Do you believe DEX is a safer option? Here's why I don't like it:

[NerdyMobs 7]

I connected my wallet (metamask) to a few dex platforms to buy and sell tokens, and I always disconnected after each successful transaction, but I wanted to check the security option yesterday and noticed a dex still attached.

I'm starting to get the impression that

1. Dex isn't as safe as cex since with cex, you only need to transfer your token to the cex address; there's no need to connect to the platform, and I still believe it's simpler to lose money this way.

2. In the future, there could be a back code or hack that allows someone to bypass and take funds after repeated connections to trusted dex exchanges.

3. If you plan to store tokens for a long time, it's best to avoid dex and instead send them to the Cex exchange, which will keep your wallet safe.

I'm not suggesting you have to do things my way; these are just my opinions for the day; you are free to do anything you want with your possessions.

[oxslip 29]

Dex is only risky if you connect your wallet to a fraudulent Dex or a fresh Dex that isn't well-known; for me, Dex makes buying tokens a lot easier.

[4Lpha 51]

 

There are a lot of phony exchanges out there that are hard to spot (phishing) and can put your money at risk. To be honest, if you are used to utilizing a dex exchange, you must ensure that your wallet is disconnected from the exchange (not just 1 time, but do 2 or 3 checks). That, in my opinion, will make you safer.

Furthermore, because of the hazards, holding big sums of money on any exchange is strongly advised. Obviously, you should consider using a secure wallet to store your potential coins/tokens in the long run, as keeping them on an exchange is not recommended. Dex is only risky if you connect your wallet to a fraudulent Dex or a fresh Dex that isn't well-known; for me, dex makes buying tokens a lot easier.

[Francis 26]

When using a DEX, make sure you understand what you're doing or you'll lose your coins.

Actually, I've been a victim of phishing before; I connected my wallet to a phishing site and lost some money; that was a lesson learned, and I'm glad I'm not using it longer because the most of my trades are now on CEX, particularly in Binance.

There's always a risk, but if you know what to look out for, such as phishing or a false website, you'll be more prepared to avoid being hacked.
So, if I had to pick, I'd go with CEX.

[DorkBedrock 63]

You can make a significant error with DEX, such as purchasing a copy of a well-known token! There is always a caution that asks you to double-check your address before completing a transaction.
A similar problem is the purchase of a phony coin.
This was a typical occurrence with waves.

We occasionally have on CEX as well, but it's a lesser percentage... Before introducing a new Coin, CEX has an extensive list of prerequisites.

[kimonode 14]

I wouldn't connect my main wallet to a decentralized exchange even if I trusted it. Rather, make a new wallet, connect it to the DEX, and send the tokens you want to trade to it.
You only risk the tokens you want to trade this way, not all the tokens in your wallet. This is the same as utilizing a CEX, where you put your tokens on the line.

[SpawnBlackPanther 11]

The fact that your wallet is "linked" to the DEX does not mean that they may just steal your funds via an exploit or a bad actor. There's a reason why you have to accept a swap using MetaMask every time you create one.

[WitherS 54]

When using DEX or CEX, there are benefits and drawbacks.

As a user on CEX, you do not possess your private key for your wallet, putting your funds at danger of a scam exit, hack, exchange seizure, or shutdown, among other things. In general, you won't be able to control your coin if you don't have a key.

You control your private key on DEX, and you may need to authorise access to it for swapping, trading, and other purposes.

Don't touch any weird tokens you get from unusual addresses. Simply to be safe

However, for those who are inept at protecting their gadgets, passwords, wallets, and other personal information, Using DEX has a higher level of risk than using CEX. Because, unlike CEX, there is no second or third tier of protection for them if they lose such information. In such instances, their coin will be more easily stolen than on CEX.

[animalde 34]

Why is it the case? You keep your tokens in your wallet rather than on the dex because you're just using it to interact with it. In terms of security. The best way to store your tokens is still in a non-custodial wallet. Cex may be a compromise because it is centralized, but make sure you are only using the best options available, such as Binance.

[BrainyWitherSkeleton 2]

Smart contacts connect your wallet to DEX. Some exchanges deceive customers by granting them permanent access to the contract, causing their wallet to be permanently linked to the exchange. It is critical to choose the correct DEX, and if you don't have enough expertise, you should opt for a centralized exchange at the expense of your privacy.

[WitchesElektra 70]

It is dependent on the exchange's credibility in both DEX and CEX. Let's say both exchanges have a shady reputation. You'll need to deposit only your money on the CEX address, but you don't realize your money is already being held hostage by the CEX because you don't have the private key in an exchange wallet. On the other hand, you'll only need to send your money after you complete a transaction on the exchange.

Because most of the DEX is based on smart contracts, you don't need to be concerned if the DEX smart contracts are properly audited, as all of the DEX action is done through smart contracts.