Bitcoin Forum

Recently I came across an article about the future of decentralized exchanges and how they are going to transform the centralized exchanges. One thing that clearly mentioned is that decentralized exchanges are secure and impossible (kind of) to hack as no central entity is running/controlling them. However, I heard about the security breach of Bancor and waves DEX. So what's the point of decentralized exchanges if they are still being hacked ???   

I dont think that most of the people around the world would thinking if decentralized exchange is the future, since there are so many lacks about it.

That's my point as well. Ethereum's Vitalik, Binance CZ and many other influencers are embracing the decentralized exchanges but we are also hearing the news of security breaches. 

Not all of those DEX become the true decentralized exchange site. They are seeing the potential of DEX but this will need a lot of time. Remember there was no perfect exchange site and they are all having the same chance to get a problem in the security.

Exchanges, may it be DEX or CEX are not safe from security breaches. Based on statistics, there were more hacking on the centralized exchanges and the recent one is Cryptopia which myself is a victim since i have not recovered my funds though not that big but still it's frustrating. My view on DEX is that we control our account which for me is important since that is our very own money and should not be trusted to companies that run centralized exchanges. CEX though they emphasize more on their security but still they are the ones controlling the funds of people.

Decentralized exchange, most of them have a great transparency, but lacks of security. Centralized exchange, it can be manipulated but it has very high security.

There can never be bullet-proof software as complex as a DEX, but if it's open-source and extensively tested, then it should become pretty fail-safe. Trustworthiness will always be on a continuum. The key for a successful DEX is not just security but also scalability and useability.

I can tell you for a fact, we haven't gotten an exchange that's totally decentralized, all those exchange are just semi-centralized ones hiding in the name of decentralized exchange. When something is decentralized is meaan you have control over all information and no 3rd party is involved now how are these scamming getting access to private keys if no third party storing them? We're not yet there when we talk about totally decentralized exchange, so for now when accessing any of them use a different wallet (details) or wallet extension to avoid leak of your private keys.

The fuss about decentralized exchanges is that they provide a more secure platform for users to trade without fear of security breach, or that is what is expected from decentralized exchanges, blockchain technology is the advocate of decentralization and as such exchanges are expected provide the decentralized platform where everyone is in total control of their personal information, because too many reports on exchange hacking has increase the need for a complete decentralized exchanges for proper security.

Decentralized exchanges are not perfect, but neither are they wide open to abuse like a centralized exchange is.

Many so called "hacks" on exchanges are in fact exit scams.

A DEX will not cure this right away, but it will help .. a lot .. especially if used carefully. There will be DEX hacks, there will be DEX scams .. but the chances are greater of an honest experience

There are issues, there are partial solutions.

One of the self defeating characteristics of a DEX is revenue. A centralized exhange can fund tech, marketing, hype, partnerships - all the things decentralization usually offer when you get economies of scale. This will happen one day with a DEX and if it manages its revenue streams well they may take off.

Meanwhile you will get "centralized DEX" jumping in to muddy the water (say Binance DEX) as they see the writing is on the cards unless they can confuse the market place

We've heard a lot of hack attempts about CEXs. But I don't remember much about DEXs. I think Bancor and Cryptopia are not nice options to be evaluated in this process.

Well, you can't just make blanket statements like that about all decentralized exchanges, there are still huge differences between them.
I've recently started trading on Saturn, which offers a very nice experience overall.

I don't have to create an account & can instantly buy/sell coins via their saturn wallet, which is a fork of Metamask.
No KYC or need to give away your personal information, that's a big plus for me.

The fuss is that no one wants to shine their income. That's all. This is especially true of hunters, because we also need to pay tax. And using decentralized exchange, we can be calm.

I think that those decentralized exchanges that exist now - are just safety in words and not in practice.

Well, I think phishing is very relevant there. Because many rarely use such sites. There is still a problem where people often make mistakes. Food coins for a penny. Let's say he got used to the classic exchange. Showed the price for 1 unit) and sold all his coins for 0.0004 so this exchange is not for everyone. I would say its main task is to allow the investor to purchase tokens from hunters before release.

All the hype being created about Decentralized Exchanges is because of how swift and easy it is to use and make transactions over there. Well in terms of security i think DEXs are quite safer than centralized exchanges. Compare the number of centralized exchanges that have been hacked to DEXs and you would realized the number of Centralized ones far out weighs that of the DEXs.

