcheo. They asked to connect wallet through metamask or trust wallet, I'm an android user so I'm using trust wallet to use these exchanges, i wanted to ask when we connect our wallet to a specific exchange is there any possibility to stole funds anyhow?
Based on the assumption that the opportunity to steal your funds is always there and therefore you need to connect new wallets to exchanges that do not have all your coins and tokens. Protect yourself and throw only those tokens that you want to sell onto these new wallets, and then withdraw the coins received from the sale to another wallet.
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