Exchange security questions - page 3.

suzanne5223

hero member

Activity: 2660

Merit: 651

Want top-notch marketing for your project, Hire me

Quote from: Festac on May 14, 2020, 07:17:09 AM

Newbies have been warned several times not to leave coins on exchanges, my question today is about exchange security and I'm going to use binance as an example

This warning is not only applicable to newbies alone because some experience crypto traders and enthusiasts will keep tmost of their coins on exchange site despite the warning.

Quote from: Festac on May 14, 2020, 07:17:09 AM

1st Question: binance exchange and few top exchanges I've used has finger print scanner under security settings, I want to know if this can only safe me from people around me or also online hackers, both withdrawal and deposit requires my thumb print, how good is this ?

2nd Question: my second question is almost same thing as the first, which is 2FA, it's part of my security settings that login, deposit and withdrawal requires 2FA codes too, how tight is this from hackers? And of course people around me ? Thank you

Finger print scanner only work on mobile app. In facf, the 2FA code, finger scanner and sms notification etc is not enough to keep exchange users fund safe if the exchange site is attacked by hackers.

Quote from: Festac on May 14, 2020, 07:17:09 AM

Note: I'm not planning to leave my coins on exchanges, not that stupid but I'm a full time trader and I use binance so I just want to know

You can leave your coins on exchange site but must not be much and must coin you can afford to loose.

JHORN

member

Activity: 252

Merit: 15

Sovryn - Brings DeFi to Bitcoin

With 2Fa security aka (Google Auth) and finger print scanner you can still lose your fund, it's better to listen to people's advice on here, once an exchange got hacked it brings down all it's tough security firewalls including your precious google Auth and fingerprint too

Raflesia

hero member

Activity: 2282

Merit: 560

_""""Duelbits""""_

Quote from: GreatArkansas on May 14, 2020, 09:02:44 PM

Quote from: Zemomtum on May 14, 2020, 07:59:16 PM

With Binance, you are saved as they have proven this last year despite the hack. Other shady exchanges has a very high risk, that is why it is good to always select an exchange with reputation and that have stand the test of time.

It's still risky, even how popular exchange you are, remember Mt. Gox exchange?
Binance got their Secure Asset Fund for Users (SAFU) which will likely for emergency insurance funds, but still what if those funds will also be lost? Or multiple hacks will happen in Binance, still risky and there are still chances your fund will be lost.
Read more about Binance SAFU here: https://www.binance.vision/glossary/secure-asset-fund-for-users

Well, even though the stock exchange is already popular and still there is a risk of hacking because now many things happen like huobi and other large exchanges experience the same thing, but for Binance maybe what you say is true there is insurance still if and all is lost it will also be difficult for we.

Keep using a cold wallet to store assets because it's safer than in a well-known exchange.

cassavachips

sr. member

Activity: 994

Merit: 261

Storing coins in exchange is actually permissible as long as it is used for trading or not of great value. For security, activate all security features provided by the exchange. I think it's safe.

Google+

hero member

Activity: 2408

Merit: 550

Leading Crypto Sports Betting & Casino Platform

Quote from: tiang_tower on May 16, 2020, 10:57:06 AM

Quote from: Crypto_lion on May 16, 2020, 10:11:39 AM

I am not a security expert by any means but I believe that the finger print scan only prevents unauthorized scan to your mobile device and has no check in the exchange side.

Yes, but if the exchange has made a menu for fingerprints on each exchange user, the exchange party will also have its own checkpoint in that direction, because the fingerprint scanner will only read the correct one, not the wrong one.

at least the fingerprint option is equipped with several security passwords and authentic Google so that assets in the exchange or wallet that have security like that I think it's safe enough if anyone can do hacking then it is definitely the act of insiders who have direct access to various account types.

tiang_tower

full member

Activity: 826

Merit: 100

Quote from: Crypto_lion on May 16, 2020, 10:11:39 AM

I am not a security expert by any means but I believe that the finger print scan only prevents unauthorized scan to your mobile device and has no check in the exchange side.

Yes, but if the exchange has made a menu for fingerprints on each exchange user, the exchange party will also have its own checkpoint in that direction, because the fingerprint scanner will only read the correct one, not the wrong one.

