Dex exchanges are safe? - page 9. | Bitcointalksearch.org

[btc]YSG

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Quote from: Rehmanchoudhary5 on August 02, 2019, 02:33:24 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 DEXes are considered to be safe, but there are certain things you should understand, authorizing any transaction is the same thing as giving them the privilege to do whatever with the assets in your wallet, and one transaction is enough for them to do harm they want to.

cryptonewbie

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Ether Delta is my first decentralized exchange. I lost 2 ETH during the hack in 2017 where many users including myself unknowingly sent tokens to the hacker instead of the exchange. I am of the belief that there is no safe decentralized exchange and any platform can be hacked with the right tools and personnel.

raidarksword

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Yes based on my experienced, DEX is really safe. Make sure just to keep you private keys secured at all cost because that's the only way hackers can steal your assets. I would recommend to use MetaMask, it's very useful, easy and safe to use when trading on DEX.

Coltpython

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I used to believe decentralized exchanges were truly safe. Then I remembered how people lost a lot of money in assets at etherdelta around 2017. Truth is as long as you are connected to the internet, nothing is safe. Just keep taking extra measures to secure your assets and most importantly, your main assets should be physical and not virtual just to be safe financially.

novaprime

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Quote from: ?? on ??

This is my personal experience, that not all Dex exchanges are always safe. I once lost my funds in 2018 for around $ 2,500. At that time I didn't really know what dex exchanges were like, I just understood the basics. After I forgot my account and I didn't read further. I click OK, after that my funds in the form of tokens disappear immediately. That's why I don't want to trade anymore at Forkdelta.

I don't think the DEX exchange is a problem because until now, ForkDelta is the only non-centralized exchange that I trust the most in this market. In my opinion your token will only be in ForkDelta and is clearly displayed because each transaction has a lot of confirmation so the confusion is impossible. Personally, I have been using it for more than 2 years and until now there has been no problem with me

ichai

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Currently, DEX is quite safe because most of DEX have made rules about KYC implementation to withdraw more money as well as to ensure the level of security for users.
I am currently quite relieved when using IDEX and DDEX, feeling very safe.

carrigan

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There are many types and platform of DEX exchanges so far. And the security will depend on each platform, how they create, control. manage, and also maintain their security. So far, DEX is chosen because it is decentralized, with no need to fill KYC or complicated rules and regulation. However, we must be also more careful when going to invest or staking certain coins in the DEX, analyze whether they are safe or having good security systems or not.

ganeshramk

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Quote from: Rehmanchoudhary5 on August 02, 2019, 02:33:24 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 not heard anything bad about dex exchanges till date. May be I missed some news. But in my opinion, its safe to certain extent.

Utoy101

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Quote from: ?? on ??

This is my personal experience, that not all Dex exchanges are always safe. I once lost my funds in 2018 for around $ 2,500. At that time I didn't really know what dex exchanges were like, I just understood the basics. After I forgot my account and I didn't read further. I click OK, after that my funds in the form of tokens disappear immediately. That's why I don't want to trade anymore at Forkdelta.

Which means you imported your private key to a cloned version of Forkdelta. Using metamask on DEX is the safest way.

Utoy101

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Decentralized exchanges are the most secured place to trade. Make sure the DEX you want to trade on accept Metamask. Reason is because metamask detects cloned exchange and give warning on what you are about to do. You will also get a prompt on metamask to verify the transaction.

kannikaamudee

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Go to the popular exhange like binance, bitmex and kucoin

Twinkledoe

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Quote from: chaoscoinz on August 02, 2019, 07:57:16 PM

Quote from: Rehmanchoudhary5 on August 02, 2019, 02:33:24 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?

Not by a longshot are they safe. As a matter of fact, I just ran into trouble on TopBtc exchange. Couldn't withdraw for the life of me.
Never invest your whole stake into a wallet.
Almost cried when I couldn't withdraw, until my funds were released a day later. Cry

Good to know that you got your money back. Haven't used that exchange anyway. But with dex, I believe it is pretty safe to use as long as you are keeping your private keys with you. And make sure that your coins are not staying that long with them. Just do the trading and withdraw whatever you can.

BlacksmithCorporation

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Quote from: Rehmanchoudhary5 on August 02, 2019, 02:33:24 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?

Hi Rehmanchoudhary5, thanks for your great question. In my opinion, I think Dex is good. But you need to choose the dex which have good reputation like Binance Dex or Forkdelta. Dont trade in some weird Dex which no one know, because they may scam your money. But if you need a good privacy exchange, you should choose Cex. They can protect your funds better. Some recommend exchange are Binance, Huobi, OKEx, Kucoin and Citex.

chaoscoinz

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Quote from: Rehmanchoudhary5 on August 02, 2019, 02:33:24 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?

Not by a longshot are they safe. As a matter of fact, I just ran into trouble on TopBtc exchange. Couldn't withdraw for the life of me.
Never invest your whole stake into a wallet.
Almost cried when I couldn't withdraw, until my funds were released a day later. Cry

X-ray

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Quote from: ?? on ??

Not every dex 100% safe. It was a few stories with fishing sites that replaced real dexes. IMHO you must be very careful in crypto even on dexes.

It's about the DNS got hijacked by the scammer and the scammer was putting the redirect link to the fake site but as long as the people have bookmarked it and that will be fine.
Those stories are not related to the hot wallet of the dex was getting hijacked by the scammer. and it's safe dude.
You can't blame it and i never seen any stories that the dex was loosing a lot caused by the hack.
It's more than 80% dex are safe.

crustycrab666

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Quote from: tsaroz on August 02, 2019, 11:10:15 AM

Safety in DEX largely depends on your browsing habit and how you handle the site and your trade. Most of the functions are done within your browser and transfer initiates from your browser ad-don only when you confirm. The wallets from the private keys too are shown from your own side unless you credit the balance to the site.

I strongly agree, it's the habit that determines whether or not it's safe when we trade on a platform. both on dex and on exchange if careless habits will make it unsafe. keep in mind that even a tight guard can be broken even more that is not guarded

Bonwin

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You should be mindful of where to connect your wallet to, using your private key. There are lots of phishing sites out there, including some DEXes. So msr times, I try to confirm if such dex is listed on CMC. If it is not, then I might not use it, except I conform it from a reliable source.

deodivine1

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DEX are safe provided you are not importing private key. The fact that you connect wallet through metamask or trust wallet makes it safer.

farosa

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1 & 0 😏

So you need to do your research before you using any dex. You can find as much information as you want on google.
But, use disposable wallets for your own safety. I often try to keep myself safe by doing so.

dataispower

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Yes DEX are safe when you connect with metamask or trust wallet. I was impressed with DDEX 2.0 , it has support for other blockchain like TRON. Using DEX poses risk only when you keep importing private key, but when you connect wallet via web 3 services, you are good to go.

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