When it comes to total security and privacy of my assets, I always use cold wallet system. As they say, it is not fully yours unless you have full control, and cold wallet system is the option that gives you the total control over your assets. Therefore, a simplest cold wallet system is as simple as writing down the associated private key on something like a piece of paper and deleting every electronic data related to it.
Once that is done, only you, and you alone will ever have access to the assets in the cold wallet. No government, no hacker, no institution will ever gain access or obtain the information therein without your active approval. But the problem here is, if you ever lose your private key for any reason, your assets will be gone forever! There'll be no one to hold, no one to cry to, and no help whatsoever to retrieve it back.
These are the reasons why I started looking at Binance and other exchange platforms as alternative and credible means to store assets for maximum benefits. Platforms like Binance has some of the most advanced security protocols in place, and the insurance of my assets gives me added sense of security. If anything goes wrong, I have someone to hold responsible and get my money back. And they're more than capable to pay back, provided the loss isn't from your end.
BINANCE SECURITY PROTOCOL
| Security Features* | | |
| ____________________________________________________________________ | | |
| 2 Factor Authentication | | |
| Address Management | | |
| Device Management | | |
| API Access Control | | |
| SMS Authentication | | |
| Email Authentication | | |
| IP Whitelisting | | |
| App Based Safe Sign-in | | |
| Security Notifications | | |
Features Explained
- 2 Factor Authentication: Preferably - Google Authenticator. This ensures that your account can only be accessed through your (Android or iOS) devices.
- Address Management: A system that allows you to whitelist which address to withdraw to. This to me, is the most important security feature with Binance. Once this is enabled, withdrawal can't be made to another address.
- Device Management: Let's you choose which device that can access your account
- API Access Control: To create Binance API - Login to your account. After logging into your Binance account, click [API Management] from the user center icon to create your API.
- SMS/Email Notification: You get pass code via SMS and Email to complete your sign-ins.
- IP Whitelisting: You simply whitelist only your IP address to access your account. Every other IPs are blacklisted.
- App Based Safe Sign-in: Every sign in option mentioned above can be bottled into App base safe sign-in, including fingerprint login feature.
MY SECURITY PROTOCOL
| My Security Measures* | | |
| ____________________________________________________________________ | | |
| Highend Mobile Device | | |
| Latest Anti Virus Definitions | | |
| Nord VPN | | |
| Incognito Private Browser | | |
| Secure Internet | | |
Features Explained
- Highend Mobile Device: I access my Binance account sticky from my mobile phone. So I got a Brand new Samsung Note 21 directly from Samsung store, free of any contamination.
- Latest Anti Virus Definitions: I then installed original Norton Anti Virus, the highest version with all protections enabled.
- Nord VPN: I prefer Nord VPN due to the high recommendation. Therefore, I had to purchase Nord VPN before doing anything with the phone!
- Secure Internet: I rarely connect to Wi-fi. I subscribe to mobile internet bundle with is always more than enough for me and I'm online anywhere I go.
With these in place, I've never had any cause to worry and I store plenty assets in the Binance account for my P2P trading and other uses. And use the same to Hodl some coins.
I'm of the believe that anyone use these and enjoy great peace of mind keep their crypto at Binance or Coinbase. Any time I feel like the volatility is going to work against me, I quickly convert to USDT plus you have plenty to do with your assets to grow it, instead of letting it sit idle in the Cold Wallet in the name of absolute control.
Another thing I do is that, I avoid being phished. So, I'm extremely careful what I do with the mobile despite the security measures. And the Google Authenticator is probably one of the best security inventions of the 21 century.
My Submission: If you're only bothered about the security of your assets but careless about personal privacy, storing your assets at Binance is the most credible option for you. I feel safer keeping my money at Binance than having it in the bank.
But if you're concerned about privacy. You don't want the government or anyone else to know anything about your money movement, then Cold Wallet your best option.
The bottomline is that, your asset is just as secure at Binance as when you're handling it via cold wallet. Plus you have the added incentives of doing more with your assets to grow it.