Anyway we still need DEXs that are absolutely secured and i think SwiftDex.ai is one of the promising decentralized exchanges to look at.

In two types of  exchange system, users are charged. The only withdrawal while the fee is low on the central  exchanges.

Because there are only a few trader that trading on decentralized exchange and most of decentralized exchange don't have a big volume trade. If you look at the dex exchange like forkdelta, idex, etherdelta, the volume trade is really low and mostly from bounty tokens.

because in we have more cases of centralized exchanges being hacked than we have number of years that the market existed! basically every couple of months there is a new exchange that gets hacked or scams people and nearly ever week they scam one user at least.

decentralized exchanges can solve this because there is no longer anybody in control of your coins but you so the only risks of losing your coins is the risks of you not being careful not the risk of the centralized place scamming you.
and that is a very important thing in a market!

Hacking exchanges is a plague to the space, there is always the possibility of some vulnerablity in the code. The main push for decentralized exchanges which I think is very important is the fact that your anonymity is preserved as there are no KYC ,registrations or any of such as we do have with centralized exchanges.

It is depends, if much of the hash power are controlled by a single or a group of entity, they can still penetrate the blockchain and the transactions that the blockchain has, I've just heard about some issues before and I can't recall it right now, but this sounds to be an inside job what do you think?

DEX's often don't have, but need: ease of use, liquidity, speed

They also benefit from other features but the most important feature is to keep custody of your own assets until they are exchanged

There were a lot of exchanges hacked in the last year or so: Coincheck, Coinrail, Cryptopia, Bithumb (several times), Zaif, MapleChange, and two weeks ago, an exchange called 'DragonEx' was also hacked.

So there's clearly a demand for DEX in the crypto market, and not only because funds keep getting stolen, but also because most of the DEX don't require KYC which is a big turn off to a lot of people. Sure, some DEX haven't been able to avoid hacks, but the ratio of DEX getting hacked is smaller compared to centralized exchanges.

The thing I like about Decentralised exchange is that one still have complete authority over the account. Even in the advent of hacks, users can still withdraw their funds but centralized exchanges  your fund is gone for ever.

The main advantage of a decentralised exchange is the fact that you are not losing control over your funds when you are transfering your tokens to an exchange. You still have control over your coins/tokens and not giving it to a third party.

We can achieve point when there is a complete decentralization.But the only difference between centralized and decentralized is that you have a private key. It is possible to manage the accounts even in decentralized exchanges.

One benefit is that we won't have to go through these ridiculous kyc procedures to trade our coins and withdraw them. For some this is more important than being totally safu

because exchanges are very valuable for people who hold coins to be exchanged in currency. moreover the decentralization exchange is where people make buying and selling transactions and invest in profits.

An exchange that is truly decentralized is never holding your coins which means that if you lose them the exchange was not hacked but the user, this puts the responsibility of protecting your coins once again in your shoulders which as we know is a good thing and also a bad thing, it is a good thing for all of those that are looking to have complete control over their money, but it is also a bad news for many people that are simply not prepared for taking that kind of responsibility as we see all the time in the forum when people expose the circumstances in which they lost their coins to hackers.

There are many more reasons of why people are excited about decentralized exchanges, one of them is that with decentralized exchanges you will not need to go through know your customer policies.

Despite the fact that there have not been any form or record of any centralized exchange and most the security tokens are optioning to get listed on centralized exchange the fact still remains that the security of any exchange still remains with how effective the team is to secured there exchange. So in all I still believe in decentralized exchange because they represent the anonymous nature of the cryptocurrency industry.

In the world we are living today nothing is unhackable and that's because everyone has acces to latest technology and hackers can use it to their advantage just as security companies use it to their advantage. Both centralized and decentralized exchanges can be hacked but the decentralized ones have some important advantages and features that are useful for most of the people and that's why they are so promoted.

I really like decentralized exchanges because they are not controlled even you can access the decentralized exchange without even transferring the tokens to exchange wallet you can access directly from your wallet also the importance of dex can be understood by studying the top exchange projects and we will come to know that almost all of them are working to develop their dex prime example is Binance which is very close to launch of their own decentralized exchange.

      Decentralized exchanges have many advantages. I prefer decentralized exchanges because they are not monitored and controlled by any entity. Also, in decentralized exchanges, KYC is not necessary, and anonymity is maintained.
      When we use a decentralized exchange, we must take great care of the security of our coins, because they can be lost quickly if we do not take care of private keys.

