Binance is considered to be a trustworthy exchange by members of the crypto community, thanks to the great variety of security methods and the platform’s commitment towards preventing any unauthorized activity. In March 2018, Binance nearly fell prey to a hacking attack that might have cost them (and their users) thousands of dollars.
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15 Tips to Enhance Security for Your Binance Account. 1. Always use (2FA), preferably Google Authenticator. 2. Check the list of devices that have been authorized to access your Binance account. 3. Use a strong password for your Binance account and change it regularly. 4. Allow withdrawals only to .
The best way that Binance is protecting your money is by utilizing their secure asset fund for users or SAFU for short. A portion of all the fees Binance takes is placed into this fund in case of a financial loss to their users. Any money lost by their users due to Binance would be refunded by their SAFU put in place in 2018.
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If you want to take your Binance account security to the next level, you can use a security key like Yubikey. This is a physical device, and you need to tap the physical device button to enable 2FA. This is useful for those who have significant funds on an exchange account.
By default, the security key is bound with the real Binance.com when the user registers it with the Binance account. With security key 2FA, the security key will verify the website address as well. Thus, phishing attacks will be mitigated. Exclusivity An account can only be registered with one security key.
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15 Tips to Enhance Security for Your Binance Account .
Binance makes security one of their top priorities with extensive security features implemented to protect their users’ assets. Considering they’re based in the United States, they’re held to all of the United State’s currency exchange regulations as well. Traders who want a safe exchange that they can be confident using should consider them a top choice.
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Yes and no. Binance is definitely one of those exchanges that are taking their security seriously, and because of that, Binance is a great platform to use for trading cryptocurrencies. With that said, no matter how secure the exchange is, they’re always a hot target for hackers. Hence, storing funds for long-term storage on Binance and any other exchange is a big no.
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Binance is one of the world's most secure and trustworthy exchanges that features multiple layers of 'bank-like' security measures and management protocols to ensure the 100% safety of its customers personnel information and funds. Examples of the secure technologies used to provide a safe and secure trading environment for users that decide to leave their coins on the exchange include cold wallet storage and two factor authentication.