How do you choose DEX? How to avoid scam?

[kanayaTabitha]

i am not a fan of the Dex exchange. Not convenient with it but i prefer binance and Idex as my preferred choice. this two are my best and most preferred use. with the current scams on exchanges, dex exchanges could be the next target. we hope such did not happen.

The chance of scam on dex is much less than cex because we've on the money and just take the money to the exchanges when we have trades on, it's different from cex that we already deposit our assets since first. So the chance of getting scam is more at cex

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[lepbagong]

i am not a fan of the Dex exchange. Not convenient with it but i prefer binance and Idex as my preferred choice. this two are my best and most preferred use. with the current scams on exchanges, dex exchanges could be the next target. we hope such did not happen.

The chance of scam on dex is much less than cex because we've on the money and just take the money to the exchanges when we have trades on, it's different from cex that we already deposit our assets since first. So the chance of getting scam is more at cex

I also believe that exchanges will also have their own problems if there are people working in them committing fraud or security that can be entered. but the issue is whether they want to be responsible for making improvements and updating and are responsible for losing the assets of their customers. than they left and took no responsibility.
I myself do not use Dex exchange so I do not know the problem and can provide a fair analysis.

[Silberman]

I'd like to discuss DEX exchanges and its variety.
There are many of it, and top-lists of top DEX exchanges are appearing often as well (here's an example for 2019). After reading one of the latest articles about it, I started to think -- there's too much info and not all of it is trustworthy. Reading reviews, comparing fees... I'd like to know which DEX platform you use and how did you make a decision about it?
Could you tell if you stick to one particular platform or use several of them? What criteria did you rely on?

There are many projects advertising themselves as decentralized exchanges when they are not, so to me the first criteria to know whether I'm willing to trade in a decentralized exchange or not is that the project is a real decentralized exchange, I am not going to accept imitations otherwise I will use a centralized exchange and avoid all the different troubles that come from using such platforms, to show you how ridiculous this is there have been in the past decentralized exchanges asking for KYC which obviously means that they are not decentralized.

[Hardcore-coin]

I'd like to discuss DEX exchanges and its variety.
There are many of it, and top-lists of top DEX exchanges are appearing often as well (here's an example for 2019). After reading one of the latest articles about it, I started to think -- there's too much info and not all of it is trustworthy. Reading reviews, comparing fees... I'd like to know which DEX platform you use and how did you make a decision about it?
Could you tell if you stick to one particular platform or use several of them? What criteria did you rely on?

I used Binance dex because it well known exchange with good trust from community. Also good is Fork Delta but there better use Metamask or Ledger Nano S.

[tartibaya]

Binance started to dominate the DEX market. IDEX was very popular for a time. However, the CZ took the rope of the market. Especially in Europe began to advertise very well. For users who do not want to do KYC, DEXs will always be preferred.

[Mealea]

I having been using forkdelta and Idex. Idex recently introduced KYC and that got people talking. I still prefer Idex to some other Dex exchange anyway.

[X-ray]

i am not a fan of the Dex exchange. Not convenient with it but i prefer binance and Idex as my preferred choice. this two are my best and most preferred use. with the current scams on exchanges, dex exchanges could be the next target. we hope such did not happen.

The chance of scam on dex is much less than cex because we've on the money and just take the money to the exchanges when we have trades on, it's different from cex that we already deposit our assets since first. So the chance of getting scam is more at cex

there are also dex which created by some random people without even publishing their code they may keylog users' private key since the requirement to use dex usually are private key and that's really dangerous. if you are using popular dex with quite many users it's fine but if you are just trying a random dex that you have no idea about, it's not fine anymore. scammers always sneaky when they want to steal something and you should be aware of it.

[pikkie]

I having been using forkdelta and Idex. Idex recently introduced KYC and that got people talking. I still prefer Idex to some other Dex exchange anyway.

From the two places of exchange that you mentioned, I think that Forkdelta currently does not have a promising trading volume, it's better to trade on Idex which in my opinion is still safe and still has a very high trading volume every day.

[distr@yopmail.com]

I having been using forkdelta and Idex. Idex recently introduced KYC and that got people talking. I still prefer Idex to some other Dex exchange anyway.

From the two places of exchange that you mentioned, I think that Forkdelta currently does not have a promising trading volume, it's better to trade on Idex which in my opinion is still safe and still has a very high trading volume every day.

I like IDEX more than forkdelta. but what I heard IDEX requires registration like an exchange in general. it's not like before, you can log in using only the wallet you have. everyone must have an account and whether there must also do KYC for transactions and withdrawals?

[Smitty Werben Man Jensen]

I having been using forkdelta and Idex. Idex recently introduced KYC and that got people talking. I still prefer Idex to some other Dex exchange anyway.

From the two places of exchange that you mentioned, I think that Forkdelta currently does not have a promising trading volume, it's better to trade on Idex which in my opinion is still safe and still has a very high trading volume every day.

