Rehmanchoudhary5 (OP)
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August 02, 2019, 06:33:24 AM |
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I've been using dex exchanges like ddex, switcheo. They asked to connect wallet through metamask or trust wallet, I'm an android user so I'm using trust wallet to use these exchanges, i wanted to ask when we connect our wallet to a specific exchange is there any possibility to stole funds anyhow?
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Mealea
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August 02, 2019, 06:36:18 AM |
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If you have to use dex then you must be ready to connect your wallet, but to some extent,it is safe.
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llecrf
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August 02, 2019, 06:54:35 AM |
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As long as you keep your private key and phrase and password well I think you don't need to worry, what we need to worry about is when you open a phishing website that is almost similar to the original exchange, so before you trade on any DEX exchange, make sure you see website address correctly, I am a metamask user and until now my wallet is still safe because every time I trade on a DEX exchange, I always see the address details correctly.
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Lantind
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August 02, 2019, 07:11:21 AM |
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If we talk about the possibility of being stolen, the answer is there. Because I have experienced losing coins when exchanging again, and my friend also lost coins in their wallet while still connected to an exchange, meaning that the possibility to be stolen is clearly there.
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indriasyifa
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August 02, 2019, 07:11:45 AM |
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I think the security of the wallet is safe as long as you don't give someone else's private key, DDEX data or something else like Exchange, so there's no need to hesitate, with that.
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ivaf
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August 02, 2019, 07:14:30 AM |
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I've been using dex exchanges like ddex, switcheo. They asked to connect wallet through metamask or trust wallet, I'm an android user so I'm using trust wallet to use these exchanges, i wanted to ask when we connect our wallet to a specific exchange is there any possibility to stole funds anyhow?
If you enter a private key on the site, then theoretically there is the possibility of interception (theft). Well, if you go through MetaMask or Ledger - it’s safe. |
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hongus
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August 02, 2019, 07:18:35 AM |
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I think that the DEX is much safer than our usual exchangers. It has long been proven. No one can hack your wallet. If you have not lost somewhere your private key on the Internet. So you can safely use.
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Rehmanchoudhary5 (OP)
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August 02, 2019, 07:23:01 AM |
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I think that the DEX is much safer than our usual exchangers. It has long been proven. No one can hack your wallet. If you have not lost somewhere your private key on the Internet. So you can safely use.
In this matter it's totally safe because when a normal exchange got compromised hacker get access to all users data and funds but in dex users owns private key. |
DRK Defi| The Fourth Generation Of Blockchain In Decentralized Finance
DRK DEX: https://draken.exchange/
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TastyChillySauce00
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August 02, 2019, 07:29:32 AM |
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Never enter your private key even if the DEX demands it. It is the most common thing which people usually forget, giving away your private key meaning you have given away the authority to someone else to own all the funds inside the address. There's still a chance that the DEX will log your privkey and save it up to their database.
To note, only use popular DEX that already trusted by the community. However speaking of security DEX exchange hardly and rarely being hacked by anyone because of the decentralized nature, the only thing you need to be aware of is how you keep your own private key.
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thunderbitz2717
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August 02, 2019, 07:31:02 AM |
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I've been using dex exchanges like ddex, switcheo. They asked to connect wallet through metamask or trust wallet, I'm an android user so I'm using trust wallet to use these exchanges, i wanted to ask when we connect our wallet to a specific exchange is there any possibility to stole funds anyhow?
It can be steal by someone mate if you click some of the phishing site, like importing your password or private key. But if you are careful I guess there's nothing to be afraid of. But if you are using MEW it is safe and Metamask too. And one of the DEX which is safe are Idex, Coinexchange and Waves. |
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rosezionjohn
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August 02, 2019, 07:42:19 AM |
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The dex's you connect your wallet with cannot steal your funds since you are not providing your private keys to them. That can only happen if you entered your private keys directly to a phishing site like what happened to many at etherdelta before.
By the way, other than metamask and trust wallet, you can also try the Equal multi-chain web3 wallet to connect to all dex's (including binance dex).
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ophyrim
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August 02, 2019, 07:58:03 AM |
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I am using many of them without any problem for years. I know sometimes it is not easy to use them, they are not user-friendly but this is not mean that they are unnecessary
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jouns
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August 02, 2019, 07:59:16 AM |
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I've been using dex exchanges like ddex, switcheo. They asked to connect wallet through metamask or trust wallet, I'm an android user so I'm using trust wallet to use these exchanges, i wanted to ask when we connect our wallet to a specific exchange is there any possibility to stole funds anyhow?
If you connect your wallet through a metamask, then you have nothing to fear, nothing will happen to your funds, but if you connect through a private key, you can lose all your tokens by visiting the phishing site. |
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crwth
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August 02, 2019, 08:03:32 AM |
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As far as the Decentralized exchanges go, there is a lot of advantage over centralized exchanges like safety from hacking, no downtime, high level of privacy, etc.
I don't think it's going to take over anytime soon but I sure will be using them for trading, but not right now because of the low liquidity and volume right now.
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taratorly
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August 02, 2019, 08:07:39 AM |
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I've been using dex exchanges like ddex, switcheo. They asked to connect wallet through metamask or trust wallet, I'm an android user so I'm using trust wallet to use these exchanges, i wanted to ask when we connect our wallet to a specific exchange is there any possibility to stole funds anyhow?
It depends which exchange do you mean. Off course we can not say all DEX's are safe. But I trust with Etherdelta. I never experience any bad issue. |
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btccrusher
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August 02, 2019, 08:29:41 AM |
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Not all DEX is safe. Be cautious to use open source DX that has a good reputation like Binance DEx or Crypto-Bridge. I have used both, in terms of security and trade volume, both are good. I don't trust DEX with low to no volume and you should avoid too.
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notblox1
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August 02, 2019, 08:52:12 AM |
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Not every DEX is really a DEX...
They can just turn off your account when they want.
Never keep your coins on any exchange for long time, DEX or CEX.
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Patrix_1
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August 02, 2019, 11:08:07 AM |
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Decentralised exchanges are safer than centralised exchanges, because DEXes are not having your data, you do not need to take a verification to trade there. Moreover, you still have a full control of your tokens by trading on DEX exchanges, which plays a big role for me.
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patz22
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August 02, 2019, 11:23:05 AM |
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Of course, there are risk especially that you are connecting your private keys into it and it is the code for anyone to get an access with your wallet but with my experience and using the same wallet to different dex like ddex fdelta and edelta I havent experience anything like getting my tokens lost so in my end I believe that it is safe.
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alexyong342
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August 02, 2019, 11:31:17 AM |
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Not all DEX is safe. Be cautious to use open source DX that has a good reputation like Binance DEx or Crypto-Bridge. I have used both, in terms of security and trade volume, both are good. I don't trust DEX with low to no volume and you should avoid too.
I have also used Binance DEx, and found it to be good. IDEX is also pretty reliable. All you need to know is the proper management of keys. |
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