Trading on centralized exchanges is a common practice among most crypto traders. These exchanges offer simple onboarding, better user interfaces, more features, and ample liquidity, making them an attractive option. It's no surprise that nearly one-third of all crypto trades are placed on centralized platforms like Binance.
Binance, the leading crypto exchange globally, implements numerous security measures to safeguard users' funds. However, users must also stay vigilant and take additional precautions to protect their assets. Here are some of our recommendations to get started:
๐บ Always use two-factor authentication (2FA) :ย
Activating 2FA in your Binance account is the crucial first step in protecting your funds. We currently offer these 2FA options: biometrics and security key, authentication app, email and phone number. While 2FA per text message is more practical, it can be used to attack your account (for example, SIM swapping).ย
๐บ Use a strong passwordย and change it regularly :ย
It must be at least 8 characters long, containing at least one uppercase letter, one lowercase letter, one special character, and one number. We also discourage you from entering a password already used on other websites and apps.ย
Still, even a strong password can be obtained by an attacker, so be sure to change your password periodically. This practice should not only apply to your Binance account, but also to your email and other accounts (especially those linked to a financial account). For your own safety, your withdrawals are suspended for a period of 24 hours whenever you change the password of your Binance account.
๐บ Install antivirus software and rely only on secure applications and programs.ย
Always make sure that the applications you use and the files you access or download are not infected with malware that could compromise your data. Protect all your devices with the latest version of your preferred antivirus software and schedule scans regularly.
Always download applications and programs from official and trusted sources and avoid accessing links or software shared by someone you do not know or trust. For additional security, you may consider using a dedicated device strictly for your confidential account.ย
๐บ Store your Crypto on Walletย
However, you should be extra careful. No matter how secure the brokerage platform is, it is often argued that your funds are safer in their own possession.
Binance Web3 Wallet, the official cryptocurrency wallet app from Binance, provides a convenient way to store your funds safely away from third parties. It also accepts most major cryptocurrencies, all ERC-20 tokens and is available for Android or iOS. You can easily integrate your Trust Wallet with Binance DEX and trade at the broker.
However, remember that you should never share your seed phrase/recovery phrase or the private key generated for your Trust Wallet or Metamask with anyone, as this would give them full control over your wallet and funds. You should always make sure to use the official apps, as fake apps are often used to steal your personal information.
๐บ Only allow withdrawals to Whitelist addressesย
Binance's Withdrawal Address Management feature allows you to limit the wallet addresses to which you can withdraw your funds.
Because each addition requires email confirmation, this feature can protect you in the event of unauthorized access. It's simple, just enable the option [List of Permissions] in section [Withdrawal Address Management].ย
๐บ Check Authorized Devices Access
ย If you see any device you donโt recognize or no longer use, simply remove it. To do so:
a. Log into your Binance account and navigate to [My Account] on your browser or app.
b. Review [Device Management] at the bottom of the [My Account] page on your browser or under the [Security] menu on the app.
c. Remove any unrecognized or unused devices. Once a device is deleted, it will no longer be able to access your account unless you re-confirm it via email.
๐บ Identify And Avoid Phishing And Malwareย
Always check the emails you receive and the websites you log into. Many successful attacks involve fake websites, emails, and messages from services with which you have accounts. Malicious browser extensions and applications are often to blame for compromised accounts or wallets.
๐ ๐ด๐ฒ๐ท๐ฐ๐ฝ๐ณ๐ ๐ธ๐ฟ๐ 123
