Dex exchanges are safe? - page 5. | Bitcointalksearch.org

cahbagus555

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Quote from: Rehmanchoudhary5 on August 02, 2019, 01:33:24 AM

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.

xiboothrezi

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It's quite safe if you are able to manage the security of your wallet by using a trusted wallet. The most commonly used is Metamask. Dex does not give space to third parties, so you have full control of your wallet. There is also no risk of downtime server.

novy

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The nicest thing of Dex is that you sign transactions on your side without sending private key to remote party, the only way to hack is to attack dns account and to send the flow to fake website

Hans Groober

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Quote from: Rehmanchoudhary5 on August 02, 2019, 01:33:24 AM

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.

Eadefemi

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Am not a fan of dex but I believe its safe to a reasonable extent. I personally, I can only use such dex on Metamask because that's the only platform I trust now with my funds. I don't think funds will be lost using a dex anyway cos first you will have to connect with an authentication on Trust Wallet or Metamask.

cryptothreads

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Quote from: ?? on ??

Depends on what you mean by "safe". Decentralised exchanges are providing a higher security level, because you do not deposit any funds to a third party, but have a full control over your funds. If an exchange would be hacked, you funds won't be affected.

Your assets are always safe when using Dex because the security of decentralized exchanges is often very good and much easier to use than other focused exchanges. I recently started using the Dex exchange because there are lots of coins I can sell from bounty campaigns. Also using Dex can help me a lot in finding a good project because most of the new coins listed in decentralized exchanges are often new projects and if there is basic knowledge, then you can buy it at very cheap prices

tondenga2122

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Quote from: Rehmanchoudhary5 on August 02, 2019, 01:33:24 AM

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?

It's safe as long as you use third-party software like metamask.
But keep it minds that never give your Private key to anyone else because that's the only way you can open your wallet.

fullhdpixel

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Quote from: Vektrum on August 10, 2019, 03:42:32 AM

To some extent, DEX is safe, but I would not trust them with the private key from my main wallet, which stores valuable tokens and ETH. It is better to create a another wallet for DEX, which is used to buy and sell tokens, but not for hold tokens, because you need to take into account that in case of a hacking of the exchange your private key will be stolen.

That is not bad step to take as security measure for safeguarding our investment, there are lots of things that scammers can do and even though we know that dexes are the safest when it comes to hacking of account because all coins are not stored in one place and wallet only get involves when you decide to link it, but since hackers are always online too 24 hours in a day, before you can be fast enough to disconnect your wallet, they might have gained entrance to such wallet.

The best measure is just to do what you said, have different wallet for some trades that we do in dex, just like I usually do for my mails too. I don’t use same mail where I have my keys to log in on any of these project sites, I simply created something like a junk mail to be on a safe side.

MrPiggles

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Quote from: Vektrum on August 10, 2019, 03:42:32 AM

To some extent, DEX is safe, but I would not trust them with the private key from my main wallet, which stores valuable tokens and ETH. It is better to create a another wallet for DEX, which is used to buy and sell tokens, but not for hold tokens, because you need to take into account that in case of a hacking of the exchange your private key will be stolen.

If you are worried about this issue, you should buy Ledger to secure your property best. Currently all non-central exchanges encourage users to use this device to make the transaction safer and this is the easiest way for you. Most people are worried about this issue in this market but thanks to DEX, I can sell a lot of cheap coins and always feel safe because each transaction has to be verified by hand.

Mehedi72

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Quote from: Rehmanchoudhary5 on August 02, 2019, 01:33:24 AM

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?

Although I haven't faced any kind of problem yet, during treading but i don't think that connect our wallet to a specific exchange by providing our private key is a safe way! Any time an unexpected incident can be occurred. But if you feel necessary to trade with those exchanges including DEX, then you can do that with your own risk.

