Before trading with Binance, securing your account is an absolute necessity. Being careful from the very beginning will prevent potential problems like your account getting hacked. This can be an easy possibility because a lot of exchange accounts, especially from Binance
are targets for hackers. Crypto currencies are not regulated like mainstream finances, there are only a few options for customers when it comes to protection. It would take a while before countries start establishing laws to regulate crytocurrienes, but until then it is only natural to have concerns about security over your funds in Binance.
Before you start trading with Binance please maintain a few regular habits that will help you keep your account safe. Binance offers a variety of solutions that prevent unauthorized activity and helps keep your funds and information safe. Here are some tips to help you secure your Binance account.
1. Verify the website URL you are using.
Most often, we do not check the link that we are clicking. Check the URL of the website twice. Some of us would google “Binance” and click on the first link. If for some reason you have clicked on an AD link without verifying what it is, you might potentially land yourself into a Phishing website. Moreover, refrain yourself from clicking on Binance links on emails, forums, adverts etc. They might look normal and
legitimate to you but might potentially be phishing sites. The best way to stay safe is by bookmarking the Binance website. If not, please
make sure that the URL of the Binance website is correct.
2. Use unique passwords.
Have a password that is unique to your Binance account only. Generally it is recommended that you use passwords that are at least 8 characters long. It is also advised that you have a mixture of uppercase, lowercase, special characters and numbers in your password.
There are ways that a hacker can obtain your password even if it is complex. Therefore it is recommended that you change your password periodically. If your specific email is linked to your Binance account, change passwords regularly for your emails as well.
3. Keep your extra funds safe.
It is quite common that people keep their funds on Binance. Do not use your exchange account as your wallet. Your exchange account can always be a target for hackers. Binance even offers a savings account feature which you can check out. Nevertheless it is risky.
Keep only the funds you wish to trade on your Binance wallet. It is recommended that you Move your extra funds to a cold wallet (hardware wallet), this is more secure.
4. Use Two Factor Authentication (2FA)
Binance offers you 2 ways to take advantage of the two step authentication feature. One is via message (SMS) and the other is google authenticator. Binance recommends you use google authenticator since it is more secure. SMS might be convenient but are vulnerable and increase the chances for hackers to target your account.
5. Withdrawal Address Management.
This feature allows you to limit the wallet addresses that you can withdraw funds from. Every addition of new addresses requires you to
confirm via. email. This is designed to protect you if someone gains unauthorised access to your funds. Enable the “Whitelist” option in the withdrawal address management section to use this feature.
6. Use Antivirus to secure your computer.
Its good to be sure that things that you download off the internet, links that you click on etc. are not infected with any sorts of malware that would compromise important information on your device. Make regular scans with your preferred antivirus software. Make sure that the anti virus software is updated with the latest firmware. Download programs, apps, files from trusted sources. Refrain from accessing links
that are suspicious
7. Device Management.
Binance has a feature that lets you see the devices that have access to your Binance account. Remove any device that you don’t use frequently. Also look out for devices that you don’t recognize and always remove old devices. Regularly manage your devices every few months. This might not be ideal for everyone but If you’re willing to take an extra step when it comes to keeping your account secure. Consider using a dedicated device for trading on Binance. Trading on your personal computer is risky as most of you download, open links and websites that may be from questionable sources/websites.
8. Be aware when using API
Binance provides API’s for its platform users to use in a variety of 3rd party applications. Some of the platforms that ask users to supply their Binance API are: automatic trading bots, crypto tax calculating portals etc. They ask for your API key to pull your data from Binance. Though this is a helpful feature, you need to be aware always on which platform you are providing your Binance API keys to. Do some research on the platform that asks you for the keys. If it is a famous trustworthy app, its ok to give. Because many apps that pretend to be a useful platform, can trick you and get your Binance accounts API key. And can pull out all your data and use it to breach your account in many ways