Bitcoin Forum

Are they safe, If decentralized exchanges are good then why ppl are using centralized exchanges?

Decentralized exchanges are mostly based on ethereum and eth tokens. People prefer the usual ones like poloniex or binance because they have a lot more different markets to chose from. Decentralized exchanges are more safer in my opinion because there is no intermediary and all works based on smart contracts. There are many famous ones like etherdelta and I recently saw a new one called airswap. As always, do your research before sending your coins/token to an exchange.

Dcentralized exchange that are based on smart contract are very safe!  Smart contract can not be changed which means the moment you execute a trade there is no turning back or manipulation.  Your address lock your trade and it is impossible for your trade to reverse!

Yes they are safe. Your funds are on your wallet or on your wallet in contract. There is 1 option that you can loose it. Correct me if i'm wrong. When decentralized exchange is hacked code written in contract can be different (instead of exchange funds will be transfer funds to hacker accout). And if you are not able to check if code written in contract is correct than you are not safe.

I think that the question of safety depends on which exchange you mean. I like the one that is called Binance. There are many safe exchanges, which can successfully be used for trading. You should try it if you have never had

Decentralized exchangers suggest much better price and even for dollar/euro exchange to my national fiat I prefer to use them. Almost everyone in my place go to decentralized exchangers when there is a need, I do not know anyone who would exchange money in a bank here.

Yep. Pretty much because probably majority of people use BTC as a primary coin deposit rather than ETH.

And just to add to this, simply because decentralized exchanges are pretty hard to use for now(in my opinion, at least). I vividly remember the first time I used etherdelta. It was an absolute nightmare as the UI/UX was so bad. Hopefully they would improve it.

What a nonsense.

Did you buy account? You have 500 merit and you dont know whats the difference between centralized exchange (like binance, huobi, kukoin etc.) decentralized (etherdelta, forkdelta, ddex, idex) and bank.
Name 1 decentralized exchange that support fiat...

Decentralized exchange is not centralized exchange with decentralized coins...

Dectralized exchange has very little volume what gives huge spread. To buy with good price you need to w8 for days or buy with market price 5-20% higher than on other exchanges. You buy coins there when they are not listed on centralized one or you dont trust those who lists coin you want to buy.

Decentralized exchanges doesn't even have fiat pairs. lul

Ok you definitely don't know what you're talking about. We were talking about decentralized vs centralized crypto exchanges and you're here talking about exchanging money in banks.

Well, they dont have the power to exchange it to fiat so most of this decentralized exchange are thru Ethereum.
ERC-20 tokens being exchanged to Ethereum and back.
But remember, when you want to cash out your Ethereum then you will have to go to a centralized one to change it to USD or what else you prefer.
Idex is the most popular by now when it comes to ETH based decentralized exchange since etherdelta changed their CEO and shit happened.  ;D

this is the problem that i have also experienced. all the decentralized exchanges that i have seen are too complicated and not-user-friendly.  there is also a certain level of slowness to them in my experience which doesn't yet compete with the centralized ones where you can make buys and sells in matter of seconds (of course only when there is not a big load on their servers and they are not going down!)

And its not gonna change fast. All your moves on decentralized exchange must be confirmed by blockchain. It cost money and time.

Decentralized exchanges are just like your average market - peer-to-peer. Usually these are in the forms of smart contracts and whatnot to ensure the security and stability of the trade that's going on. For me, they are safe to use since no third-party holds the funds for you, just trade and wait for someone to accept the offer then go. Cool stuff, yes, but on bitcoin - crypto exchange, it would be quite hard to implement--though there was one crypto exchange that is fully decentralized but didn't get that much attention.

In crypto , everything still in grey !
It means that you must keep carefull if you decide to keep your fund into exchange but personally I'm not recommend to keep in exchange.

But for trading purpose, as long as you have select the verified exchange, I think it will not be a problem !

Yes dex are pretty safe, i use them sometimes to get tokens that are not on bigger exchanges. people use centralised exchanges because they have the liquidity, why people don't use dex much is because it doesn't have that liquidity also UI is another problem that needs to be tackled. some projects are working on creating beautiful dex, all i hope they get that liquidity. i think by 2020 we'll be trading on dex.

Decentralized exchanges are safer than centralized exchanges, basically what you see on the screen related to exchange is just a front end, other things smart contracts, trading protocols and ethereum blockchain are safe.

