Bitcoin Forum

Guys I've been using uniswap and pancake swap for some time now but something a thought always come to my head, is connecting your wallet to these two Dex platforms safe? Is connecting wallet to these platforms revealing one private keys?

Uniswap and pancake are safe, before any transaction can be active you will be asked to accept the transaction in your metamask wallet or trust wallet, they are both secured, no private key leaks or something of such

They are both safe there are thousands of traders using their platform, they cannot extract your wallet's private key, as long as you are trading on the right platform in Decentralized Exchange you are ok, the only time you'll get scammed is when you trade fake coins, be sure to check the smart contract of the coin that you are trading, these two dexes will warn you of this every time you are adding a new coin to trade.

Yes.
Both are safe but if you want a safer thing then you just have to use a newly made metamask wallet for it. Whilst your original wallet with the balance, you'll just send your tokens on that newly made wallet.
But the disadvantage of doing this is you'll have to pay that much fee, considering that the gas fees are too much today.

Connecting to DEX is safe, they only can see your balance, your transaction history, request approval your transaction, and your public key, they can't see your private key. It's different if you connecting to phishing sites, they will ask your seed pharse of your wallet. If the smart contract of those DEX got hacked, then the hacker could gain access of those address that uses DEX.

uniswap and pancake are completely safe to trade, when you connect your wallet the decentralized platform can't access your private keys but asks for your permission to access the possibility of making some transactions, any transaction can only take place after it is approved by you.
Of course, there are some DEX exchanges that are scams can deceive you and steal your money if you allow them to access your wallet, while uniswap and pancake are highly trustworthy and completely safe.

These sites are safe as long as you used the correct website address. They are top in trade volume in dex so probably their security is par with each other. No hacks are also established to them so smart contracts are secured most probably. Just beware of those malicious fake uniswap websites you would be meet in web. There are lots though that could lead to total loss of funds.

I have traded on this uniswap and pancakes, I think for both exchanges it is very safe, no need to worry about what you are afraid of as long as you keep your keys with very good security, strange things you think about uniswap and pancakes exchanges don't will occur. But if you are not sure you better create a new wallet and send Alt which you want to play on uniswap and swap pancakes, so you log into uniswap and pancakes don't use your main wallet, so you don't think bad about uniswap and pancake swaps.

I guess DEX is safer compared to a centralized exchange because back in the early days when Dex's are not so popular compared today, or maybe I can say that during EtherDelta/ForkDelta days, Im using those exchanges without using Metamask and purely using a private key, but until now im still using the same address and I can say it was still reliable and safe because nothing happens to my wallet. meaning no expose private keys or whatsoever that's why I was convinced that decentralized exchanges are safe.

It's safe to connecting your wallet to the two dex (uniswap and pancake swap). Those platforms were trustless and they will not store your privatekey once you're connecting your wallet to the pancake or uniswap. You must not worry if those platforms will not do that. Those swap services were only asking for the approval to create a transaction or command from your wallet to swap your tokens.
Everything is safe and you can continue to use them all without any worry about that.

Such good and famous platforms won't try to steal your money - they are earning much more every day. Besides, they are properly audited and checked by the community. You should be careful with new and suspicious projects and maybe even use separate wallet when trying something experimental here, in crypto...

Many members have given the answer. Just be careful not to connect your wallet to fake Uniswap and Pancakeswap or other AMMs. There have been cases where some users lost their money by signing their wallet authorizing the fake site to spend their token. Make sure to bookmark the real one.

Connecting on these platforms doesn't mean they will have some access to your private keys. There's no way they can manage to steal your keys.

But remember, before using platforms like that, not just on Uniswap or PancakeSwap, make sure you are dealing with the right website. And by using common sense, once a platform asks to log your private keys, you should already know the drill.

You must remember that if metamask has been asking for your privatekey and those swap platforms never ask for the users to input their privatekey on it. The fact that if they never store privatekey from the users who have been connecting to their platforms. The swap service was also connected to your metamask through API. That's why it's only asking for the owner's approval before you wanna swap your token to another token. When you have been approving it and that has the same meant like you have been given access for the swap platform to interact with your wallet and then use the contract to do the swap service. You must understand or at least read more about how it works today. There is a bunch of articles that has been discussing this.

I think metamask and pancakeswap are safe, they are already used by millions of people in the world, besides that for every transaction there must be approved through a personal wallet such as metamask and binance wallet, for new swap providers you should be careful especially those from airdrops that ask us to do swap on their website.

No need to worry and also no need to reveal the private key because the relationship between the two of them is only through Metamask where your wallet is located, so no need to be afraid of that because they don't ask for your wallet's private key directly to connect to it.

There are risks if you connect to platforms you do not know. They can take control of your wallet. But there will be no problems with the platforms you name. Besides, you are only connecting to these platforms and you are not giving any key information to these platforms. When you are going to make a transaction, it will present you with a confirmation acceptance process to give you the necessary approval. However, as I mentioned at the beginning, do not connect wallets to platforms that you do not trust, no matter what.

They are safe, but you need to keep a few things in mind.

The only way to get access to your wallet's spending option is to get your seed phrase or the private key. In case you accidentally give away your private key to someone, you have essentially given them full control over the coins in your wallet.

Just bookmark the real DEX sites and dont visit them from clicking links. Always check that the link was bookmarked once you open it and never enter your private key anywhere - you should be safe from most phishing scams.

Connecting your wallets to Uniswap and Pancake swap doesn’t seem like a problem to me, and I don’t see how they are going to have access to your private keys simply by connecting your wallet to their platforms.

If these platforms or exchanges were not as popular as they are, I would have said that you are taking a risk by connecting your wallet to them, but these platforms are already very popular and everyone knows about them and how reliable they are, so I don’t see it as a risk because a lot of people have been doing it and you are not the first. But if that worries you a lot, you can create a separate wallet that you would use for that.

There is nothing risky about connecting your wallet on those platforms. Neither uniswap nor pancake has access to your seed phrase when you connect on the platform. Rest assured, your funds are safe

safe and no need to worry, but don't go to phishing websites, considering yesterday I saw something similar to pancake swap but at a different url
fake : pancekawsap.finance
real : https://pancakeswap.finance/
always check the official site and look carefully at the name of the site in the address bar and usually fake address ask for private key on login but real address always ask for login on third party apps

Thousands are already using these two decentralized exchanges and that's how it really works in a decentralized environment, if you are going to connect to a decentralized application you have to open and wallet and let your wallet connect or recognize that application, the best and safest you can do is to check the application where you are going to connect your wallet, based on the experience of the majority both exchange are safe.

Looks like the OP is just making his own confirmation of things he hasn't tried at all and that's good because he himself is aware that his actions really need advice from other people who have used it even though it's his own friend.

I have been using Puncake swap for a long period of time and it hasn't been hacked so far and I haven't lost my money there. What is more, it is very useful as new coins launch on it first of all if we are talking about Binance Smart Chain, so there is a wide range of tokens. Of course, no platform has an access to your private key until you share it on your own.

It's better to connect your wallet to a very trusted Dex platforms, before connecting to any make sure you go through the projects or coin description, also it's better to use a separate wallet for buying coins and tokens and move them out to your main wallet