How do you choose DEX? How to avoid scam?

[Serco]

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?

Actually choose DEX as an exchange only when new coins are listed on the DEX exchange. For trading, I rarely use the DEX platform. Because the DEX platform has no variations. Moreover, you give an example of altcoin.io. I have never used it, so I cannot comment on this exchange. While Etherdelta is a limited exchange platform, only erhereum coins support.

each DEX exchanges only support one chain only.for binance dex only support on coins on binance chain , etherdelta only support on erc 20.although dex has no variations but it really help traders that prefer to hide their identity that usually used on centralized exchanges.dex provide simplenest for each trader, by unlock wallet with key they could directly trading.i am prefer to use dex that has big trading volume.in erc 20 we see many dex exchange , so we could compared and choose the best.

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[Bananington]

DEX exchanges have variable choices but some of the mentioned exchanges have a low or tiny volume which can be a problem in the future for the day traders. IDEX started to require an account registration instead of using the private key(Mnemonic phrase or JSON file) for the starting the trading activity. The Binance DEX also have an advantage compared to the Forkdelta but the old version of Forkdelta was more useful in my opinion.

You mentioned forkdelta, I'm an old time trader on forkdelta but the aspect I don't like about it is unofficial listing with smart contract, since it usually leads to dump in token price. Some people who are desperate to sell their tokens or those who want to buy from the desperate ones list unofficially on forkdelta before official listing by the project team. My best three DEX include BINANCEDEX, IDEX and WAVESDEX.  I look out for fair trading volume, good user interface and fair operation speed when choosing a decentralized exchange.

[plast555]

I've never used Binance Dex before. I usually use newdex because I trade with eos in general. I'd say it's my favorite exchange of decentralized stock markets. It also has dApp, which is supported by many eos wallets including meet.one. It's quite handy and the interface is amazing. The volume on the exchangeis also quite high. So my favorite is Newdex for it.

[SistaFista]

Maybe we can choose a DEX with high volume, because DEX volume is hard to make with fake volume.
On centralized exchange, there are many fake volumes, but DEX should not too much because you need gas/fee every time you buy or sell.
Phishing method is very common in DEX, so we must double check the website we use for DEX.

[Coin-1]

since the exchange of DEX IDEX has to KYC I no longer use IDEX exchange.

that's not so "dex" anymore I consider the ethereum platform strongly disappointing, I don't know why eth still concentrates so many projects. From time to time the network has a problem, fees go up, everything gets slow. Other platforms have more efficient decentralized exchanges and lower fees. eos, tron, stellar, waves...they may not be perfect, but they point the way forward.

Honestly, I was shocked when I heard of this news regarding the IDEX exchange about a month ago. I remember that a year ago I sold my ERC20 tokens on this trading platform using the Metamask plugin installed in my browser, and ID verification was not required there. Now all their users must complete the KYC procedure to continue trading cryptocurrencies. In my opinion, a decentralized exchange should be safe and ensure high confidentiality. I am glad that I withdrew ETH coins before they imposed KYC.

I currently prefer Forkdelta. Recently they have received a lot of donations from its users, so the bid/ask orders appear quickly enough.

[BigBoy89]

All (almost) all DEX are operated by contracts, the security level is almost the same on every DEX.

So most important for me is the Trading Volume and Order Books gap on the particular coin I'm looking to trade.


BTW. On DEXs - always check the Token Contract Address when you are going to trade. In the past few years, I saw on more than one occasion trades on Old contracts on the new prices.

Or because of duplicate Abreviatures/Names. Example of the new McAfeeDEX:

[timmmers]

I thought that you can´t be scammed by a DEX exchange because DEX are based on smart-contracts, you are not giving away your funds so there is practically zero chance of being scammed. Even the site will not work, you can call the smart contract to get your funds back. 

[DaveWave]

I thought that you can´t be scammed by a DEX exchange because DEX are based on smart-contracts, you are not giving away your funds so there is practically zero chance of being scammed. Even the site will not work, you can call the smart contract to get your funds back. 

There are possible security glitches that can lead to losing of funds. Scammers can spam their own tokens too like Waves DEX. It's messy. I still prefer the high volume exchanges than present DEX. Exchanges have more funds for security and better, easier interface for its customers than DEX.