Decentralized exchanges are not yet popular because some people can find difficult to use and secondly some of them have a  low volume.
I would say they are safe sure but if it's not popular it's a problem. I think with too many regulations, KYC and so on people will start to realize why DEX can be useful as well privacy coins such as Zencash both will be a winning combo for people seeking to get a real privacy

Apparently I just didn't get the question, but thank you for explain.
I didn't buy the account if you are interested, I'm on the forum for two years already and those 500 merit I've got automatically, just like everyone on 25th of January. I'm just a girl and I thought that all crypto exchangers are decentralized and centralized is only those that banks suggest. I will search for more on Google and will find out which kind the exchanger that I use, YoBit and Livecoin,but from the thread it's, already clear to me why people prefer decentralized exchangers.
Yeah, thanks to previous guy it's clear to me now. We'll, at least I learnt something new today.

Because at the moment the centralized ones are way better than the decentralized. You have more options, the possibility to use complex orders, more liquidity... but in the future, I imagine decentralized exchanges will improve and start to be more used.

Most decentralized exchange are based on smart contracts. And only sends back to the wallet that deposited. Using metamask can improve security.

Decentralized exchanges can be safe as long as you watch out for DNS hijacks and always verify the source of the URL and the wallet that you're sending money to also if possible never expose your private key unless you're absolutely certain about the Fidelity of the exchange

I have used Etherdelta, forkdelta, idex and I have never heard anyone lose their crytpo coins from using these decentralized exchanges

which is enough evidence that these are safe as compared to centralised exchanges.

Obviously most of us uses binance and houbi because there are more volume in these exchanges than in etherdelta. You can't find people selling a lot of tokens in forkdelta because most of those who goes there are there to dump the very little tokens they got.


So how do you explain the hacking of accounts in etherdelta?

Technically decentralized exchanges are safer than centralized exchanges. The problem why decentralized exchanges aren't popular is because there is lack of promising decentralized exchange, and most of them are have an awful UI. Soon, when centralized exchange regulation getting stricter, and forced the KYC verification. I believe many people will migrate to decentralized exchange.

Decentralize exchange are save for trading but not good to save tokens or coins.  I also believe that decentralized exchange is a place for dumping.  I have seeing some coins that has high icos price but get dumped below price when they are first listed at etherdelta or any other decentralized exchange.  I don't think it is wise to trade there for now and centralized exchange look moderated.

They are safe. But there is no decentralized exchange at all. You are always controlled by the owner of the exchange. I hope that there will be a decentralized exchange base on the blockchain on the internet so that we always can protect ourselves

just like decentralized currency is better than centralized currency , same way DEX are decentralized and no one can hack that easily . centralized exchanges are not fully safe as team member have their control on it . thats why many exchanges have been hacked in past .
DEX only can be attacked by making a phishing site like that happened with etherdelta in december 2017 .

people use centralized exchange bcoz mostly DEX are slower than centralized exchange and using them is more complicated . also Dex like IDEX and forkdelta have no fiat option .

Etherdelta , Token Store , Idex , Switcheo are example of popular DEX , and in dex owner can not steal your funds . bcoz it works on smart contract , so before doing anything from our address or wallet they need our signature on blockchain via metamask (if using metamask) .
also if site is offline then we can withdraw our funds from exchange wallet , it work for etherdelta and in december many people did it .

These decentralized exchange do not have bigger advertisements and that is why they do not have their bigger community and if an exchange will not have any community then how will be the trade on there? The trade volume will be much lower which you can see on these exchanges and the trade on these websites. People do not trade on these exchanges because they do not want to lose their money in these low community.

So far with my experience with decentralised exchanges, the things that stands out is the fees - fees for making and cancelling an order is a bit off putting to me but the high withdrawal fees that tend to be used is also a bit off putting. That being said have seen centralised exchanges with some exorbitant fees too.

The decentralised exchanges seem to be safe but you have to make sure you choose carefully like anything - same goes with centralised exchanges.

Most of the decentralised exchanges are safe. But decentralized exchange always has a risk. That's why everyone needs to use metamask for safety. Idex and Forkdelta mean Etherdelta is the most popular exchange from other decentralized exchange, But forkdelta is not safe enough, because it got two hack attacks last year. But Idex, Idax, etherflyer and other decentralized exchange are safe enough. But once again, always use metamask. Because who knows, decentralised exchange anytime got hack.

