What i should look in a dex?

[Aanuoluwatofunmi]

how to choose best dex? there are a lot of them right now and what someone should look for in a dex before using it?

We are having as many as possible decentralized exchanges, some of them are trusted to be whom they claim to be while some are not decentralized despite that they are claiming so, all we may have to do is in making research about it and knowing that all things fall in part for them, one of the best decentralized exchange wallet I can recommend for now is bisq, because there is more advantage and benefits on what to discover about them.

[Renampun]

how to choose best dex? there are a lot of them right now and what someone should look for in a dex before using it?

Currently there are more than 20 DEXs circulating in the market (I can't mention their names one by one) so many DEX users are confused about which one to choose, that's understandable, a little advice from me is never to be careless in choosing a DEX, remember that each DEX has different liquidity, you must be able to choose which one you are sure can fulfill your transaction so that the gas fee you spend or pay is not wasted in vain.

[KryptoBull]

Currently there are more than 20 DEXs circulating in the market (I can't mention their names one by one) so many DEX users are confused about which one to choose, that's understandable, a little advice from me is never to be careless in choosing a DEX, remember that each DEX has different liquidity, you must be able to choose which one you are sure can fulfill your transaction so that the gas fee you spend or pay is not wasted in vain.

The most important thing I care about when using it is whether it's truly reliable and if it's officially partnered with and recommended by the blockchain's #DevelopmentTeam . Ether has Uni, BNB has Pancake, Polygon has Quick, Solana has Raydium..., we should only use top DEXs to avoid risks with new and less secure protocols.

Typically, top DEXs always have high liquidity to meet user demands, so we don't need to explore new DEXs even if their APR might be very attractive for LP providers.

[Aanuoluwatofunmi]

how to choose best dex? there are a lot of them right now and what someone should look for in a dex before using it?

If you're considering for a decentralized exchange, then go for bisq, any other option aside this is at your own risk, many of them are not decentralized, instead they are centralized exchanges and do not requires for kyc, the mistake many make comes from here, under centralized exchanges, we have the ones that demands for kyc and those that do not, then we also have the decentralized exchange on their own.

[bitcoin-shark]

I agree with the others, first of all in a dex you need to look for security, then that it has several trading pairs low fee and that it has nice graphics and that navigation is fluid and fast

[Thenticity]

If you’re a newbie and only trade in little amounts, look for intuitive DEXs. Most times this apps are built for newbies and will most times take care of most of what you’ll be doing without overwhelming you.
If you’re maxi trader, check for DEXs with deep liquidity pools. If you use DEXs with low liquidity pools or whirlwind pools, you’ll end up paying higher fees.

[libert19]

I look at reputation, if dex has been in market for a while I'll use it compared to new ones because with dexes you are exposing yourself to smart contract risks, if it's been in market for a while I suppose it can be called battle tested.

[Clark Anderson]

When choosing a Decentralized Exchange (DEX), consider key factors such as security (smart contract audits, decentralized architecture), liquidity (trading volume, asset listings), user experience (interface, mobile support), fees (trading, gas), regulation and compliance (KYC/AML, jurisdiction), and community and support (engagement, customer support).

[God Of Thunder]

Apart from all the mentioned facts, a user should revoke their wallet connection with the DEX before they close the website. No matter how well-reputed and secure their platform is, one should revoke their wallet connection before they close the website. It will take only a few clicks and a couple of seconds to connect the wallet again. It does not worth taking the risk for a couple of clicks and a few seconds. A lot of popular exchanges have been hacked before. So, if one want to stay in the safe side, they should follow this advice.

[libert19]

Apart from all the mentioned facts, a user should revoke their wallet connection with the DEX before they close the website. No matter how well-reputed and secure their platform is, one should revoke their wallet connection before they close the website. It will take only a few clicks and a couple of seconds to connect the wallet again. It does not worth taking the risk for a couple of clicks and a few seconds. A lot of popular exchanges have been hacked before. So, if one want to stay in the safe side, they should follow this advice.

Connecting wallet does no harm since connecting wallet just gives dex platform permission to view your wallet address and ask for approvals, which are not harmful.

[God Of Thunder]

Connecting wallet does no harm since connecting wallet just gives dex platform permission to view your wallet address and ask for approvals, which are not harmful.

But when you connect your wallet to a fake website with a fake smart contract that displays that they are just asking for permission to view your wallet but do other things like approve transactions behind, how does that feel? Have you ever been hacked like this way, if not, then you won't understand it.

Did you know how Bybit cold wallet was hacked a few weeks ago even though they were using multisig wallet? All of co-signer saw the correct address before signing the transaction which the hacker masked. But in reality, they changed the address and the funds were stolen. So, never be over confident.

[libert19]

Connecting wallet does no harm since connecting wallet just gives dex platform permission to view your wallet address and ask for approvals, which are not harmful.

But when you connect your wallet to a fake website with a fake smart contract that displays that they are just asking for permission to view your wallet but do other things like approve transactions behind, how does that feel? Have you ever been hacked like this way, if not, then you won't understand it.

Yes, I have never been through such ordeal, may be that's the cause of my ignorance.

Did you know how Bybit cold wallet was hacked a few weeks ago even though they were using multisig wallet? All of co-signer saw the correct address before signing the transaction which the hacker masked. But in reality, they changed the address and the funds were stolen. So, never be over confident.

Yes, I am aware of Bybit's hack, didn't dive deep into it though.

[God Of Thunder]

Yes, I am aware of Bybit's hack, didn't dive deep into it though.

Let me tell you something. The hackers are getting too smart these days. They are making advanced smart contracts that can even manipulate the texts that you are seeing. Imagine you are connecting your wallet on a website that did not ask for any permission but just wanted to connect the wallet. You see no other requirements.

But the hackers already get access when you approve the connection to the website. Those smart contracts shows you nothing in display but swipe your entire wallet without your permission. How does it sounds? So, always be sure that you are connecting your wallet in a legit website.