I like IDEX more than forkdelta. but what I heard IDEX requires registration like an exchange in general. it's not like before, you can log in using only the wallet you have. everyone must have an account and whether there must also do KYC for transactions and withdrawals?

in my opinion IDEX is not decentralized, they still manage to list coins there, maybe forkdelta is the original name of decentralization,
by entering the contract address we can trade, but for fraud I think DEX is very minimal

[desticy]

For me personally, everything is limited to a list of trusted decentralized exchanges that have a certain history in the cryptocurrency market.
Also, the most important factor is the constant check of the address bar for phishing, this is a key element that does not allow me to fall into the scam trap.
For additional protection, you can put several anti-phishing add-ons, but it is better to rely on your own care and not enter your private keys on questionable sites.

[poodle63]

I having been using forkdelta and Idex. Idex recently introduced KYC and that got people talking. I still prefer Idex to some other Dex exchange anyway.

From the two places of exchange that you mentioned, I think that Forkdelta currently does not have a promising trading volume, it's better to trade on Idex which in my opinion is still safe and still has a very high trading volume every day.

Forkdelta is actually not having a lot of tradigng volume but it is better in term in the regulation restriction. User don't need to do KYC and they can access it anytime. Idex is also having a small daily trade volume too.
You can see that through use CMC as a good reference to do that

[asder250]

If the exchange is really decentralized then there should be 0 chance to get scammed. Everything is done by a smart-contract, the risk is only that the smart-contract contains the bug or is hacked.

[minairia3]

If the exchange is really decentralized then there should be 0 chance to get scammed. Everything is done by a smart-contract, the risk is only that the smart-contract contains the bug or is hacked.

Are you sure about that? DEX created to have a full decentralized approach but it is not yet vulnerable to scams what do yo think happened last time on etherdelta which was compromised during the time many got stolen by phishing then the management was clearly destroyed due to its big event that time? I think dex is nice system but of course the process isnt perfect yet as we all know it.

[oktana]

If the exchange is really decentralized then there should be 0 chance to get scammed. Everything is done by a smart-contract, the risk is only that the smart-contract contains the bug or is hacked.

Are you sure about that? DEX created to have a full decentralized approach but it is not yet vulnerable to scams what do yo think happened last time on etherdelta which was compromised during the time many got stolen by phishing then the management was clearly destroyed due to its big event that time? I think dex is nice system but of course the process isnt perfect yet as we all know it.

the last case I read happened in etherdelta and wavesplatform around 2018.

But all can still be anticipated, even though their user confidence declined very much. the problem was based on phishing / dns that were hijacked, and now all can be anticipated by using ledgers or metamask. Their management does play a very important role but dex security is still better when compared to cex.

[shadowdio]

I still stick to the old DEX like forkdelta and idex, even idex requiring KYC, but I'm not a big whale so not necessary to submit KYC. It is risky to try a new DEX nowadays.

[StephenieDuong]

I have try several DEX, but i not recommend you guys to use DEX. If you are bounty hunter than you can go to DEX to exchange bounty reward to ETH or other coins. But if you wanna trade, than i think DEX is a bad option because those exchange not really safe, low volume, high difference between buy/sell order... And some DEX seem not really legit.

[ReiMomo]

I have try several DEX, but i not recommend you guys to use DEX. If you are bounty hunter than you can go to DEX to exchange bounty reward to ETH or other coins. But if you wanna trade, than i think DEX is a bad option because those exchange not really safe, low volume, high difference between buy/sell order... And some DEX seem not really legit.

Why not? Correct, DEX is a low volume of traders and it means the liquidity is also low. But if you really want to sell your token or coin I did not see any problem on DEX it is safe to import your ERC20 wallet there. But here is my advice, please use another wallet if you are going to import your wallet to DEX exchange, not your main wallet. Indeed, I did not see any reasonable doubt on DEX exchange.

[bittick]

I have try several DEX, but i not recommend you guys to use DEX. If you are bounty hunter than you can go to DEX to exchange bounty reward to ETH or other coins. But if you wanna trade, than i think DEX is a bad option because those exchange not really safe, low volume, high difference between buy/sell order... And some DEX seem not really legit.

That's is not a safe place when you are using various 3rd software that can contain the malware that can copy your privkey or steal your data. But as long as you are using it in the safe way and that will not be a big problem for you. im still using DEX right now and i have never encountered any problem with it.

[ganeshramk]

1. BinanceDex - the name of the exchange speaks for itself. But in reality this is not a true dex.
2. EtherDelta / ForkDelta - old proven exchangers. There was never a problem with them. True Dex. Only Ethereum tokens.
3. Idex - also never have problem with this exchange. It's not true Dex. Now KYC verification nedeed.
4. Komodo AtomicDex (betha now).

I completely agree with BinanceDex. It has its own name even though it is slowly getting popular. Etherdelta is having it own bad reputation. Recently I heard about McAfeeDex which seems to do good.