Cyber-security in today’s world has played a major role in the crypto industry. It is almost impossible to stay in this industry for long without security measures. There have been numerous incidents in the past where hackers have successfully hacked the accounts of traders. This is obviously the main reason for the worry for the traders to stand strong in this field.
Is Binance Safe? This is the question to which most traders or aspiring traders are waiting to get the answer. I am sure this question has also made you stop on this page.
Binance as one of the largest exchanges in the cryptocurrency market has turned out to be the number one choice for thousands of traders worldwide. If you also happen to be one of them or are willing to join the Binance community in the near future, then probably you probably also need some sort of basic knowledge for which you can visit our website, www.binancemoneyhelp.com. Now coming back to the point: Is Binance safe or is Binance trustworthy? To know the exact answer to this, you should first understand What’s Binance? Or else what is the point of discussion if we don’t know what we are so worried about?
What’s Binance?
Binance in the crypto world has since 2017 when it was first launched by Changpeng Zhao in Hong Kong as a cryptocurrency exchange. As a crypto exchange, Binance supports the most prominent coins including BTC, BCH, ETH, USDT, LTC, XRP, and BNB. Out of which, BNB is its native token, which is really useful, as it allows its users to pay a 50% discount on their transaction fees.
Binance opened its US subsidiary Binance.us in September 2019 with a compliance framework in line with US financial regulations.
I attempted to cover the minimum requirements for Reading Binance Charts that were required to understand the security aspect of Binance.The rest of the guide is focused on the security and safety measures provided by Binance. To find out more about Binance, you can visit our website, www.binancemoneyhelp.com.
How to Protect Your Binance Account
Binance being a part of the crypto community, its members have considered it to be a trustworthy exchange. This has only become possible because of the great variety of security methods that prevent any unauthorized activity.
Once Binance came close to being hacked in March 2018, which may have cost them (and its users) thousands of dollars. The hackers used a phishing scam to obtain customers' login information, which they then used to sell Viacoin for a profit (a currency whose value was at its peak back then). Luckily, Binance’s strong security system identifies the fishy activity before the hackers got their hands on any sensitive data, but Binance's quick response demonstrated the exchange's honesty and readiness to defend its users.
Two Factor Authentication
Two Factor Authentication, or simply 2FA, is probably the best-known security feature used across all crypto exchanges. The two-factor authentication adds one more layer of security protection to your account.
A factor that is represented by the password created by the user, a mobile device owned by the user, or biometric characteristics (such as the user's fingerprint). On Binance, you must choose a password as your first factor and then either an SMS or Google authentication code as your second factor, but most users prefer SMS authentication as the first factor because it is more convenient because the system sends a verification code directly via SMS. However, the phone can also be hacked and that is why Binance recommends activating the Google Authenticator to receive a secret backup.
Binance has introduced a third 2FA option recently which is called Universal 2nd Factor (U2F), which allows users to protect their accounts with hardware devices.
Withdrawal Address Whitelist
"Withdrawal Address Management," is again a nice tool that allows users to input and lock the wallet addresses to which users want to withdraw the funds. In this system, users will be prompted to confirm their new address through email if they want to add it. This implies that third-party addresses will not be able to access users’ accounts without their permission.
To enable this functionality, go to your dashboard and click on the Withdrawal Address Management section and choose the "Whitelist" option.
Level 2 Verification
We recommend that you complete Level 2 Verification on your account because it not only grants you access to a higher withdrawal limit but also adds an extra degree of security to your personal information.
To activate the account, users must provide their full name, address, postal code, city, and country. After that, you'll be requested to show a photo ID. Binance will verify your account between one to two days after you've completed all of the processes.
Trust Wallet
Trust Wallet, designed by Binance's, is an official digital wallet that allows its users to store their funds and protect them from malicious actors. All major cryptocurrencies and ERC20 tokens are supported. This wallet is compatible with both Android and iOS devices.
Secure Asset Fund for Users (SAFU)
The Secure Asset Fund for Users (SAFU), pioneered by Binance in 2018 as a huge reserve vault, is one of the most exciting features.
Binance pools 10% of the total amount collected in transaction fees and transfers it to its security fund. SAFU is never short of funds because Binance is known for its strong trade volumes.
Binance was hacked in May 2019 in a large-scale security breach, following a couple of unsuccessful efforts. As a result, the exchange lost approximately $40 million worth of BTC in just one transaction!
"Hackers were able to get a huge number of user API keys, 2FA codes, and maybe other information," said Changpeng Zhao in an official article. Phishing, malware, and other attacks were among the methods utilized by the hackers."
Fortunately, Binance was able to cover the entire amount using SAFU funds, ensuring that no users were harmed. Following the tragedy, Binance and its team have worked hard to earn back the trust of their users.
Conclusion
Binane has successfully dealt with hacker attacks in the past, therefore it is recommended to use Binance crypto exchange. If you need some sort of support, you can directly contact Reading Binance Charts or you can visit our website, http://www.binancemoneyhelp.com or more information.
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