There are no technology platforms that do not have their own loop holes, no matter how tight they think they have secured every angle, there will always be a loop hole that a hacker will see and use as their weakness against them, from there is when they become perfect, as they say, “once bitten, twice shy”.

Their weakness will eventually make them stronger as long as it does not kill them. It is when an exchange allows themselves to be bitten twice through same way that I so much frown at, it means they are just concerned about the profit they are making and not the security of its users.Whether decentralized or no decentralized, they still have a way of serving the needs of the public in their own way.

Maybe you haven't been around for too long but there have been a lot of exchange "hacking" from day one of bitcoin world, it all started with mt.gox and than moved to crypsty and so forth and now we are here where even the biggest exchange binance is keep getting attacks so its not really that much of an option anymore to have security against these hacks.

When you have a decentralized exchange it means there is no self controlling mechanism that could benefit from a "hacking" situation, it could still get hacked literally but we will at least know that owners are not just saying hack and keeping the money, it must be really hacked. So all in all its just another layer of security put on top of all securities we had and that is why people prefer them over others.

That makes sense. Let's see how it all goes.

now decentralized exchanges are at the experimental stage and they constantly transform their code and become better, so that in the future they could not be hacked

I have the experienced of using Stellar X ( which is DEX) and I am looking forward to seeing the DEX of Binance, Vite and Resistance. It is great to know that exchange projects are shifting towards DEX.

If they are in the experimental stage, should we wait until everything is tried and tested or we should completely jump into these DEXs as they seems to be more promising than CEX?

The meaning of decentralized exchanges is only one-they are not controlled by one firm.This is exactly what is needed for cryptocurrency.By and large, centralized exchanges are ordinary banks,with only one difference that they use cryptocurrencies instead of fiat money.

No exchange is totally secure. Both Centralized and Decentralized exchanges are subject to hacking as we can see in the case of Etherdelta and some other decentralized exchange. Being Decentralized means there is absolutely no central authority controlling individual accounts. However, this has both pros and cons. A lot of people think the exchange platform should be decentralized just because bitcoin that happen to be the first crypto is designed within a contest that promotes decentralization. I see no reason why any exchange platforms should be more decentralized because 99% of already existing ones are full of shit

There are many exchanges to buy altcoins. It is always good to buy altcoins at the exchange that gives the best rate.

I found Coinswitch is the best cryptocurrency exchange  (https://coinswitch.co/)that gives the best rate for trading. It's an exchange aggregator that supports many leading exchanges. We can compare the prices of coins across different exchanges and execute the order at the best rate.

We can check the Live price of any altcoins and the real-time price chart, which helps us to keep updated about the price of cryptocurrency. you must pick the most trusted one, for you to assured your funds are safe and not easily get hacked.

What might you think decentralize exchange lack of something? I don't think so, if we are going to see the cryptocurrency space in a holistic point of view, we can assure that, here what ever we want, we can get it, there are different kinds of crypto, either decentralize or not, unlike banks and fiats where, we are limited to choose the best funding and transaction options to consider.

It is much harder to hack a decentralised exchange if you compare it to a centralised one. Moreover, you do not need to loose the control over your money, when you transfer a coin to a decentralised exchange.

I don't think that the decentralized exchanges will always be secure because nothing in this world can be 100% secure. There could be a hole or bugs that could be used by the hacker to penetrate and steal the assets.

But it will be interesting if we have centralized and decentralized exchanges so we can choose on where exchanges we can trade and I think that will be good too for us because we can make a bigger profit from both exchanges.

Decentralized exchange might be the future if something is being created to solve the current problem we are facing, because they are so many flaws in a decentralized exchange currently and I don't think anyone have been able to solve the problem fully.

Though if there can a set of company that will come up with a very good idea to solve the flaws that we are having in the decentralized exchange, then I can boldly say that decentralized exchange is the future of exchanges.

Decentralized exchange is an island of security and anonymity in the crypto market, resistance to financial slavery!

I want decentralized exchanges because my state has onerous regulations on crypto currencies and threatens exchanges around the globe causing them to close accounts for people in my state.  I've had at least half a dozen accounts closed for no reason other than my location.  Even a lot of decentralized ones block IPs from my state, but you can use a VPN. With no central authority to threaten and no central authority to close your account, decentralized exchanges sound good.

