How do you choose DEX? How to avoid scam? - page 3.

oktana

sr. member

Activity: 1680

Merit: 288

Eloncoin.org - Mars, here we come!

Quote from: minairia3 on December 28, 2019, 07:57:44 AM

Quote from: asder250 on December 28, 2019, 06:49:42 AM

If the exchange is really decentralized then there should be 0 chance to get scammed. Everything is done by a smart-contract, the risk is only that the smart-contract contains the bug or is hacked.

Are you sure about that? DEX created to have a full decentralized approach but it is not yet vulnerable to scams what do yo think happened last time on etherdelta which was compromised during the time many got stolen by phishing then the management was clearly destroyed due to its big event that time? I think dex is nice system but of course the process isnt perfect yet as we all know it.

the last case I read happened in etherdelta and wavesplatform around 2018.

But all can still be anticipated, even though their user confidence declined very much. the problem was based on phishing / dns that were hijacked, and now all can be anticipated by using ledgers or metamask. Their management does play a very important role but dex security is still better when compared to cex.

minairia3

sr. member

Activity: 1498

Merit: 326

Vave.com - Crypto Casino

Quote from: asder250 on December 28, 2019, 06:49:42 AM

If the exchange is really decentralized then there should be 0 chance to get scammed. Everything is done by a smart-contract, the risk is only that the smart-contract contains the bug or is hacked.

Are you sure about that? DEX created to have a full decentralized approach but it is not yet vulnerable to scams what do yo think happened last time on etherdelta which was compromised during the time many got stolen by phishing then the management was clearly destroyed due to its big event that time? I think dex is nice system but of course the process isnt perfect yet as we all know it.

asder250

full member

Activity: 708

Merit: 103

Empowering crypto w/ sustainable energy

If the exchange is really decentralized then there should be 0 chance to get scammed. Everything is done by a smart-contract, the risk is only that the smart-contract contains the bug or is hacked.

poodle63

hero member

Activity: 2702

Merit: 510

Leading Crypto Sports Betting & Casino Platform

Quote from: pikkie on December 25, 2019, 08:47:42 AM

Quote from: Mealea on December 06, 2019, 09:59:06 PM

I having been using forkdelta and Idex. Idex recently introduced KYC and that got people talking. I still prefer Idex to some other Dex exchange anyway.

From the two places of exchange that you mentioned, I think that Forkdelta currently does not have a promising trading volume, it's better to trade on Idex which in my opinion is still safe and still has a very high trading volume every day.

Forkdelta is actually not having a lot of tradigng volume but it is better in term in the regulation restriction. User don't need to do KYC and they can access it anytime. Idex is also having a small daily trade volume too.
You can see that through use CMC as a good reference to do that

desticy

sr. member

Activity: 1512

Merit: 292

www.cd3d.app

For me personally, everything is limited to a list of trusted decentralized exchanges that have a certain history in the cryptocurrency market.
Also, the most important factor is the constant check of the address bar for phishing, this is a key element that does not allow me to fall into the scam trap.
For additional protection, you can put several anti-phishing add-ons, but it is better to rely on your own care and not enter your private keys on questionable sites.

Smitty Werben Man Jensen

full member

Activity: 1568

Merit: 100

COMBONetwork

Quote from: [email protected] on December 25, 2019, 09:00:22 AM

Quote from: pikkie on December 25, 2019, 08:47:42 AM

Quote from: Mealea on December 06, 2019, 09:59:06 PM

I having been using forkdelta and Idex. Idex recently introduced KYC and that got people talking. I still prefer Idex to some other Dex exchange anyway.

From the two places of exchange that you mentioned, I think that Forkdelta currently does not have a promising trading volume, it's better to trade on Idex which in my opinion is still safe and still has a very high trading volume every day.

I like IDEX more than forkdelta. but what I heard IDEX requires registration like an exchange in general. it's not like before, you can log in using only the wallet you have. everyone must have an account and whether there must also do KYC for transactions and withdrawals?

in my opinion IDEX is not decentralized, they still manage to list coins there, maybe forkdelta is the original name of decentralization,
by entering the contract address we can trade, but for fraud I think DEX is very minimal

[email protected]

full member

Activity: 1120

Merit: 101

Quote from: pikkie on December 25, 2019, 08:47:42 AM

Quote from: Mealea on December 06, 2019, 09:59:06 PM

I having been using forkdelta and Idex. Idex recently introduced KYC and that got people talking. I still prefer Idex to some other Dex exchange anyway.

