Many sites provides option for sign up using social media accounts like facebook or twitter. And they may ask for permission to access our contact list and post on behalf of us. Is it safe to do that atleast with some reputed sites?
With major sites and trusted services it's safe. I wouldn't use my twitter or facebook account with less familiar services though. You never know how they use your personal information.
Any time you sign in with a social network in an app or service you get a list of things you're "allowing" the app to do. Just check on Facebook/Twitter what permissions you're giving, and if they seem fine to you — go ahead. This social-network-side message you see before you click "approve/authorise" is a guarantee that the app/service won't abuse the information you're giving it.
I frequently use the ability of signing up with FB for example, because it's faster and simplier, you don't have to waste your time on registering.
Well known sites wouldn't do that. I have many networks signed-up and linked by my FB and Twitter account. All is safe (y)