![]() If you are dealing with a large sum of funds, you are better off creating a separate email account for crypto exchange sign up. Your email account is an important piece of the puzzle, that you need to secure. But rule remains the same exchanges are prone to hacking, and always remember “Not Your Keys, Not Your Coins”. This might not be an ideal situation for many of you, and it is ok. In fact, a wallet like Ledger also helps in the staking of your coin, and you can connect it with Metamask to enjoy all the features directly. However, move your funds to a cold wallet such as Ledger Nano X (hardware wallet), which is the safest way to secure your funds. It is alright to keep those funds on an exchange that you need for trading. I understand you might keep funds on Binance or exchanges to take advantage of their saving account feature, but again it is risky. If a crypto exchange got hacked, they might file for bankruptcy, and you won’t be able to retrieve your funds. I’m not saying you would face the same with Binance, as they are too big and they have one of the best security measures in place, however, there are possibilities of such events with any exchange in the world. Gox hack), or sometimes the exchange CEO runs away with the user funds. This is a big mistake, as your exchange account is always targeted by hackers, and sometimes the entire funds of an account were hacked (Read about Mt. One of the biggest mistakes a lot of users make is by using their exchange account as a wallet. Steps to keep your Binance account Safe and Secure: 1. Let’s learn how to keep your Binance account secure. Some of the safeguarding mechanisms you should do once in a while, to ensure your crypto exchange account is safe and secure. As long as you are using a crypto exchange, you should be following all the steps to ensure your account remains secure. These methods apply to all the crypto exchanges out there and are not limited to Binance only. Here, I’m adding all the things you could do from today to ensure the safety and security of your Binance account. For now, let’s learn how to secure your Binance account. However, my hack was because of a silly error that I made, and perhaps I will tell you that story in my YouTube videos. As, because of erratic trading on my account by the hacker, the Binance engine figured out something is wrong with the account, and they paused the trading function and sent me this email.īut this event reminded me a lot of things, and I realized even being a techie, they hacked me, how about millions of other users who are not so tech-savvy, how will they keep their Binance account secure? Since my API key only had trading functions enabled, luckily I didn’t lose any funds, but it started an event of back and forth with customer support of Binance exchange. The other day, my Binance account was hacked, and seems like a hacker got access to my account using API Key. It can happen to anyone, and when it happens, it would give sleepless nights. Conclusion: Binance hacked – Securing your Binance accountīinance Hack Story: An event that could happen to anyone:Īnyone who is working in the space of crypto-assets as a trader or investor is not immune to hacking.Steps to keep your Binance account Safe and Secure:.Binance Hack Story: An event that could happen to anyone:.It does not matter which country you are from, these safeguard mechanisms would ensure your own safety and help you in an event of a catastrophic situation. Until that happens, there are things you could do to stay compliant and secure. ![]() It would be just a matter of time when a lot more countries would start putting the rules and regulations to regulate the world of cryptocurrencies. As I always say “ First comes the innovation and then comes the regulation“. In fact, share this guide with your friends and family who are dabbling into the world of cryptocurrencies.Ĭryptocurrencies have opened up pandora’s box for many of us, and since it is not regulated like traditional finance, there are very few provisions for customer protection. It doesn’t matter if you are using Binance exchange, or any other popular cryptocurrency exchange, as long as you are using an exchange to buy/sell cryptocurrencies or holding your cryptocurrencies, this guide is what you need. And, in this “How to secure crypto exchange account” guide, you will find an answer to all your questions. Well, you are not alone in worrying and fearing such thoughts, as this is perhaps the most frequently asked questions by newbies. Do you worry about what would happen if the exchange shuts down?.Are you scared of losing your funds on an exchange?.Should you keep Crypto-assets on an exchange account or a hardware wallet?. ![]()
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