[valuater]

because right now there are too many dex's, I think it's good to consider choosing to learn dex originating because now many large cex exchange also make dex exchange, the rest may be new dex that are popping up and this is usually dangerous one which is not good and also makes suspicion that dex might be a scam.

[laskybok]

I have come across so many DEXes, but when I take critical look at them again, there is this doubt that pop up, if they are truly DEXes. Nevertheless, we need decentralized exchanges, most especially those with high 24 hours volume. If there is regular trading on a DEXes, a lot of people will show interest in them, because that has been the major problem.

[Chain Clash]

First of all, it depends on which tokens you want to trade. Then, I'd always use the ones with the highest liquidity. As DEXes generally have rather low liquidity, going to the top DEX makes a ton of sense. If the token you want to trade isn't listed there, then, well, you might want to reconsider even trading that token.

[bitcoin-shark]

in order to not to be scamed by the various dex i use only the larger ones and those recommended by other users that i trust, for new ones i just wait to read so many positive reviews before trying them, i use forkdelta for tokens eth, tronmarket for tokens trx, i used also idex in the past but not anymore since it requires kyc...

[sends1]

if I use the platform idex, forkdelta, binance because in my opinion the three platforms are very reliable and safe. And make sure to avoid phishing links before accessing your account

[llecrf]

I usually use Etherflyer and Bancor, but some of my friends suggest instant exchanges like ChangeNow and Atomic Wallet, I think besides DEX exchange, we can use this instant exchange, but now there are many Dapp platforms that have lots of DEX exchanges.
https://dappradar.com/rankings/protocol/eth/category/exchanges

[aprilnot]

I think all exchanges should be decentralized. Especially the increase in hacking incidents in the Central exchanges makes me think that way. I find decentralized exchanges much safer for that. Binance is aware of this, and that's why Binance launched DeX. But before that there were also very high quality decentralised exchanges. But I don't think any exchange will be as safe and high quality as Binance's exchanges

Decentralised and centralised are both prone in hacking so its not guranteed that using dex will make your money secured. I remember this etherdelta incidents before they move to fork delta there are  users have a problem with thier  token and balances and also many user complaininh abiut possible hacking that happen.

yes you're right, DEX isn't completely safe. the best way to secure our assets is always to be careful. so no matter what exchange we use, as long as we're not careless, I think we're safe enough. and don't hold coins in an exchange wallet. use a personal wallet because this is the safest way.

[kaneki007]

I have never used binanceDEX and maybe one day i will try to trade there, but for etherdelta and forkdelta when bounties are distributed i usually sell them there. Now I rarely use it anymore because there is a better IDEX to use

[tsaroz]

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?

Most of the scams through DEX comes as a Typosquatting.
Users should be extra careful while visiting the DEX they are trying to reach and double confirm the address. As DEX themselves doesn't store anything, another attack comes from screen and text capture malware in your computer or browser as an addon or extension. So be sure your computer is free of such malware.

[Cryptoheavy]

Just use the biggest ones. etherdelta and binance dex is not scam for sure

[deodivine1]

I have never used binanceDEX and maybe one day i will try to trade there, but for etherdelta and forkdelta when bounties are distributed i usually sell them there. Now I rarely use it anymore because there is a better IDEX to use

Try using binancedex, features are really cool and trading volume is not bad. Etherdelta and forkdelta were OK even though with slow operation speed. However, I dislike the fact that anyone can unofficially list tokens with smart contract address, this caused the dump of some coins not yet listed by the team but already trading on FORKDELTA or ETHERDELTA. You mentioned IDEX but right now how decentralized is IDEX? When we were asked to "create account" on IDEX with basic information including email, I wasn't so impressed with that, even though I still use IDEX.

[target]

I have never used binanceDEX and maybe one day i will try to trade there, but for etherdelta and forkdelta when bounties are distributed i usually sell them there. Now I rarely use it anymore because there is a better IDEX to use

I use to go there and but when they tried to ask KYC lately, I move somewhere like Binance. They have been on the spotlight by most of the ERC tokens which swapped their tokens to BEP for them to be listed on its BinanceDEX. An opportunity they see which doesn't come normally these days. Adding coins on exchanges cost so much but on Binancedex, it only cost community votes.