Dex exchanges are safe?

[sheba]

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 are much safer for an attack unless the wallet you are using have the issue and stole your funds on that wallet. There have instances that MEW get hacked, so to say DEX are safe but your wallets aren't.

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[ra_pl]

Dex exchange is safe in my opinion.  It's connecting your personal wallet to the exchange which it's guaranteed you trading safely instead of storing your assests in a cex. It's more easier and safe to an extend expect otherwise.

[icekohl]

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?

All transactions are executed on smart contract, so DEX has no way to stole the money out of your pocket. As long as you don't reveal PK, these DEXs are safe. So don't worry buddy.

[iamverybusyperson]

True DEX exchange is safe, 100%, even Binance launching their DEX
this can be future of exchanges, but it's too complicated to create and too slow right now

[Utoy101]

True DEX exchange is safe, 100%, even Binance launching their DEX
this can be future of exchanges, but it's too complicated to create and too slow right now

Probably you are accessing DEX from a low end device or your internet connection is poor. All DEX works works fine on my browser with no issue.

[terencio]

Dex exchanges are safe and easy to use, but do bookmarked their website and if it is the first time you are using their website install metamask and perform a thorough cheking

[Denis1991]

I have been using the IDEX exchange for over a year and it is quite there.

[Ucy]

Real DEXes are generally safe in the sense that there is no central control of your transaction.so that traders funds cant be stolen by creators of the DEXes. Many DEXes however use smart-contracts. I guess if the smart-contracts is hacked, funds in it can be stolen. But don't worry, this rarely happens.
The safest DEX is probably the one that uses multisig wallets or non-custodial DEXes of some sort

[Xardasim]

DEXs are safe when used safely and of course when you take care of which one you are using. Imagine that you give your private key to someone else and act according to this.

I have been using the IDEX exchange for over a year and it is quite there.

IDEX is one of the most used DEXs but, as far as I know it is gonna make some changes to its conditions.

[genericlime]

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?

I've used Switcheo through O3 wallet for NEO since they integrated. It is safe.

[asriloni]

hacking a smart contract is much more difficult than to hack centralized exchange and the hacker will not spend time on it because there will be little money

It's almost impossible but the only way to do that through found the vulnerability in the ethereum network which has already secured by thousands of nodes. The only way to hack the hot wallet through steal the priv key or the JSON data but that's also impossible. Smartcontract is so difficult to be hacked as long as the issuer is not putting the back door that can be used by scammer.

[Deallove9]

Dex is more reliable to use for save trade than cex as your funds will be directly in your hands but that of Cex is hold by the exchange and can be jeopardize with any time , so dex is still the best to run on for save trade.

[Alluro]

Yes, decentralized exchanges are safe. But don't log to decentralized exchanges with your private keys. You can connect your hardware wallet or software wallet with decentralized exchanges.

[romecheo]

The best thing about Decentralized Exchange, you transact with your own wallet, you keep safe your private keys, when anything goes wrong the exchange, even it was compromised and taken down, you still have the full control of your wallet.
Unlike on CEX, when they get compromised, you lose everything.

[OcTradism]

The best thing about Decentralized Exchange, you transact with your own wallet, you keep safe your private keys, when anything goes wrong the exchange, even it was compromised and taken down, you still have the full control of your wallet.
Unlike on CEX, when they get compromised, you lose everything.

There is at least one minus point of decentralized exchanges: their customer supports.
If you transactions (deposits/ withdrawals) sticker/ unconfirmed due too higher fees required on network than default fees set by exchanges; you will do make customer supports. In such cases, Dex might give you slower supports.

[MbakNarti]

Is safe if you don't visit the fake dex website, I never got a problem while using dex for trading my tokens. Honestly, I prefer using DEX than CEX because DEX has a lower transaction's fee and then we don't need to wait for confirmation time and also KYC is not mandatory if we want to use DEX for trading...
Make sure never login into DEX directly using your Private key to prevent hackers, better using software like Metamask for safety...

[nanaimogold]

Dex is more safer because you have authority to your private wallet which might be imtoken or Trustwallet connected therein but former cases of Dex hack on Ether delta still begs the question on if Decentralized exchanges are truly 100 percent safe

[Rohtox]

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 think you're not quite safe while use that method, may be you can try to create new wallet, which is special for your dex trading activities. Although maybe you have to pay more for gas fees

[zulfi125]

As you know centralized exchanges have the risk of hacking but decentralized exchanges depend upon you and these are safe, you can use them for the store of altcoins.

[danggoron]

Dex is more safer because you have authority to your private wallet which might be imtoken or Trustwallet connected therein but former cases of Dex hack on Ether delta still begs the question on if Decentralized exchanges are truly 100 percent safe

As long as we store the private key and password, don't get stuck on a phishing site, our assets will be safe. Dex exchange is indeed quite profitable, we can avoid the case of hacking wallet exchange that often occurs lately. One thing I don't like is gass, which is sometimes more expensive.