This is the difference between decentralized and centralized ones yet it do only focuses on ETH deposits and having erc20 token based.I havent seen any DEX to have other deposits rather than ETH thats why people would still prefer on using up other non DEX because they do able to buy or sell different tokens compared into the tokens listed on DEX. When it comes to UI its really non newbie friendly which if its your first time to use up then its always advisable to look up first for tutorial on youtube if you dont like to lose up tokens.

I can tell you that the decentralized stock exchanges IDEX and EtherDelta are safe. Other decentralized exchanges would not advise you to use, because there you can have any problems.

Decentralize are fast and safe than most centralize exchanges. The only preference that make most people use centralize exchange is due to the support one get from dealing with centralized exchanges.

Decentralized exchanges mark a new strategy among the entire cryptocurrency users. I find it an way to make exchange activities better avoiding the intermediary. Maybe at present the increasing number of such exchanges look weird, but it is a must to the cryptocurrency network.

The security risk transfers from the centralised exchange to the centralised hosting of the decentralised exchange. There's been the Etherdelta DNS hack. And there've been a couple of cases of traditional exchanges having doors left wide open with their hosts too.

Until that's solved I don't think they'll ever be bulletproof.

Nope. Not really. Since DEX(decentralized exchange) is allowing you to hold your own crypto. You are vulnerable to attacks like hacking and other attacks which leads you to losing your money. While centralized exchange holds the funds and they are taking care of it. Anyway, im not saying centralized exchanges are not vulnerable from attacks. Actually we see some of them were hacked and stole the funds. But good thing is, the investors are secured. The exchange is obliged to recover the money or they might face criminal case.

Anyway, these are the advantages and disadvantages of DEX

Pros
1. user control their own funds - since it's decentralized, the trader is not storing the funds to the DEX itself. The trader is the one who's responsible for his/her funds
2. anonymous - DEX allows you to trade anonymously because it won't ask for your identity.
3. No trading fees
4. no personal documents to apply for anonymity.

Cons

1. not for beginner- it's not easy to use compared to centralized exchange
2. basic features
3. User is vulnerable from hacking since the user uses only his/her own device to store the funds.

Decentralized exchanges actually offer better security and we have full control with our money there, because they give the private key. Currently most of trader chooce centralized exchange because some factor like trading volume and trading fee, also centralized exchange give more benefits like feature trigger order and some contest in trading, marketing strategy and customer support of centralized exchange is better , all these make many trader chooce these exchange.

Good day sir,
just my recommendation, don't use your main wallet
rather make another one, it will cost you more fees
but it is more safer.

I do not understand with your statement, what do you mean?
please explain and other members will respond well  :D

Decentralized exchanges are of course more reliable when working with smart contracts, this guarantees a deal or a refund unlike centralized ones. Although they are still not very popular, but it's only a matter of time. A very interesting platform in this regard is now developing and called Trade.io.

Of course, i find very comfortable in decentralized exchange because we see there are many traders showing good way for trading. In decentralised every thing is visible to each and every transaction. Some people won't like this decentralised format for trading.

Decentralized is very safe, because you are the one who holding your private keys, and people still using centralized exchange is because the volume of their coin traing is really high on those centralized exchange, so the volume is much higher, the trading is very active on the centralized exchange.

I have been with forkdelta because I bought more of the RCC token because I like the idea of that project. I found out its a very cheap token in the decentralized exchange and so I went there. Forkdelta looks way better and you own the private key of your account, kinda like a safer thing to look at. withdrawing is a whole lot of problems, probably because the network is congestion but most of the time the process takes more than an hour.

Decentralized exchanges are quite safe. I have used a couple of them(idex, forkdelta) and my experience has been good with them. Decentralized exchanges trades erc20 tokens only while centralized exchanges have a lot of markets in it. Thats the difference between the both of them

Those exchanges is safe it's depends on us how to use it. I used many exchanges and I never have a problem in decentralized exchange and even in centralized exchange. Maybe others use centralized because it's more convenient for þhem or maybe the token they have is there.

You need to be more computer literate to use a DEX as there is usually limited support. With binance there is a team of people that can help you but on a DEX you're on your own

Decentralized exchanges are really safe and better than centralized one and I mostly preferred to trade with them because they provide the transactions to happen without and KYC and also all the process is carried out on blockchain technology and it is based on contracts and so, I like to prefer to go with it. The best example is Etherdelta which i use for trading on most of the occasions.

