Binance has some of the lowest crypto exchange fees, but is it safe? Examine its security.
Binance is famous for its low fees and advanced trading tools. However, its security may be questionable. This guide examines Binance’s security and whether it’s safe. How to protect your crypto on Binance will also be discussed.
Can I Trust Binance?
Binance is a safe crypto exchange (with some restrictions). It stores most of its crypto in offline “cold wallets”. This reduces hack losses and makes Binance unlikely to go bankrupt. This means the exchange may reimburse users after a major attack.
Hardware 2FA, real-time monitoring to detect suspicious activity, email security notifications, and other advanced security features are available on Binance.
Binance has excellent security.
But no crypto exchange, including Binance, is 100% secure. In the following sections, we’ll discuss its security practises and how attackers can circumvent them to steal your crypto. We’ll also discuss how you can prevent attacks, Looking for a safe way to buy verified Binance accounts? Buy verified Binance accounts for security. Reliable and convenient digital exchange trading and buying. Verified accounts help maximise profits. Reduce fraud and malice. Verified accounts offer exclusive features and higher limits.
Let’s start with Binance’s main security measures.
Security Procedures at Binance
Several Binance security measures prevent cyberattacks:
Cold wallets.
Since the Mt. Gox hack, experts advise exchanges to store most crypto on offline devices. Binance says the “vast majority” of its crypto is stored in cold wallets, out of cyberattackers’ reach.
Two-factor authentication.
Binance supports 2FA like most crypto exchanges. If you enable this feature, you’ll need a phone code to log in or withdraw. The code can be sent via text or authenticator app. Binance, unlike most exchanges, lets you receive the code via a hardware device like Yubikey, which is more secure than a mobile app.
Real-time monitoring.
Binance tracks all exchange activity and uses an algorithm to detect unusual activity. Any suspicious activity freezes account withdrawals for 24–48 hours. If you authorised the action, contact customer service to remove the freeze or wait the time limit. However, the 24-to-48-hour freeze should give you time to notify staff if your account was hacked.
Access control.
Binance allows “access control” to limit withdrawals to specific IP addresses or wallet addresses for added security.
Secure organization.
To ensure crypto security, Binance employs advanced organisational security measures, such as threshold signature schemes (TSS)2 that require multiple parties to authorise transfers between wallets.
Security alerts.
Binance emails you immediately if it detects suspicious activity on your account.
Data encryption.
Encrypted Social Security numbers, addresses, and other personal data are difficult for hackers to access.
Safe Asset Fund for Users.
In the event of a major platform breach, Binance has a $1 billion fund to reimburse users. This should prevent the company from going bankrupt and not paying users.
Binance Hack
On May 2019, Binance.com reported that hackers stole a significant number of API keys, 2FA codes, and possibly other data.3Cybercriminals stole this data using viruses, phishing, and other methods. This data allowed them to withdraw $40 million in Bitcoin.
Binance confirmed that this hack was not user-related and immediately refunded all SAFU accounts. No Binance user lost crypto or cash in the hack.
This hack only affected Binance International. The U.S. branch never hacked. Binance.US and Binance.com use similar security systems, so we wanted to warn you.
We believe Binance handled the hack appropriately. It acknowledged that platform security flaws caused the hack, not user actions. It refunded users’ accounts, losing only Binance money.
Binance may not have compensated users if the hack was their fault.
Next, we’ll discuss ways to secure your Binance account. This should protect your Binance crypto from theft. It should also improve your chances of being reimbursed if stolen.
Binance Safety Tips
Binance crypto buyers can protect their purchases with these steps.
Set up 2FA.
Every time you log in or withdraw with 2FA, you must enter a phone code. This will protect your account if your password or email is compromised. Instead of texting, use an authenticator app to receive the code for added security. Get your 2FA code with a Yubikey or other hardware if you can afford it.
Use strong passwords.
Binance passwords should be different from other site passwords. Thus, if another site is hacked, your Binance password won’t be revealed. Making the password as long as possible and using capital and lowercase letters, numbers, and special characters can make the password hash harder to crack.
Watch out for malware.
Hackers can easily steal your login info by infecting your PC with malware. The attacker sends a fake email from a friend with a.pdf or other legitimate file you want. The file infects your computer with software that searches for sensitive data when opened. It can steal your Binance password from your browser (if you’ve saved it there for convenience) or record your keystrokes the next time you log in.
Stay away from phishing.
Thieves can also create fake Binance sites. He then sends you an email from Binance requesting that you log in immediately. Your username and password are stolen when you click the email link to visit the fake site and log in.
Verify the sending address of any Binance email that asks you to click a link to avoid this. Real emails come from @binance.us or @binance.com, while fake ones may come from @ww-binance.com or another misspelling.
More importantly, check the link’s URL. The domain is not binance.us. The Binance app lets you set up an anti-phishing code for added security. After this, Binance emails will include the code, making fakes easier to spot.
Consider crypto withdrawal.
Leaving Binance is the best way to protect your crypto. Withdraw it to your private wallet and store the seed words in a safe place at home. This eliminates usernames and passwords, making crypto theft much harder.
Last Words on Binance Safety
Binance is great for serious traders. It has low commissions, many coins, and advanced trading tools. Above all, Binance is a secure crypto exchange with many advanced security features.
Not all crypto exchanges are secure. We’ve covered Binance’s main security features, its risks, and how you can reduce them in this article.
