Key Insights

  • Crypto is becoming more popular, and investors are jumping on the bandwagon.

  • This popularity comes with massive risks.

  • As such, it is essential to take security seriously, especially as a Binance user in India.

  • Consider getting your account verified and enabling features like 2FA, anti-phishing, and address whitelists.

  • Crypto security begins with a user. 

Crypto is becoming more and more popular as the years go by—and with this popularity comes a number of problems.

Nowadays, multi-million dollar cyberattacks are being carried out on exchanges and their users alike.

As such, it is vital to understand security in all its forms.

Many exchanges, like Binance (one of the largest crypto exchanges), offer strong enough security features.

However, the safety of your funds ultimately depends on the steps you take.

Here are six major tips for securing your Binance account and keeping your assets safe.

1. Enable Two-Factor Authentication (2FA)

This step comes first and foremost.

Two-factor authentication (2FA) is a major security feature that nobody should overlook.

It adds a stronger layer of security to mere password protection and ensures that even if hackers (somehow) get your password, your funds remain safe.

Luckily, Binance supports 2FA through Google Authenticator or SMS, and here's how to get it set up:

  • Go to your Binance dashboard

  • Select “Security” under “Account” on the left sidebar

Setting up 2FA

Source: Binance

  • Choose your preferred method (Google Authenticator is recommended for better security).

  • Ensure you back up the 2FA key securely in case you lose access to your device.

2. Verify Your Account

Make sure that your account is verified before depositing any funds.

Account verification on Binance is known as KYC. It is a great way to make sure that you are protected as a user and that Binance remains a safe platform for everyone.

This is because Binance monitors verified accounts closely for suspicious activity, making them harder for hackers to exploit.

Why it matters:

  • Verified accounts have higher withdrawal limits.

  • Binance has confirmed your identity and can quickly assist you with an issue.

A verified badge on Binance

Source: Binance

Complete your verification through the Binance app or website. You may be required to submit a snapshot of your Aadhaar card, a government-issued ID, proof of address, or other means of identification.

3. Use a Strong, Unique Password

Weak passwords are one of the easiest ways hackers can gain access to an account.

Only choose a strong, unique password that includes a mix of characters—remember to add uppercase and lowercase letters, numbers, and special characters. 

Avoid using common words or information that can easily be guessed, like your name or birthday.

  • Use a reliable password manager.

  • Change your Binance password regularly to reduce the risk of a hack.

4. Withdraw Crypto to a Secure Wallet

Binance is secure enough for most users. However, keeping large amounts of crypto in your wallet will always be a security risk.

Consider withdrawing your funds to a private wallet—preferably a hardware-based one with strong encryption.

Consider opting for wallets like: 

  • Ledger or Trezor which are physical devices that store your crypto offline.

  • Software wallets like Trust Wallet or Metamask, which you can install on your phone or computer.

Remember to only use exchanges for trading and transfers, not long-term storage.

5. Beware of Phishing Scams

Aside from weak passwords, phishing is another weak link in crypto asset security.

Hackers often send fake emails or links to scam websites to trick crypto users into clicking on them.

Once a victim clicks on a scam link, things go downhill from there, and huge amounts of crypto can be stolen.

You can avoid falling victim to phishing scams by:

  • Double-check website URLs before clicking. The official Binance domain is https://www.binance.com

  • Avoid clicking on links in unsolicited emails or messages.

  • Enable the Binance anti-phishing code in your account settings to ensure emails from the exchange are genuine.

Binance anti-phishing

Source: Binance

6. Monitor and Update Security Settings Regularly

Finally, take your Binance security settings very seriously. More importantly, review them regularly.

Ensure account activity alerts are enabled, monitor for unfamiliar devices, and keep your software up-to-date.

Additional steps

Some other important steps to staying safe include:

  • Activating withdrawal whitelist addresses—this prevents unauthorized addresses from receiving funds from you.

  • Regularly checking for updates to the Binance app or website.

  • Using a secure internet connection and avoiding public Wi-Fi.

Your crypto security starts not with Binance but with you.

Consider taking these steps seriously to enjoy the benefits of this lucrative market without putting yourself at unnecessary risk.