Decentralized exchanges still can be hacked as we could experience it with EtherDelta in 2017. The point with decentralized exchanges is that you hold your private keys and do not giving it to the exchange as you are doing it with centralized exchanges. You are not owning your funds there.

Where did you hear about security breach in Bancor and Wavesdex ? i like to know more.
So far what i know, the hacking cases were happened in centralized exchange only.
Decentralized exchange like Forkdelta is nearly impossible to hack just by knowing the eth wallet of Forkdelta.
Except it is an inside job i think.

I have traded on quite a couple of decentralized exchanges and I think they are very easy to trade on. Some people also feel safe having their own private keys of their own account when trading other than trusting it into the hands of centralized exchanges that get hacked frequently.

Having control of private keys is always safe.

Perhaps this should be due to the fact that today there is a really very large number of centralization in the market, which today should not be at all. You understand that now too many people do not understand this difference and this is very bad.

I think that decentralized exchanges should have a positive impact on the market so populization will give the market a large flow of investment and for the fact that there will not be such a level of control as now.

If you are careless possibility being hacked still there, but in such form why decentralized being introduced the security is with you, private keys
is really important and it will be your assurance holding your assets, decentralized will be embrace for sure it's got to be known for much better
and safer trading experienced.

Decentralized exchanges embrace one of the most important principles on which crypto was build on: anonymity and freedom connected with it. Sure, centralized are all right in its own way, but it is great that everyone has an option which services will he use. Decentralized exchanges are goals of hackers as well, but they are still exchanges. That means if you are holding your assets there, you are voluntarily giving anyone a chance to steal it through some kind of bug (which, trust me, is definitely there). They should be used as a short journey connected with a rapid exchange of coins and cashing out to your wallet. Digital sphere will never be perfect. Therefore, we have to minimize risk of losing what belongs to us. Holding it on account without having private keys in your hand is like waving with a white flag. It takes little to no effort to make it way harder for any kind of attack ;).

The perpetual hacks In centralized exchanges make decentralized exchange look so good. I am not a fan of Dex because of its poor user interface and operability but then, security is more important than UI but I hope Dex can be remodelled to phase out the insecure CEX exchanges

I don't think theres any exchange that is impossible u ọ hack. We hope to see more security in exchanges both cntarlised and decentralized.

Actually the ultimate decentralized exchange doesn't even need a web page, its the kind you could do directly from wallet to wallet. So far this is only possible with coins supporting Segwit or equivalent, for example Bitcoin and Litecoin.

The "lite" variation which everyone knows, is the type where people remain in control of their coins, by either giving them the private keys or letting them use their own wallets in the platform.

And then there is Bisq (https://bisq.network/), which is like a decentralized version of Localbitcoins. This is of course fine for pair matching, but once fiat is involved, you are surrendering any privacy. I guess if you stick to crypto, it should do the trick.

I think the advantages of decentralized exchanges is the new project can list the token with more easier. Different with centralized exchanges, listing in DEX is more cheaper and sometimes free charge and centralized exchanges always requiring huge listing fee and not many project can afford it.

I think one of the reasons why people want decentralized exchange is because they want to be able to control their funds and also it will be hard to get hacked because the wallets involved are controlled by individual.

indeed it is true of the costs to be registered in a decentralized exchange cheaper there are even some that are free. but such exchanges are not chosen and trusted by investors. most of those who register in small exchanges are only project scams and don't intend to develop their projects.

Decentralized exchanges are more secure than most if not all centralized exchanges, because you are incharge of your funds etc. Decentralized exchanges require no KYC and is open to all and sundry unlike centralized exchanges. Also, centralized exchanges are also getting hacked, how many have been hacked so far? So what is needed is just improvement.

So much fuss about decentralised exchange because they will never ask for your KYC, they dont care to know your identity but the exchange which happen to be centralized or pseudo-decentralized will rip you off with your identity.
I always prefer exchanges like etherdelta and idex which ask for no compliance. Say Yes to such exchanges and in coming future the demands for such exchanges will surely grow exponentially.

Any exchange can be hacked and all traders can be deceived by the developers of the decentralized exchange. The meaning of the name I do not see as such exchanges very much and they are all decentralized.

Using decentralized exchanges means that you are owner of your funds not the exchanges.
They do not ask for KYC as well. Decentralized exchanges are still not used widely because
they are not user friendly and usually no customer service there and also having low volume
compared to big, centralized exchanges.

