decentralized exchanges are safe?

[Where2Go]

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

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[crypto1010]

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

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.

[cabron]

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.

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

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.

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

[vv181]

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.

[Idrisu]

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

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.

[concept2]

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

[goyal.dkg]

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

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 .

[goyal.dkg]

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

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 .

[Superzpay]

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

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.

[FreeOxen]

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.

[hirngespenst]

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.

[stomachgrowls]

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.

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.

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.

[hodl_news]

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.

[andohyeb]

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.

[Vaskiy]

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.

[gentlemand]

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.

[deadsilent]

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.

[richcorner100]

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.

[itscomplicated]

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.

[johanesrobin]

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