Securing your digital investment may be hard to deal with when dealing with crypto. It is particularly true when you have deposited your cryptocurrency in a hot wallet.
If you have been in the digital world for a substantial period, you must have heard or read news on social media about how hot wallets are always at risk of being hacked. It is because hot wallets are internet-connected.
Binance has always been reputed as one of the most trustworthy crypto companies in the market today. We suggest you keep reading to learn how to keep your digital currency safe with Binance.
Create a strong password
Of course, a secure account must also have a very secure password. So for this, avoid using easy-to-guess passwords or anything personally related to you. A typical strong password that they would always suggest would be having 6-12 characters containing upper and lower keys, preferably alphanumeric, and having at least one special character.
Activate additional security
If you know someone who has been dealing with or using a trading platform or arena, they will usually go through standard registrations with a secure email. The experts at Cryptoner, a website about all things cryptocurrency, recommend adding a layer of security.
One of the ways you can do this is to use a platform that will run a two-step verification/two-factor authentication (2FA) process. This way, even if someone has your password and username, they will not be able to proceed without verifying the code sent through your email and phone.
Opt for a Cold Storage/ Cold Wallet
Using a cold wallet means storing your private keys offline. Thus, it offers greater security than putting them in hot wallets. Paper wallets are one of the most basic forms for this type of wallet wherein the usual alphanumeric format of public and private keys are printed on a piece of paper. Although, the downside of having it on paper is that it can only hold one cryptocurrency apiece.
Installing antivirus software
Ensure that the devices you are using have an updated version of antivirus and that scheduled regular scans are being done from time to time. Any unknown or unnamed software must be uninstalled or deleted from your computer.
Check for malicious and suspicious phishing campaigns
You may be receiving tons of emails asking you to log in to a website, be very wary of these because almost all of these may be malware and may cause your account to be compromised. For this, always read the address bars of the emails and websites you visit. Make a habit of being extremely cautious of any browser applications or extensions linked to crypto.
Check the devices authorized to access your account in Binance
Like the other internet and social media apps like Facebook, Gmail, or Paypal, you typically receive a notification if you are using another device to open your account. It is to assure that you have authorized the action done even if you are not using the device where you created your account.
For your Binance, log into your account and check the “My Account” feature. Go to the “Device Management” at the bottom part of the My Account page on the browser. If you are using a mobile app, check the “Security” menu. Delete any devices that you do not recognize.
Check the whitelist and trusted addresses before you allow any withdrawals
Make it a practice to limit the addresses where you withdraw your funds. You can go to the “Withdrawal Address Management” feature and enable the “Whitelist” option. Any removal or addition of addresses will require email confirmation. It is one of Binance’s features to protect its users.
Regular checking of security updates
You might be thinking that it is too much hassle to be reading email after email. But always think of the security of your funds. Binance makes it a point to send communication regarding their security updates.
So make sure to check your email. If you are not receiving any email, check your junk or spam folder. Also, remember to read or watch security updates on official accounts. It is because there are a lot of scammers or fraudsters who create fake accounts.
Beware of social engineering schemes
Social engineering is a way to manipulate a vulnerably trusting individual into giving out vital information about themselves. Scam artists may pose as amiable individuals on the internet who want to befriend you. There may be people who will pretend that they are agents from Binance to lower your guard.
They may ask you to send them photos or screenshots on your account. So, also, avoid posting pictures and screenshots containing your Binance account or any crypto-related account that you have. It will make you less of a target for scammers and phishers on the internet.
Know how to use Binance API
API or Application Programming Interface in Binance allows its users to share their data on Binance to other applications. One of the main attractions of an API is that it will give you a customized trading experience. Nevertheless, observe the necessary precaution when using the interface, like giving out your API keys to third-party services. You could also restrict any access to IP addresses only.
Make it a habit to check that your internet connection is secure. Make it a habit to check that your internet connection is secure. Even though how tempting “free Wi-Fi” looks to you, never connect to the public or any shared connection. Who knows, there might be someone snooping using that network.
One of the prime assets of using Binance aside from its security is that in any event that their system will be on a security breach, they have this Secure Asset Fund system. It means ten (10) percent of their trading funds are allocated in cold storage to protect their users and their funds.
Since it is your digital money that we are talking about here, you might as well do your part in keeping your account secure. Remember, this type of money is unregulated. So, it offers no compensation for any user losing all their assets, especially when due to negligence.