DEX provide a more secure and fair way for users to exchange digital assets for a whole host of reasons, and as the general public grows in blockchain savviness, we’re likely to see a move towards holders of digital assets wanting more control and security in their engagement with exchanges.

Amongst most pressing issues with an over-reliance on centralized exchanges is security. Every week it seems, there is a new report of a major hack at a centralized exchange, with stolen amounts ranging in the hundreds of millions of dollars.

Many people already answered your question. And you have already understood it. Yes, I agree with all that this is safe. All of the money in your control, so no worry to lose it.

Decentralized flooring is where many coins are not yet available for listing on large exchanges that can be traded, and especially where investors can buy coins at a relatively cheap price. I have also made many transactions on EtherDelta, Idex ... and I feel quite satisfied.

It is quite obvious that DEXs could be a safer way for people to trade cryptocurrencies. The multiple losses that people have incurred as a result of centralised exchanges failing is perhaps one of the most compelling reasons for their use.Further most people probably don't even understand enough about the risks of using centralised exchanges to understand the need for them.It is inevitable (given the nature of cryptocurrencies) that we will have more centralised exchange failures and that people will lose their money.This will force them into considering DEXs as an option.Sometimes it takes harsh lessons for people to learn how to do things right.

Decentralized  blockchain tokens are being traded on very centralized exchanges.  Essentially it’s a contradiction in terms, that manifests itself in  these exchanges being hacked all the time. You just can’t trust a  centralized service with your decentralized tokens. Bitcoin and other  crypto is a perfect thing to steal, transactions are non-reversible,  transfers are hard to trace. Centralized cryptocurrency exchanges are  not sustainable in the long run, since the cost of an successful attack  can ruin any successful exchange.

Decentralized exchanges are good to the best of my knowledge as I have used a couple of Dex's and they are quite safe. Why people basically like using centralized is that, it has more volume on the exchange. Decentralized are even more safe and  secured in my own opinion

currently I am using centralized exchnage. I am stydying on DEx and now feels like these are best but never used them so have no idea.

Decentralized exchanges are safe and easy to use, just make sure that you don't give your wallet no to other people.

that's true. I used some to exchange ETH and everything was ok, no security issues

oh, I wanted to change ETH too, what's the exchange?

You can look this one up https://beta.streamdesk.io/dashboard, there is no commissions for no because it's beta

ok, thnx

There are many exchanges sprouting in social media's but all of us are aiming for security, While the decentralization factor may be appealing, Its not too practical if there's barely anything to trade on an exchange and having to wait a full day for a transaction to complete kinda defeats the whole benefit of the  blockchains speed in moving funds back and forth between currencies and accounts. However it does appear as though the platform has some prospect and could potentially be a great option if it works out the kinks.

Decentralized.
One example is idex where you could trade tokens as much as you want under the smart contract.

The problem? Not much buyers and sellers out there. Just mere listing it and Voila let it be.

Unlike Binance, equipped with a lot of traders the volume is so high you can sell high amount of tokens.

Problem? They know who you are. ;D

So far everything is still fine, when the exhange decentralization by using clever contact then it more make sure which coin will we sell. Sometimes there are many type of coins that same so makes ourself lack of sure of the truth.

It's purely hype.

There will be a time where crypto will become like what the stock market is today, and that's exactly when we will see a full force shift from centralized to decentralized exchanges.

People right now are too blinded by greed to understand what dangers and risks they expose themselves to on centralized exchanges. Let them nurse their greed as much as they want right now, the market is still relatively free from proper regulations; once regulations form a strong barrier around exchanges people will start to ask themselves why they are allowing themselves to go through all this when they can avoid all that in a decentralized manner.

Dumb money today still uses exchanges. Smart money massively jumped into OTC trades.

Decentralized exchanges are safe but not all are that safe abd with what I'm seeing most of all the crypto currency exchange we have this days are not decentralized because most of them have to abide with rules and regulations of the country they operate.

Yes, it is safe as long as you will not use your private key logging in on their website, use Metamask, because there are some exchange that have key logger, so beware to enter your private keys on those website. Always use metamask, and decentralized exchange is the best.