From the two places of exchange that you mentioned, I think that Forkdelta currently does not have a promising trading volume, it's better to trade on Idex which in my opinion is still safe and still has a very high trading volume every day.

I like IDEX more than forkdelta. but what I heard IDEX requires registration like an exchange in general. it's not like before, you can log in using only the wallet you have. everyone must have an account and whether there must also do KYC for transactions and withdrawals?

pikkie

sr. member

Activity: 924

Merit: 256

Quote from: Mealea on December 06, 2019, 09:59:06 PM

I having been using forkdelta and Idex. Idex recently introduced KYC and that got people talking. I still prefer Idex to some other Dex exchange anyway.

From the two places of exchange that you mentioned, I think that Forkdelta currently does not have a promising trading volume, it's better to trade on Idex which in my opinion is still safe and still has a very high trading volume every day.

X-ray

hero member

Activity: 3038

Merit: 526

Leading Crypto Sports Betting & Casino Platform

Quote from: kanayaTabitha on November 30, 2019, 09:21:32 PM

Quote from: Goodvalony on November 30, 2019, 03:26:10 PM

i am not a fan of the Dex exchange. Not convenient with it but i prefer binance and Idex as my preferred choice. this two are my best and most preferred use. with the current scams on exchanges, dex exchanges could be the next target. we hope such did not happen.

The chance of scam on dex is much less than cex because we've on the money and just take the money to the exchanges when we have trades on, it's different from cex that we already deposit our assets since first. So the chance of getting scam is more at cex

there are also dex which created by some random people without even publishing their code they may keylog users' private key since the requirement to use dex usually are private key and that's really dangerous. if you are using popular dex with quite many users it's fine but if you are just trying a random dex that you have no idea about, it's not fine anymore. scammers always sneaky when they want to steal something and you should be aware of it.

Mealea

member

Activity: 300

Merit: 11

FRX: Ferocious Alpha

I having been using forkdelta and Idex. Idex recently introduced KYC and that got people talking. I still prefer Idex to some other Dex exchange anyway.

tartibaya

full member

Activity: 630

Merit: 101

Binance started to dominate the DEX market. IDEX was very popular for a time. However, the CZ took the rope of the market. Especially in Europe began to advertise very well. For users who do not want to do KYC, DEXs will always be preferred.

Hardcore-coin

member

Activity: 203

Merit: 14

Quote from: josephsonand on October 16, 2019, 10:46:30 AM

I'd like to discuss DEX exchanges and its variety.
There are many of it, and top-lists of top DEX exchanges are appearing often as well (here's an example for 2019). After reading one of the latest articles about it, I started to think -- there's too much info and not all of it is trustworthy. Reading reviews, comparing fees... I'd like to know which DEX platform you use and how did you make a decision about it?
Could you tell if you stick to one particular platform or use several of them? What criteria did you rely on?

I used Binance dex because it well known exchange with good trust from community. Also good is Fork Delta but there better use Metamask or Ledger Nano S.

Silberman

legendary

Activity: 2534

Merit: 1338

Quote from: josephsonand on October 16, 2019, 10:46:30 AM

I'd like to discuss DEX exchanges and its variety.
There are many of it, and top-lists of top DEX exchanges are appearing often as well (here's an example for 2019). After reading one of the latest articles about it, I started to think -- there's too much info and not all of it is trustworthy. Reading reviews, comparing fees... I'd like to know which DEX platform you use and how did you make a decision about it?
Could you tell if you stick to one particular platform or use several of them? What criteria did you rely on?

