Binance is a venue for cryptocurrency investors interested in trading. It’s an online exchange that supports almost all of the cryptocurrencies. Binance also provides users a digital wallet where they can store and keep their electronic funds. Once trading is over, you can then transfer the funds to another account.
Now, any online platform is every hacker’s target, most especially when used for any form of money. Thus, you must apply extra protective measures to keep your digital wallet secured and protected from fraudulent activities. If you’re planning to create a Binance account, prioritize securing your wallet first before you start trading.
1. Apply Two-Factor Authentication
This method is very familiar since it can also be used on your social media accounts, emails, and online banking applications. It is an effective way to add an extra layer of security to your Binance account. There are two options available for 2FA: SMS Authenticator and Google Authenticator, where you will receive a code once you attempt to log in to your account.
No matter how confident you are with your country’s Binance system, hackers will always find a way to infiltrate your account. In fact, in 2019, Binance Australia, the world’s largest crypto exchange, was hacked despite their tight safety protocols. It’s a good thing that Binance Australia was able to cover all the losses, and they remained the biggest crypto exchange up to date. So, for Australians wanting to use Binance, and other people around the globe who plans to trade on this platform, it would be best to set up 2FA immediately when opening an account.
2. Change password frequently.
Creating a strong password might not be enough, most especially if you don’t change it frequently. It would be best if you change your password at least once a month to ensure that it won’t be traced by anyone who attempts to hack your account.
3. Ensure a secured internet connection.
If possible, don’t access your account using public Wi-Fi connections. Usually, these connections are every hacker’s gateway to access your personal and confidential information and accounts. As much as possible, only connect to private networks or your primary network.
4. Install anti-virus software and applications.
Another must-have. Even without a Binance account, it is common knowledge to install anti-virus software to keep your device protected from any possible breach and issues. Since you can invest in trading, you might as well invest in reliable anti-virus software or app to keep all your transactions secured and protected.
5. Always check for security updates.
Every once in a while, Binance posts security updates to provide its users with reminders. Thus, don’t disregard such announcements because it pays to be aware of the current situation happening on the platform.
Every digital wallet that exists is very prone to risks. This is why every user should be responsible for safekeeping them. Although the tips mentioned above are pretty common, those are all important as it enables you to be steps ahead from possible hacking incidents.