Topic: KEY YOUR PRIVATE KEYS OUT OF DEX (Read 228 times)

When I use dex to trade my coins I usually use other wallet which is new and that only coins is inside to sell it. For security purposes and to avoid getting hack since other exchange has an issue of losing their coins. This is also an awareness to some not to use their main wallet when trading to this kind of exchange.

becarefull using metamask now, i have friend that their asset stealed after they trade using dex exchanges and metamask. using separate wallet will decrease this risk , tranfering token should not using metamask maybe mycrypto will be saver.if we tranfer token each other using metamask , risk still occur.

Even if you want to use a separate wallet, you still need to be careful of the fund to send in there. What if you intend using a separate wallet and your intention is to sell a valuable token for sale or you want to buy using Ethereum for instance, it will be better you double-check or just simply use Metamast as suggested by the OP,

you didn't read OP. what he just said there is to avoid doing it and suggested to use metamask which you don't need to import the private keys to which exactly the reason why you don't use DEX.  if his suggestion will change your mind upon using dex then we finally gain someone to start doing it for good of the Defi.

but then there are better DEX than eth base dex. Bisq or blocknet are good ones.

of course to connect and use a dex the private keys of your wallet are required but I believe that by using metamask to connect you can be fairly calm, however I recommend never using the main wallet where we keep all our altcoins but to create a secondary one to use with the dex...

Actually have the same behavior when i do tend or making use of some DEX where i dont make use of my main wallet and just using a new one
which i do transfer up balance where the only coins i do tend to trade or sell and after that i do dispose it off once im done and transfer back
all of those funds in main ones.Im already a bit paranoid when it comes to exchangers no matter how decentralized it is, i do still make some
security measures actively and its better be safe than sorry. 

When I using DEX I always have a new account of Ethereum wallet and I will never use my main wallet to export private keys on the exchange. I create and use the MEW wallet for this kind of importing a private key and use DEX. Once after I used the wallet I will not use them anymore. We should be careful our main wallet and trusting on DEX is not enough for me.

Apart from having to import your private keys on a dex, there are some other methods people unwisely give out their private keys, like for example when scammers come up with fake websites and request private keys for activation or situations when private keys are deceitfully requested to claim fake tokens or giveaways.

Users should understand how important their private key is, when it enters the hands of another, it's dangerous and at that point your coins are no longer yours per se, "not your keys, not your coins" they say.

Importing private keys? Huh?

I'm pretty sure we're talking about Ethereum based DEX's here, because if you trade on the Blocknet DEX you don't need to import anything. Sync your wallet, open the DEX, and trade. It's as simple as that.

More info can be found here: https://blockdx.com/

You can import a private key of a wallet that has limited coins starting from 10$ just to try out the trading on DEX first, this is what I like doing most times, or use metamask as OP says, good information and very recommending

You really don't need to import your PK, this is the purpose of this article, it's a way to avoid importing your private keys which is too delicate. There are several options. You should take time to read the article again, I will be willing to help out.

It's one of the reasons why I think DEX won't work, to use a Dex you have to import your private keys, that's the only way to start using a DEX, tell me how will someone trust this? And their are news of DEX getting hacked, I thought DEX was unhackable?

I'm not very much into DEX although I believe this is the future and should be the future of exchange, but all the time that I trade on Decentralized exchange there's always a metamask to interact I will never use any other software or the DEX own application to insert my private keys, I only go for trusted application like Metamask.

this is a better idea than installing metamask be remind that not all of the user's have thier own pc other only use mobilr which you cant install google extension,and you need to download other browser just to install it and other people are too lazy doing that. The best suggestions is make a different wallet that you can always use for selling your tokens in dex.

I usually have a special wallet to sell my tokens to dex and do not use my personal wallet because it is very prone to theft of assets, my friend also lost his assets because he was too careless to use his personal wallet to sell tokens

Yes you are right we have take care about our wallets and funds because there are so many fake supporters are waiting chance to get hack our wallet if we go there to get help for ueing dex exchanges so better check twice before going get any help from any one regarding how to use dex exchanges. and check the dex website before going to do any exchange there it is official website or not.

You are suggesting correctly and if they don't listen to you, that's their mistake. There's also an option if they don't want to use metamask, they can simply send the token to an empty new wallet first and that's the one that they will import through the dex. There are many option that they can do but using Metamask is the most common option that every dex trader can do. Avoid using the unknown dex too because it is probably made mainly to phish users private keys.

This is the one that I am using, I have been hacked once and it really sucks. Now I have learned my lessons and never to go back to being an ignorant trader again. OP is right, there are new DEX that are popping, I do love to trade there because aside from KYC free, the experience is limitless.

I do not think this is new anymore, If you want to use the decentralized exchanges, you need to strike a balance.

1. Either you use the dexes by using METAMASK to access the exchange.

or

2. you create a new etherum address for the dexes, where you can send the tokens to, import the address, dump, withdraw, and move to the next.
Forkdelta and etherdelta used to allow that before the dominance of metamask.

You can practice safely, with your research results, the best method for yourself

I have a better idea, for Dexes, use another Wallet, not your main wallet, that way even if you unlock it with your private key, there is no harm stealing your major cryptos which are in your main wallet that is not linked to Dexes.
That's what i do, i also stick to famous Dexes only, any exchanges that i don't know i don't even bother trading in, as simple as that.

In some groups I belong to, I do see people giving advise to persons who ask questions on how they could trade on Dex. They would tell them to import their private keys on the decentralized exchange, I will quickly object them never to import their PK on any dex. Some don't take me serious I leave them to their fate until they cry of hack, sometimes people prefer to learn by experience, leveraging on others knowledge should be a  better way of learning.

Now, with your private key you can unlock your wallet by importing it on any compatible app or site, the danger with this is that you may not know who is watching you, or if when moving it, you had saved it in an unencrypted place. Another dangerous thing is that you may have been lured into a phishing Dex which automatically steals your private keys.

What I usually do is to use Metamask to interact with Dex, this does not require my private keys to interact with the dex, hence my private keys are still kept secured, and every transaction sign out, will require my authorization.  Metamask has some features which automatically determines some phishing sites, which helps to keep one safe like in the case of the scam project called ethereum classic vision, a scam fork of ETH by some faceless team, Metamask barred their users from accessing the site, while those who imported their private keys on the site had all their ethereum and valuable coins stolen.

If one does not have Metamask installed which is very easy. One can choose to import using Keystore , this is encrypted and requires your password to unlock the wallet, I will recommend you use this on a very trusted Dex like Idex, and not new dex.

In this era of having many dex springing up, it's important we play safe with our private keys as they are as important as our ATM card PIN. Never save your private keys online, keep them offline.

I will love to hear your view too.