That's true, in case the exchanges got security hole in there the owner can be rest assured that their money is safe or atleast still have some time to recover because the users are the absolute owner of their own token and address. However it is as you say, having low volume is just really inconvenient, people still prefer centralized exchange because its simplicity and fast.

The famous SWIFT will be replaced with  blockchain  technology for sure.
Banks are willing to change to the new technology as they see it`s benefits.

Decentralized Exchange is a place where we don't need to give our identity. All are personal. We access our own wallets, without exchangers. DEX only bridges transactions made by traders.

P2P is *probably* the wave of the future.  Too many so called exchanges are getting hacked
  Unfortunately people use exchanges as a wallet, that's one of the main issues is leaving your coins in someone else's security.  And well....kyc.

DEXs are all the rage because that's exactly what blockchain is built for.
From the very beginning, crypto was meant to be a way to perform direct p2p transactions.
So all of the centralized exchanges have actually been counter intuitive to crypto.

It actually amazes me that dexs haven't become more mainstream earlier.
We have been paying all of these fees, dealing with kyc and withdrawal restrictions and hacking risks.
why are we accepting this?
Because people just want convenience.
They aren't willing to seek out people for a direct trade.

But now that really good dexs are popping up, hopefully, all of these centralized exchanges will fade away.

We are just at the beginning of DEX development so there are some issues in the past but now there is nothing to accuse DEX as bad in near future Binance are also going to paunch their decentralized exchange which may impact great on the usage of decentralized exchange among traders.

I think everyone knows that. but it's a bit risky when we use our personal wallet to enter into an exchange. where they also keep the key to enter our wallet. it will have a bad impact if there is an error made by the platform developer. we can lose the assets we have in the wallet immediately.

Definitely, we will soon see a safe DEX with user-friendly interface and solid speed, which will be a real popular without necessity KYC. Maybe such DEX will be Nash or Binance DEX.
p.s. Waves actually not true DEX.

it will never be Binance DEX because despite what they are calling it, their new platform is FAR from being actually decentralized. and something like that will never succeed or be able to compete with actual decentralized exchanges.
there already are better decentralized exchanges, they are just small and since they are new the projects aren't mature enough so people aren't willing to trust their money with them YET but this won't stay like this forever.

But for the best transaction to consider, decentralize exchange should be implemented. Also, there are less fuss in decentralize exchange as banks and third parties have nothing they can do to make an effect on it. They will going to focus on centralized platform, who knows if they intend to manipulate the money there.

I also believe DEX will be more popular in the future. However it is true that Decentralize Exchange can still be hacked, their features their website etc can't still be hacked. What can't be hacked is the account and transaction since it is directly taken from ghe ethereum network, so basically as long as the Ethereum network can't be hacked the transactiona and account in DEX is infulnerable.

The decentralized exchange is a p2p system, and no system is not vulnerable in terms of security. The purpose of decentralization of exchange is that there are no centralized rules in transactions, they all use decentralized systems but when the system is hacked all will be possible

They are discussed still as soon as with these decentralized exchanges we will be anonymous. However, not of them can be trusted. The best ones are Bitshares, Etherdelta

All this is done solely in order for people to actually work with excellent decentralization. She is the fruit of our work with you. I see that there are real opportunities for people to use cryptocurrencies exactly for this.

Decentralization of exchanges is a fraud. Any developer of the project can hack the exchange. This is not complicated.

I think the reason why people are anxious of the development of decentralized exchanges is the ability of people being in control of their own private keys. For instance in case where a decentralized exchange is hacked and i have logged out of the platform my wallet would not be hacked but with centralized exchanges once the platform is hacked anybody who has any funds on their platform also loses money unless the thieves decide to go for BTC and leave the altcoins.

I think Decentralized exchanges will be the future because people dont have to provide KYC. Perhaps DEX like cryptobridge need KYC for US Customer but its only for US but not for many country

Security of assets and most importantly personal data as decentralized exchanges don't ask for KYC. These are the reason why I think most people always prefer it over centralized exchanges.

No one hacks decentralized exchanges. Because money is not stored in the same wallet of the exchange, and they are on the wallets of the bidders. Therefore, it is impossible to hack a decentralized exchange as well as a centralized exchange.

Where ones assets or funds is, there will his heart be. Most people or investors prefer decentralized exchanges because it is free from tasking KYC processes as well as cyber threats. So people trade there knowing they are safe.

