Dex exchanges are safe?

[alan2here]

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.

Among DEX exchanges currently available in this market, ForkDelta is the decentralized exchange that I often use the most because every transaction requires users to pay a fixed fee and that makes me feel safe to trade here. Now a lot of decentralized exchanges are launched but generally, Forkdelta is still the best choice for everyone because this exchange has never been hacked.

[weidex]

DEX exchanges are even safer as long as you keep your private key safe. You don’t need to give the control of your assets to a third party; you do not store your assets on the exchange; you do not expose your personal data. DEXes cannot be hacked, and if they somehow do, which will be because of some mistake in the smart contract (which hasn’t been seen yet), you do not lose your money simply because they are not stored at the exchange. In the worst case scenario, you may lose only the small amount deposited in the smart contract but you keep most of your assets safe in a wallet. For this purpose, you can always use Ledger Nano, Trezor, MetaMask etc. but make sure to remember the 12 random words.
If the exchange is indeed decentralized, you can enjoy safe trading, e.g. check https://app.weidex.market/

[michellee]

I think dex exchanges are safe, but that depends on that exchange itself because if they are serious with their website, they will protect the site from the attacker. They will use many ways to prevent the attacker, and they will take care of their website so the member can feel comfortable to trade in their site. But maybe there are dex exchanges which cannot protect their site, and I don't think that is because of they don't want to defend their site, maybe it's because they have a hole which they even don't know if the hole exists.

[Buntel168]

For me Dex exchange is safe, and i'am never connect metamask or trust wallet.

[Greatchu]

I use ddex and switchdex alot too and they are safer than centralized exchanges,they are hack free and no need to create profile accounts or go through KYC process

[xenomorphe1]

There is still risks as the decentralized exchange can be hacked. But it is safer than a centralized exchange. There was a hack of an Ethereum decentralized exchange named Etherdelta in 2017 because a DNS was hacked and people were divert to another IP address. Nothing is 100 percent safe.

[Krabby]

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?

Yes, it is very safe if you protect your private key. It is the only way to connect your wallet with exchange. And there is no way for hackers to hack such exchanges

[sujonali1819]

Hmm, safe till the owner of the exchange will remain trusted and if you will not put your private key in a phishing site. Always try to use popular dex exchange and only keep balance on your wallet that you will want to trade on the exchange. You should not put your holdings private key into any dex site or any other place. try to keep safe ownself. Thanks

[Taufik blackspade team]

safe or not now we have to look at the DEX we use. so far I only use forkdelta, IDEX, and now what I often use to trade is binance dex. and so far I use it is still very safe.

[dark08]

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?

Theres no safe in cryptoworld even a super secured exchange site can be hack by hacker but you can avoid some mistake by carefully calculated your move dont ever give to anyone your private key always check the website if its right because theres a lotof phising site in the internet always double check the url.

[Lanatsa]

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?

Safe but not 100%.

DEX can be phished or can be redirected and as we all know that we need to input privatekeys anytime we do tend to make trades.So if you aren't aware
on the said redirected phishing site then you would really lost up those funds yet you have inputted the PK of yours.

[masterrex]

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?

DEx is quite safe if you use such as metamask to connect your wallet and not directly used your private keys to import your account because if the DEx was hacked it maybe compromise your private keys or other info that you use when you log in. unlike if you are using metamask you will not expose your account like it was when you just directly importing your address via private keys.

[sorrros]

100% DEX solution is safe as a smart-contract and blockchain on which it operates.
But DEX is something like buzz word, Binance DEX is a good example, it is really a DEX?

[tsaroz]

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?

Safety in DEX largely depends on your browsing habit and how you handle the site and your trade. Most of the functions are done within your browser and transfer initiates from your browser ad-don only when you confirm. The wallets from the private keys too are shown from your own side unless you credit the balance to the site.

[shoreno]

avoid new DEX, from new ICO projects or those that do not yet have a high trade in their exchanges. it will be very risky. and another, always use a new wallet to access DEX. which of course do not use that there are many assets in your wallet.

I think it's normal for a decentralized exchange to have a low volume because less users are only using them .

Most trader still prefer to trade on a cex type exchange  . But your still right that it's better to avoid newer exchanges just to avoid any problems  because we won't know if they are shady or what   .

 Using existing wallet to trade on a dex  exchange isn't a problem but don't just use your private keys for safety reasons

[PuertoLibre]

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?

Keeping altcoins on the mentioned exchange is the not best and safe way of storing BTC  but you shouldn't keep it long. Hackers can hack an exchange account, when it would like to happen, there is no way to get back your account. Perhaps, DEX can be safe, but l think not all of them are safe and useful. But since l used it, there wouldn't be any problem for trading purposes. You must be careful about phishing sites, that means they can not steal or do something without your permission. If you don't give your private keys or your particular information, there is nothing to worry about it.

[dataispower]

Yes DEX are safe when you connect with metamask or trust wallet.  I was impressed with DDEX 2.0 , it has support for other blockchain like TRON. Using DEX poses risk only when you keep importing private key, but when you connect wallet via web 3 services, you are good to go.

[farosa]

So you need to do your research before you using any dex. You can find as much information as you want on google.
But, use disposable wallets for your own safety. I often try to keep myself safe by doing so.

[deodivine1]

DEX are safe provided you are not importing private key. The fact that you connect wallet through metamask or trust wallet makes it safer.

[Bonwin]

You should be mindful of where to connect your wallet to, using your private key. There are lots of phishing sites out there, including some DEXes. So msr times, I try to confirm if such dex is listed on CMC. If it is not, then I might not use it, except I conform it from a reliable source.