Topic: Dex exchanges are safe? - page 4. (Read 6617 times)
Completely safe! However, just like with security anywhere, you need to safe guard your assets and take complete measures to always make sure you don't expose sensitive and private information to third parties who may be prying. If these measures and steps are taken properly, then you will most likely be safe at all times on the Internet and off it as well.
The main advantage of the DEX exchange is that we do not have to go through the KYC procedure and in the future no one will be able to identify our wallets to which we send coins.
No they can´t steal your tokens, every action needs your permission. But you can loose your funds easily because when you do a mistake, DEXs do not have any support that will help you. 
They are generally safe, but the biggest danger is clone sites. For example, many users lost their funds after they entered their private keys on the clone site of the popular Idex exchange.
Of course, such advice sounds trite, but oddly enough statistics are not comforting. A lot of people, even now, fall for such tricks of scammers. Always be vigilant and double-check the address bar several times.
Of course, such advice sounds trite, but oddly enough statistics are not comforting. A lot of people, even now, fall for such tricks of scammers. Always be vigilant and double-check the address bar several times.
What matters most in all these exchanges is just the security and I usually believe all these about all the features listed here about dexes too until ether delta too was also hacked and I was surprised that with all the believe that we have in dexes as being the most secured exchanges, they were still hacked, so I really do not see anything that much that distinguishes them from a CEX too other than the privacy thing, and the reason why we are just concerned about privacy is in other to evade tax, another people that cares much about these privacy are the criminals also, those who wishes to use the crypto market for illegal purposes, otherwise, people don’t care much about privacy but good services which I find more on CEX.
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 believe that not all dexes are safe but what you should do if you wanna be extremely careful about your cryptos that you hodl in your wallet is, create a wallet that is specifically dedicated to dexes.
Actually I don't trust the DEX exchange because we have to give up our private key to enter. But sometimes trading on DEX is more profitable, the most important thing is we have to be careful with our assets. Don't store too many assets in DEX exchange.
I often use dex exchange but only Idex and forkdelta, both of them already have a good reputation and use the login method with a private key but I don't experience any problems
I agree that the dex (idex) exchange is safe but not with Forkdelta, because I have lost the token in that exchange. Therefore I say that Forkdelta is still not completely safe. It's just that maybe you've never experienced it at Forkdelta.
Undoubtedly, Yag never doubted DEX, because they are completely safe and the theft of cryptocurrency users' funds can only be done using a phishing site. It all depends primarily on the user's attentiveness. But it seems to me that after the legalization of cryptocurrency around the world, DEX resources will lose its relevance.
Keep an eye on Stakenet's Lightning DEX solution which quite frankly isn't working in such a way as you describe.
It's not gonna need your personal details, which means, NO KYC, NO registrations, or anything. Just straight up trading from the get go. Using the lightning network, you'll be able to trade via lightning channels to reduce transaction costs.
It's the only DEX solution out there, which I personally believe have a chance of being used by everyday people, and not just the community members themselves.
Nobody wants to use a DEX, and wait half an hour for their trades to go through. Off-chain transactions are important for the overall user experience.
Again, keep an eye on the project - It's legit since they actually partnered up with LTC to help them on Lightning as well.
It's not gonna need your personal details, which means, NO KYC, NO registrations, or anything. Just straight up trading from the get go. Using the lightning network, you'll be able to trade via lightning channels to reduce transaction costs.
It's the only DEX solution out there, which I personally believe have a chance of being used by everyday people, and not just the community members themselves.
Nobody wants to use a DEX, and wait half an hour for their trades to go through. Off-chain transactions are important for the overall user experience.
Again, keep an eye on the project - It's legit since they actually partnered up with LTC to help them on Lightning as well.
There is nothing you need to worry about. DEX is safe. They will not steal your funds. Because they only connect your balance with their Exchange. They are not asking for your phrase or password. So you don't need to worry.
Using a well known DeX has no security implication provided you don't engage in the habit of importing your private keys to the DEX which is considered not too safe in case you mistakenly click on a phishing site. Connecting with your Metamask is always safer, Metamask has the ability to detect some ethereum phishing site. And do ensure your system is not infected with a virus.
I often use dex exchange but only Idex and forkdelta, both of them already have a good reputation and use the login method with a private key but I don't experience any problems
I maojorly use IDEX because of its considerable high liquidity. I get to pay charges in ethereum for withdraw and pay charged too in coins when making withdraw of tokens. DDex has been my companion for a while now, because of Nuke project, soll off before a massive dump. on DDex, I use metamask and wrath ETH, after trading, my tokens are automatically sent to my private wallet. I simply control my private key.
Decentralised exchanges are the best exchanges out there, no doubt about that in my mind at all, the fact that you are loggin in with your trust wallet instead of inputting your private keys in their website takes that security to another level so your funds are 100% safe as long as there is no breach from your end.
Positively, I might steal in the name of our kindness as someone who is already included in the forum or in the part of the discussion about wallet, so that anything about exchanging between wallet and trust really has its civilization behind ..
To some extent, decentralized exchange are safe, but you need to be careful about your private keys because that gives anybody the access to you wallet. In using the decentralised exchange, it's best to be mindful of your browser and don't download anything you don't know about to avoid the issue of phising which Could compromise your wallet.
I did not use the mentioned exchanges above, but I used other dex exchanges and I had no problems, if any exchange is listed on cmc then you can ideally use it easily.
That's not automatic, yes they are operational, but how about their reputation? You need to exert some effort making some research as DEX with bad reputation might make you loss your money.
Just stick to the reliable DEX with decent volume because the first thing that speaks for the status of the exchange is its trading volume.
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?
The Dex you mentioned I have used and I think the two DEXs are safe for transactions. The problem with DEX is that transaction volume is small compared to centralized exchangers, but if we don't want to do KYC on centralized exchangers, DEX might be a rational choice.
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 create my wallet address for each decentralized exchanges and already send the tokens I need for trading to it. I decided to be more careful and it’s better to spend a little more money on network commissions than to lose all the money due to scammers.
I agree, separating our main wallet from the wallet used to transact on DEX can be a good alternative to avoid hacking. But the old DEX is usually already trusted because it has handled thousands of transactions since its foundation.
Jump to: