Dex exchanges are safe? - page 7. | Bitcointalksearch.org

fosco333

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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?

With my experience until now, popular decentralized exchanges are good and safe to use.
In Ethereum network im using Forkdelta, IDEX, DDEX.
On other coins, i usually using CryptoBridge as my decentralized exchange.

maianh09

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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?

You don't need to worry about decentralized exchanges like Dex, DDEX, IDEX is always safe. You can use any new wallet to carry out transactions, and then you can transfer the entire token to a new wallet to ensure absolute security. I use a lot of decentralized exchange platforms, and all are safe until now.

dataispower

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Yes decentralized exchanges are safe especially when going through metamask and trust wallet. I normally connect via trust wallet on dapps section. If you must import to the DEX, keystore is safer to import than private key.

86B

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Quote from: Botnake on August 05, 2019, 04:53:34 PM

Quote from: Impaler on August 05, 2019, 04:41:35 PM

As my opinion it's safe. Atleast safer than centralised Exchanges. If you have full access of your private key and phrase then there is no problem. Just use some popular Dex don't put your phrase or private key in a new Dex. And one more thing beware of scams. There is many Dex sites which is not original they are phishing sites of some popular Dex and if you trapped there that will be a real problem.

In general view, DEX is not safer than centralized exchange, that's very obvious, otherwise, DEX have already gain bigger volume compared to centralized exchange and we will see more coins trading in the exchange. DEX is for small traders only but those who trade with bigger money, they prefer centralized exchange as they can own a password, have their account with 2FA which is not possible with DEX as it's pretty risky to input your private key if you don't know how to minimize that risk.

This is so incorrect it's hilarious.

But on the topic of safe DXs out there, Blocknet is extremely safe since it allows you to use actual full node wallets where you have direct access to the entire blockchain to verify DX transactions on top of owning your private keys.

Botnake

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Quote from: Impaler on August 05, 2019, 04:41:35 PM

As my opinion it's safe. Atleast safer than centralised Exchanges. If you have full access of your private key and phrase then there is no problem. Just use some popular Dex don't put your phrase or private key in a new Dex. And one more thing beware of scams. There is many Dex sites which is not original they are phishing sites of some popular Dex and if you trapped there that will be a real problem.

In general view, DEX is not safer than centralized exchange, that's very obvious, otherwise, DEX have already gain bigger volume compared to centralized exchange and we will see more coins trading in the exchange. DEX is for small traders only but those who trade with bigger money, they prefer centralized exchange as they can own a password, have their account with 2FA which is not possible with DEX as it's pretty risky to input your private key if you don't know how to minimize that risk.

Impaler

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As my opinion it's safe. Atleast safer than centralised Exchanges. If you have full access of your private key and phrase then there is no problem. Just use some popular Dex don't put your phrase or private key in a new Dex. And one more thing beware of scams. There is many Dex sites which is not original they are phishing sites of some popular Dex and if you trapped there that will be a real problem.

UniversityCoin

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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?

Most decentralized exchanges are safe, but the best way to trade on these exchanges is to register a separate wallet and throw coins from the main wallet on it. It is better to play it safe in case the exchange turns out to be dishonest.

albon

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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?

There is no possibility of stealing your money in the wallets you mentioned, Dex exchange is among the best safe decentralized exchange platforms, You should take care to protect your private key by not placing it in suspicious applications or websites, Always use official websites to download any wallet, Also do not bother with emails that ask you to download anything or use a fake site to place your password or private key.

Turk Ace

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Better to make a separate wallet you use for trading and then transfer your funds there first and then to the exchange. This way your funds on your exchange wallet don't sit there for very long.
I would never ever connect my main wallets and savings wallets to anything no matter what. My other wallets for spending and stuff sure.

lixer

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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 have seen a complaint on this forum, someone that lost his coins on a decentralized exchange, so I am not sure of safety with decentralized exchanges but I do believe that decentralized exchanges (DEX) are more safer than making use of centralized exchanges.

With centralized exchanges there are lots odf things you will have to be dealing with, like account setup, KYC and you're also trusting your money into their hands. And you do know that the purpose of cryptocurrency is to create a payment system that will let users carry out transactions without government bodies and banks. You should check out Waves DEX, it's a partial DEX exchange, another one I regard as the top is IDEx

Caishen_Project

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Am also a user of DDex, it's safe and your funds are safe, since I have been using them for some months now, I don't have any issues with them and I also connected my trust wallet with their exchange.

aji567

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if I'm currently avoiding the wallet through metamask, so I think there is a possibility that your assets can be stolen. honestly i have never used dex exchange.

redsun114

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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?

When it comes to DEX exchange, it is still lots safer than Centralized exchange, but that does not mean that you still have to be careless in handling your funds, because hackers are so smart that they will use any available opportunity to steal funds, either through DEX or CEX but before any fund can be stolen through a DEX, the security bridge must have been as a result of mistakes from the wallet owner.

It is a must that you connect your wallet, but secure your wallet by using a very string keys and then also ensure that the wallet you choose to use is with a private key so you can fully have control of the wallet, and also make sure that the key is stored in a very secured place like paper wallet or stored in a mail that is also secured too with strong passwords.

Icologies

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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?

anything can happen, I personally do not use Dex for exchanges. so it's safe or not I don't understand, because I haven't used it. but so far no one has experienced theft in Dex. if you are already comfortable and trusting with Dex exchange, then it's better to keep using it because people's favorite is different.

stigmacryptonight

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Dex exchange I say is very safe.
I have often used many dex exchanges and have never lost assets or had problems there. As long as we always redirect all the relevant keys.

VIP BTC

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theft is not easy, surely the Dex Exchange developer has implemented a strong security system there, if that happens then it is not your wallet that was hacked but the Dex Exchange server mentioned above, if you are conducting transactions on the exchange, then that's when the wallet is possible You are hacked, so don't be afraid to use dex exchange.

danggoron

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Quote from: nanaimogold on August 05, 2019, 05:06:16 AM

Dex is more safer because you have authority to your private wallet which might be imtoken or Trustwallet connected therein but former cases of Dex hack on Ether delta still begs the question on if Decentralized exchanges are truly 100 percent safe

As long as we store the private key and password, don't get stuck on a phishing site, our assets will be safe. Dex exchange is indeed quite profitable, we can avoid the case of hacking wallet exchange that often occurs lately. One thing I don't like is gass, which is sometimes more expensive.

zulfi125

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As you know centralized exchanges have the risk of hacking but decentralized exchanges depend upon you and these are safe, you can use them for the store of altcoins.

Rohtox

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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?

If you think you're not quite safe while use that method, may be you can try to create new wallet, which is special for your dex trading activities. Although maybe you have to pay more for gas fees

nanaimogold

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Dex is more safer because you have authority to your private wallet which might be imtoken or Trustwallet connected therein but former cases of Dex hack on Ether delta still begs the question on if Decentralized exchanges are truly 100 percent safe

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