Recently, there have been reports of unauthorized withdrawals and funds being moved by hackers. Binance is also popular to become a target for hackers, as they are one of the most reputable exchanges. So, how can you protect yourself from these risks? This blog will explore the various ways you can safeguard your Binance account.
Hackers have also organized high-profile hacks, such as the Mt. Gox scandal or Coincheck. These threats may affect all users, especially users with significant holdings in cryptocurrencies, as these funds may not be easily replaceable.
Binance is an unregulated exchange and does not give user information to law enforcement, making it very attractive for hackers to target users with their cryptocurrencies.
Therefore, it is crucial that one takes the time and makes a small effort to protect the assets. Check out the security tips below.
1. Enable two-factor authentication
Have you ever heard of 2FA before?
Binance offers two-factor authentication as a security measure. Two-factor authentication (also known as 2FA) is a way of securing an account that goes beyond your password. It requires something you know (your password) and something you have, like a cell phone or hardware token.
Binance uses Google Authenticator, SMS codes, and other 2FA methods to provide its users with this extra layer of security.
2. Frequently change your password
Binance requires that you update your password every once in a while. This is highly recommended because it makes it harder for hackers to get into your account.
It is also vital that you do not use passwords that are easy to guess, like all lowercase letters or the name of a loved one. Instead, think of passwords as passphrases and make them more than 12 characters if possible, advises Binance. Keeping a record of your passwords somewhere secure is also critical.
3. Monitor the list of authorized devices to access the platform
Hacking apps and other malware are common for hackers to gain access to accounts. Binance requires you to add all devices or applications that you authorize.
If a device or app you have authorized is reported as lost or stolen, immediately remove it from the list of authorized devices to access the Binance platform.
If one of the devices is not being used, simply delete it from the list.
4. Do not leave your account logged in
This is an easy mistake that a lot of people make. Leaving the Binance platform open allows someone to access it if your computer is not secured or hackers manage to get a hold of your personal information like email address and password.
Do not forget to secure your email as well, as hackers can reset the password of an account and take over from there.
5. Do not give your password to anyone
One of the biggest mistakes people make is giving away their passwords. Remember that you should always keep your passwords to yourself, even if you think you can trust someone.
If someone asks for your password, just politely tell them no. If they are persistent, report them immediately to Binance support or the police. Most of the confidential information like Binance wallet addresses, passphrases and so on, are available on the Binance website. The best way to avoid giving out your information is not to use a password or passphrase of any kind.
6. Always log out when you finish using Binance
Logging out of your account is essential for security. If you are using your computer or smartphone, it’s even more critical that you log out when you are done, especially if someone could access your computer for a moment without your knowledge.
7. Always use a secure internet connection
Are you planning to check the Binance exchange from a public or unsecured connection? It is not recommended, especially if you want to keep your account and data secure.
Using a secure WIFI connection is highly advised. If possible, it is best to connect directly to the internet via ethernet cable and a secure router. Hackers can easily access accounts even while they are not logged in.
8. Enable withdrawals to addresses that you only trust
If you plan to withdraw funds from your Binance account, you will want to make sure that only you or someone you trust can access the platform.
By only granting withdrawals to addresses that are known to be secure, hackers cannot take over and freeze your Binance account.
Remember to change your password, update the list of authorized devices, and leave the Binance platform open. With a comprehensive security system in place, hackers will have a much harder time accessing your account. The tips mentioned above can greatly help you keep your money safe from these attackers.
Need more tips on how to secure your account? Read more from our blogs!