Nazmul012

full member

Activity: 799

Merit: 100

SOL.BIOKRIPT.COM

Quote from: Festac on May 14, 2020, 07:17:09 AM

1st Question: binance exchange and few top exchanges I've used has finger print scanner under security settings, I want to know if this can only safe me from people around me or also online hackers, both withdrawal and deposit requires my thumb print, how good is this ?
2nd Question: my second question is almost same thing as the first, which is 2FA, it's part of my security settings that login, deposit and withdrawal requires 2FA codes too, how tight is this from hackers? And of course people around me ? Thank you
Note: I'm not planning to leave my coins on exchanges, not that stupid but I'm a full time trader and I use binance so I just want to know

There is no doubt, binance is one of the most secure exchange than others by rank. Using finger print & 2FA both are a good option to get safe & secure. If somehow you lost your device, you can access binance by using your 2FA back up.

Crypto_lion

member

Activity: 630

Merit: 11

NEW MEDICINE:Faster, Safer, Smarter

I am not a security expert by any means but I believe that the finger print scan only prevents unauthorized scan to your mobile device and has no check in the exchange side.

Sendi blackspade team

full member

Activity: 941

Merit: 100

Quote from: Balladtony77 on May 15, 2020, 04:47:27 AM

Hacking means neutrality of all possible security hackproofs, once your exchange is hacked your securities goes down too, so both 2FA and fingerprint scanner will go down too, this will only safe you from people around you not hackers, that's why it's bad to leave coins on exchanges

most cases of hacking occur on the exchange. and of course, as you said saving money on the exchange is not a good choice. like a network and other platforms. exchanges have a gap for hackers to enter. the security system has begun to develop, hopefully, the better it becomes safer.

batang_bitcoin

hero member

Activity: 2996

Merit: 600

Eloncoin.org - Mars, here we come!

Quote from: itsv on May 14, 2020, 05:16:52 PM

Quote from: batang_bitcoin on May 14, 2020, 12:37:28 PM

1. It's safe because finger prints are unique and chance of hackers to imitate it is very low. IMO, the risk that it has using finger prints is that you won't tell it to other people you know personally that you use finger prints as 2FA.

2. 2FA thru authy or google auth are safe. The codes that these two apps generate are changing from time to time and those codes that are shown already expires.

Yes i agree, FingerPrint is very seamless and secure way to login. I would prefer authy or google authenticator rather than using SMS based verification as i saw a post on reddit where a guy got hacked despite he was using SMS as 2FA later it was found that an employee in the telecom company was involved with the hacker to reset/port the victim's sim for few hours so that they can reset his exchange account.

I've heard that SMS hack, the SIM swap and it's a huge scam/hack.
And if you'll use the 2FA software you need to back them up too. In case that you have lost your phone, you can still get it back and you know what you're doing. There's also a process that you can follow so that you can safely install 2FA apps on your PC but stick to authy or google auth.

Balladtony77

member

Activity: 378

Merit: 15

Hacking means neutrality of all possible security hackproofs, once your exchange is hacked your securities goes down too, so both 2FA and fingerprint scanner will go down too, this will only safe you from people around you not hackers, that's why it's bad to leave coins on exchanges

Shallow

sr. member

Activity: 938

Merit: 255

SmartFi - EARN, LEND & TRADE

Quote from: Festac on May 14, 2020, 07:17:09 AM

Newbies have been warned several times not to leave coins on exchanges, my question today is about exchange security and I'm going to use binance as an example

1st Question: binance exchange and few top exchanges I've used has finger print scanner under security settings, I want to know if this can only safe me from people around me or also online hackers, both withdrawal and deposit requires my thumb print, how good is this ?