The decentralized market is difficult for regulatory agencies and blockchain technology to still have many shortcomings that can best protect the account.
Blockchain technology needs to be improved over the next few years so that large businesses can use it.
Exchange in a decentralized market is always at risk because there is no government intervention.

We ought to compare the ratio between hacked centralized exchanges to those of decentralised exchanges, which I think will give us a reasonable conclusion on which is safer.
I have always used decentralized exchanges and despite all I have heard people said, I have not had any issue with them, but I believe our individual experiences and not about what people are saying should help us make decisions on which to use and which not to use.

From where I sit... one of these DEX salient features is the high level of their independence from regulatory actions, which are against  structural change and technological innovation in financial sector. In that sector  there is a high probability that strong official institution  may acquire a dominant position when disputing about crypto  and as result  restrict centralized  exchanges to  obligations that serve government needs. DEXs are design  to be immune to that.

but all the exchanges I think are good, but for decentralized exchanges it sometimes becomes insecure because the access process using personal wallets can be stolen by the exchange if they commit fraud. we have to be more careful not to get cheated.

The fuss is intentionally created by whales and dumb developers. They never want to see a real development behind the decentralized exchanges so they can continue to do their shady job.

Should give time to how products like Dapp or DEX gradually become better. As before, many banks around the world were stolen money by hackers, and gradually everything became safer after banks defended from hackers.

They may hack one or several wallets, however, each user has his own wallet and hack absolutely all users is very problematic. Therefore, decentralized exchanges are more resistant to hacker attacks than centralized ones.

The goal of all decentralized exchanges is to make funds of the users inaccessible to hackers. There are too many news about hacking centralize exchanges, so people are waiting for working DEXs like Binance DEX to feel their funds are in safe.

I see every and each exchange in the cryptocurrency community very liable to hack. All one need do is to be careful whether using centralised or decentralised exchanges.

Personally I think it comes with the territory. Its like saying Bitcoin is better than fiat. Cryptos are decentralized and that's why we also promote decentralized exchange. It's funny though that the leading exchanges we have now are the centralized ones.

I think the fuss about decentralized exchange comes when there are many bad things in regards with centralized exchange especially after some exchanges got hacked. People start to search for the better type of exchange to avoid such hack stuffs and things.

In my opinion, hacking can still occur anywhere in both the decentralized system and the centralized system. I only think that if indeed a decentralized system experiences many problems, especially the problem of price stability, it is better for crypto currencies to be made with a centralized system. I am sure that a centralized system will increase the level of trust of investors. Investors do not need to worry and are hesitant about hacking because everything is set up with a centralized system. Only one party will control the movement of the crypto currency.

Seriously that's the question, if dex can be hacked too, then we are not still safe. Buti believe that there is a way which the hack can be minimized

Probably the whole thing is solely to use just a decentralized exchange today. I see that there are very big opportunities to use it, namely, decentralization should use this, because this is clearly our future.

That is up to you and what do you want out of a trading platform, if you want convenience then keep using centralized exchanges they are very good, fast, reliable and have huge volumes that allow you to exchange huge amount of coins with no problem, the problem is that you do not know when they could scam you and take your coins or revert a winning trade or ask for your personal information in order to verify who you are.

Decentralized exchanges still have a lot of issues to solve but the most important is the volume that is so low, and in many coins you only need a couple hundred dollars to crash or pump the market but if you are willing to accept those inconveniences then you can use them without any problem.

Why the fuss? Security and anonymity, both huge factors in the crypto equation. That is why we should welcome this step towards DEX adoption and support projects like Nash and Resistance. It will be tough to migrate traffic from CEX-es, but its definitely worth the try.

I suppose that DEX exchange like IDEX can be hacked. As when you want to trade, you need to transfer the token or ETH at the IDEX trading wallet. The IDEX trading wallet can be stolen if there is an inside job.
I don't know if other DEX exchanges work the same as IDEX. If the exchange is made from one wallet to another wallet directly without a middle man, then it is safe. But if there is a middle man, it can potentially be hacked.
I suppose that there is always some kind of middle man as the exchange needs to take the trading fees and validate the transactions. But DEX exchanges need more liquidity and they are more complicate to use.

It is not really a surprise that centralized exchanges took over since developers had to struggle with the idea of how to create a decentralized exchange, while the road to create a centralized exchange has been explored and perfected long time ago, and those that took that route only needed to emulate what already existed in fiat exchanges while those that have created decentralized exchanges needed to develop new ideas and technologies.