Almost all the exchanges here are safe and for our security we choose highly rate and best recommended exchanges through which we can sell and use it in trading process with safety. Exchanges like Binance, Bitrex and Coinbase and responsive and safer for traders but this is for our own security besides which many other are also safe and of no problem which are also okay.

Im using private key to use decentralized exchange such as ed and so far i did not ever experienced to get scammed , therfor i can say that using a decentralize exchange is pretty safe as long as you know that they are legit . you cant get scammed or experienced any other unwanted problems as long as you know what you are doing , you need to be smart and vigilant on whatever you do online because being online is not safe at all times .

There are many reasons why traders choose Centralized Exchanges
one of the important reason is liquidity. there are still few who uses
DExs, and DExs only have ETH pairs unlike CExs.

I remember theres a hacking issue in etherdelta it means even decentralise exchange is not safe, do not put all your coin in one exchange as a precaution. you can also save your other coin in your own bitcoin wallet do not use other wallet always use its own wallet

decentralized exchange are very safe for eth base exchange many people are use now and trade this kind of exchange

The reason people choose to trade in centralized exchange is because of high trading volume and they doesn't want to import their private keys. As we knew the fact that if we import our private keys there's a chance that if the trading sites gets compromise as so with our keys as it's already in their system and even if you click the forget account, it's still at risk.

However, some choose decentralized because of there's no need to go through kyc which is really annoying.

DEX or decentralized exchanges are SAFE. Why? First, DEX manages cryptocurrency trading using a distributed ledger that gives control to the users and transaction are transparent to all. This will a cause a decrease in error and fraud. Though, there are shortcoming with DEX as of the present, but for sure they can be eliminated sooner.

Decentralized exchanges are the safest exchanges, because no one else can use your crypto currency. It's strange why most people prefer centralized services.

I agree with you. A lot of decentralized exchanges I encountered that alligned in ethereum blockchain. And I know that ethereum blockchain is immutable and safe from attacks. However, there are DEX which are not safe and sometimes, they are victim of hacks and result for stealing of funds of the traders. But still there are DEX  which are good to use.

I dont agree they are safe at all.
I have so many bad experience with decentralized exchanges. Most of them take longer time to load the platform and not sure why they have more maintainance schedules. And when that happens, I wont be able to withdraw.
I always have problems with withdrawing coins from decentralized exchanges (except for bisq, its a good one). My coins usually get stuck for days on the blockchain.  ???

I think it's safe as long you not give your private key or not store your wallet  all the time to that decentralized exchange.  That's why we need a extra careful if trade in decentralized exchange always choose the good one that you know it's proven and trusted.

Probably yes, but we cannot depend to the decentralized exchanges since there are hacks event that happened before. What we need to do is stock our coins from our wallet and use only Decentralized exchanges when we needed. I don't know the reason why there is a centralized exchange but for me, I will rather choose Dex than centralized exchange because there is a manipulation in centralized.

After I have tried it and it asked no phone number and I got private keys with me, I think dex are much safer than those centralized one like binance. No KYC and all. I just don't know about its security like the penetration from hackers. Forkdelta was the first I've tried since etherdelta isn't just working for me because you have to enter your private keys there from which is your personal wallet.

I think no exchanges are safe because binance is a world best exchange and in a couple of years ago binance was the hack but still, now binance is safe, 2nd time it is not hacked. Most of the people know in this online industry there is too many exchange hack. In a couple of months ago, etherdelta was the hack so no one exchanges are safe in this online market.

yes, they are safe, but the commission is usually higher than on the traditional exchange.
I prefer to simply exchange money on the exchange, but do not store them there

This is the goodness of using up DEX where theres no other informations would be asked but only importing your keys and you are good to go. Talking about Forkdelta its just an another fork site of Etherdelta so functions and features would really be still just the same.

No exchange on this world is safe neither a Centralized or Decentralized one,all of them are on risk of hacked. For DEX we do see how a hack works when ED is being compromised and victimized users when it do have a redirecting on such site and being phished out on their keys.

DEXes are safer in general, but after the recent hacks things turned out that they are not really decenralized and secured pretty badly.

Decentralized exchange is of course very good, but it also has shortcomings. When you have made a transaction, there is no way to cancel or perform other operations. This will cause you to make a wrong transfer or the account is stolen by the hacker and there is no way to recover the loss!