Vektrum

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To some extent, DEX is safe, but I would not trust them with the private key from my main wallet, which stores valuable tokens and ETH. It is better to create a another wallet for DEX, which is used to buy and sell tokens, but not for hold tokens, because you need to take into account that in case of a hacking of the exchange your private key will be stolen.

blu.storm

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free space pm if interessed

in my opinion they are quite safe,i use forkdelta,idex,latoken and i am comfortable with them,maybe the only advice is not connect the main wallet

zhea

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I think all popular DEXes like Binane DEX, IDEX or Switcheo are safe. Many people are using them every day, so if someone had lost his funds on DEX, we would knew about this occasion.

The only thing that we should avoid is the phishing site. I have lost some amount when i tried trading on IDEX but i end up in a phishing website that looks like IDEX and when i transfer my funds there, they take it out.

RealMalatesta

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Quote from: Rehmanchoudhary5 on August 02, 2019, 01:33:24 AM

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?

DEX are safe for sure since they are decentralized exchanges and do not have anything to do with storing your coins in a database in which hackers can have access too and send it out at will, the truth is that decentralized exchanges are the safest to make use of for trading activities without the fear of losing coins to scammers.

But, the reason a lot of persons do not make use of this kind of exchanges is because 97% of all dex we have in the crypto sphere are not user friendly and very difficult to understand how trading works, and we all know this is the 21st century, people don't wont to be stressed on figuring out how things work, lol.

FontSeli

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Quote from: Rehmanchoudhary5 on August 02, 2019, 01:33:24 AM

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?

Real crypto enthusiasts come from the postulate that there is nothing safe in the computer field. That is why you need to be careful with all exchanges, both decentralized and centralized.
Better caution once again than losing your money.

AUruHM

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Quote from: iv4n on August 07, 2019, 12:19:20 PM

Quote from: farraddy on August 07, 2019, 04:23:13 AM

Probably centralized and decentralized exchanges can be hacked. It all depends on the security of each of the exchanges. I believe that on decentralized exchanges some of the responsibility for their safety lies with the user.

It`s not easy to hack decentralized exchange, and even if you do what will you steal from them? Decentralized exchange is just an automated way for peers to find themselves and engage in a smart contract. You are using your wallet address to sign in to the DEX and you are much safer when you need to send your funds to other wallet, which is a case with centralized exchanges. With centralized exchanges it`s different story, all accounts on one place, just couple cold and hot wallets.
Dex is much more safer than centralized exchanges, but lack of volume is not make them perfect places for trading yet. It will take a long time, but I believe that one day dex will be more popular than centralized exchanges.

Yes, DEX usually has a centralized order book only. All deals happen p2p. And the exchange doesn't have any details about the trader. Without it, an exchange is not DEX as essence. For example, IDEX want to make KYC for all traders from 21 August. Such an exchange ceases to be full DEX

max6575

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Vave.com

yes the use might helps as the least on work with request to create of new acc with the project.

Karlinz

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It is safer and convenient, that is the vision stableDEX also has and are integrating a lot of features to make theirs stand out. I think there are certain improvements that need to be done and the introduction of certain dex tokens will be one of such. One need to be careful though there are a lot of phising sites too claiming to be dex and will steal private keys and have access to one's funds

iv4n

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Quote from: farraddy on August 07, 2019, 04:23:13 AM

Probably centralized and decentralized exchanges can be hacked. It all depends on the security of each of the exchanges. I believe that on decentralized exchanges some of the responsibility for their safety lies with the user.

It`s not easy to hack decentralized exchange, and even if you do what will you steal from them? Decentralized exchange is just an automated way for peers to find themselves and engage in a smart contract. You are using your wallet address to sign in to the DEX and you are much safer when you need to send your funds to other wallet, which is a case with centralized exchanges. With centralized exchanges it`s different story, all accounts on one place, just couple cold and hot wallets.
Dex is much more safer than centralized exchanges, but lack of volume is not make them perfect places for trading yet. It will take a long time, but I believe that one day dex will be more popular than centralized exchanges.

BryanK

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I think that such opportunities there is no. It's possible,but the exchange will have to try very hard to steal this information from your device. Since any device has a built-in protection system and almost all programmers can not bypass this protection. But in any case, I do not advise you to install the software on the phone as you can lose your device and you have to do a lot of unnecessary actions.

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