There are many projects advertising themselves as decentralized exchanges when they are not, so to me the first criteria to know whether I'm willing to trade in a decentralized exchange or not is that the project is a real decentralized exchange, I am not going to accept imitations otherwise I will use a centralized exchange and avoid all the different troubles that come from using such platforms, to show you how ridiculous this is there have been in the past decentralized exchanges asking for KYC which obviously means that they are not decentralized.

lepbagong

full member

Activity: 2268

Merit: 121

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: kanayaTabitha on November 30, 2019, 09:21:32 PM

Quote from: Goodvalony on November 30, 2019, 03:26:10 PM

i am not a fan of the Dex exchange. Not convenient with it but i prefer binance and Idex as my preferred choice. this two are my best and most preferred use. with the current scams on exchanges, dex exchanges could be the next target. we hope such did not happen.

The chance of scam on dex is much less than cex because we've on the money and just take the money to the exchanges when we have trades on, it's different from cex that we already deposit our assets since first. So the chance of getting scam is more at cex

I also believe that exchanges will also have their own problems if there are people working in them committing fraud or security that can be entered. but the issue is whether they want to be responsible for making improvements and updating and are responsible for losing the assets of their customers. than they left and took no responsibility.
I myself do not use Dex exchange so I do not know the problem and can provide a fair analysis.

kanayaTabitha

sr. member

Activity: 980

Merit: 252

Quote from: Goodvalony on November 30, 2019, 03:26:10 PM

i am not a fan of the Dex exchange. Not convenient with it but i prefer binance and Idex as my preferred choice. this two are my best and most preferred use. with the current scams on exchanges, dex exchanges could be the next target. we hope such did not happen.

The chance of scam on dex is much less than cex because we've on the money and just take the money to the exchanges when we have trades on, it's different from cex that we already deposit our assets since first. So the chance of getting scam is more at cex

cryptothreads

hero member

Activity: 1274

Merit: 500

Quote from: jagaban on November 30, 2019, 12:47:47 PM

It is pretty easy for me to choose a DEX because most of my assets are in ERC-20 tokens and so I can just trade easily with popular DEX like Forkdelta. Idex is another good semi-dex for trading ERC-20 tokens too. They are quite secure.

So far no decentralized exchanges have been hacked and this is what makes me feel safer when trading. In recent months, exchanges like Upbit and Binance have been attacked by hackers and have taken a huge amount of money, so centralized exchange is not recommended at this stage. I think Idex, Forkdelta, Mcafeedex will be options that investors should consider more in the near future.

However, you should also keep some assets in a cold wallet to ensure safety because this is a widely used method in this market.

Goodvalony

member

Activity: 616

Merit: 16

i am not a fan of the Dex exchange. Not convenient with it but i prefer binance and Idex as my preferred choice. this two are my best and most preferred use. with the current scams on exchanges, dex exchanges could be the next target. we hope such did not happen.

xvids

sr. member

Activity: 1176

Merit: 301

I only use the well known DEX or those who have been around for a long time.
I would also do some research about them and check if there are any scam accusation.
I would also look at some feed backs about the site .

landoffaucets

hero member

Activity: 1204

Merit: 502

I have heard that CEO of IDEX has disappeared with private keys from cold wallets, it is true? This could really happen to a decentralized exchange, or IDEX never been decentralized?

Oneandpure

sr. member

Activity: 2100

Merit: 309

Quote from: Bananington on November 22, 2019, 09:08:01 AM

Quote from: Shepard777 on November 20, 2019, 03:07:22 PM

I use forkdelta since this exchange worked very well last year and in general it is 100% decentralized, as I used idex before, but as it turned out, it is controlled by the creators, after I saw that I need to go through KYC on the exchange, I immediately He withdrew all funds from there.

Even though I still use IDEX, I was highly disappointed by the basic KYC requesting email. Nowadays the so-called decentralized exchanges do not really keep up to the name. Forkdelta is not bad but the trading volume is not impressive, and also sometimes when I see an order and want to take it, I will be promoted that the order has been taken even though it's still on the trading table. Another aspect I don't like about forkdelta is unofficial token listing with smart contract which usually lead to price drop for
some ERC20 tokens.

IDEX have limited withdrawal for participants without submit their KYC document but I like with IDEX exchange market because many new altcoin listed there, we do not waiting for long time with new coin received from bounty campaign and airdrop project because listed on IDEX with higher volume transaction, like forkdelta and etherdelta but IDEX most official exchange market.

Topic: How do you choose DEX? How to avoid scam? - page 3. (Read 1876 times)