2nd Question: my second question is almost same thing as the first, which is 2FA, it's part of my security settings that login, deposit and withdrawal requires 2FA codes too, how tight is this from hackers? And of course people around me ? Thank you

Note: I'm not planning to leave my coins on exchanges, not that stupid but I'm a full time trader and I use binance so I just want to know

Good you decided not to keep your funds on exchanges as that is the first line of funds security and the best. Also, about fingerprint scanner, I think it is only limited to you and the reason it's added just like in other platforms is for security and easy activities but I believe the main security is the 2FA. This is because once it is bridged your account will be compromised, thus, so far you are using 2FA apps from Google or Authy, you are safe while minding the type of websites and links you click. Lastly, if an exchange is compromised, all these security measures will be for nothing, thus the reason for the first statement.

Mighty_crypt

member

Activity: 784

Merit: 21

If the exchange get hacked both 2fa and fingerprint will be utterly useless and your funds will be gone, do not rely on these security settings, do you even know what it means to hack something? It's total jailbreak, all security measures became useless

shoreno

full member

Activity: 1750

Merit: 118

your a full time trader but your not leaving your coins inside an exchange ? how is that possible and i think that was pretty hassel to come back and redepo again . that would only be okay if your not a full time trader , not to mention that you are also trading on a good and secure exchange which was binance . anyway seems like you are careful enough so even if hackers access your account on binance they will only see a zero balance because you already withdrawed your coin but adding 2fa and finger print is okay too for extra layer of security .

wingfield_crypto

jr. member

Activity: 140

Merit: 3

Quote from: durilup on May 14, 2020, 11:36:51 AM

If their infrastructure is not updated daily for the actually vulnerabilities then the hackers can steall all the coins from binance to any wallet . Even if you secure your with a fingerprint they can still hack the infrastructure . The fingerprint is only for your own safety

You're right about what you're saying, but I don't think that's the case with the Binance team. It is the most prestigious crypto exchange, and the people there are aware of this and will take action. 2FA should make it almost impossible for hackers to access, as they need your devices to connect to your account. The fingerprint is also good, like any other security measure you have access to.

judeafante

sr. member

Activity: 2254

Merit: 258

Hackers are really that good now and those two you mentioned can be hacked or bridged do not store your coins for a long time, always remember the saying, not your key, not your wallet, even if the exchange has a good reputation, it's still your responsibility to secure your coins at all times.

Little Mouse

legendary

Activity: 2072

Merit: 2012

Marketing Campaign Manager |Telegram ID- @LT_Mouse

No matter what are the options are there. This options can save your account in general but if the exchange itself get hacked or hackers somehow can break 2FA which is possible, you will get ruined. So, it is better not to using any exchange for storing your coin long time.

ballerin and giroud

member

Activity: 868

Merit: 16

You will be safe if you just use an exchange a trading place only, but maybe you will be in danger when you use an exchange as a hold coin for long term investment. The first question I can't anwer it because I haven't been used it. I just use google authenticator as a security to avoid a hacker. But you need to know, 2FA will have a function if there is a scammer who eyeing our account if the scammer choosw the exchange system directly we can't do anything. Our money will losses if the scammer success to hack the security exchange.

GreatArkansas

legendary

Activity: 2338

Merit: 1354

CoinPoker.com

Quote from: Zemomtum on May 14, 2020, 07:59:16 PM

With Binance, you are saved as they have proven this last year despite the hack. Other shady exchanges has a very high risk, that is why it is good to always select an exchange with reputation and that have stand the test of time.

It's still risky, even how popular exchange you are, remember Mt. Gox exchange?
Binance got their Secure Asset Fund for Users (SAFU) which will likely for emergency insurance funds, but still what if those funds will also be lost? Or multiple hacks will happen in Binance, still risky and there are still chances your fund will be lost.
Read more about Binance SAFU here: https://www.binance.vision/glossary/secure-asset-fund-for-users

ahyadinnn

hero member

Activity: 1554

Merit: 503

Quote from: Twinkledoe on May 14, 2020, 07:17:43 PM

agree with this. But the OP said that he is a full time trader, the reason why maybe he is storing his funds longer than what it should be. But for precautionary measures, it is always best to keep it in your own wallet. If the OP will not trade for certain days, better transfer it in your own wallet and just send your coins to the exchange when you need it.

to maintain security it is better to store in a private wallet, do not leave your digital assets in the market for a long time, because many cases of hacking in large markets

Topic: Exchange security questions - page 3. (Read 563 times)