What's the best way to secure your Binance wallet?

Rrita

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Quote from: chaser15 on September 13, 2021, 06:16:54 AM

If someone hold your phone, how come those people can breached right away your credentials. They need to unlock your phone first. Or if doesn't have any locked, they can't do right away a transaction because withdrawals also needs lots of authentication.

Just think instead on how to take care of your phone or desktop as Binance already gave you all the options to secure your account.

Agreed with you. Nowadays most of the People using lock system for there mobile. It's not so easy to breach the unlock within a short time. OP needs to pay more attention to his mobile, desktop/laptop. A few security systems are enough for his privacy. Binance providing a lot of systems, and That security system is enough if he knows how to use it.

chaser15

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Quote from: 15days on September 06, 2021, 12:14:43 AM

2FA I feel is not secure because if someone gets ahold of my phone, then that's not good. And if I lose my phone number, again not good.

What would be the most secure way where my phone or phone number being compromised would not result in my wallet being compromised?

If someone hold your phone, how come those people can breached right away your credentials. They need to unlock your phone first. Or if doesn't have any locked, they can't do right away a transaction because withdrawals also needs lots of authentication.

Just think instead on how to take care of your phone or desktop as Binance already gave you all the options to secure your account.

Husires

legendary

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Adding a phone number or requesting SMS verification is a gap in your security strength, no matter how you develop or add many layers of security.

I can add more reasons, but the reasons below are the main ones:

Attackers usually target the weakest link in security and with MFA, SMS is the weakest link.
SMS needs phone to be online and you cant use it at airgap systems.
transferring/sapping a phone number to the attacker's SIM card
SMS codes are vulnerable to phishing
not encrypted

More and source: https://www.techrepublic.com/article/top-5-reasons-not-to-use-sms-for-multi-factor-authentication/

Using a separate phone that has not connected to the Internet and will not connect to the Internet with another phone dedicated to the email address will enhance security to a high degree.

Keeping a lot of money in your Binance wallet is not a wise choice.

Rrita

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Quote from: 15days on September 06, 2021, 12:14:43 AM

2FA I feel is not secure because if someone gets ahold of my phone, then that's not good. And if I lose my phone number, again not good.

What would be the most secure way where my phone or phone number being compromised would not result in my wallet being compromised?

I am using Binance and set up 2FA, Sms authentication, and email authentication to log in to Binance exchange. I know there is a high risk if my phone got stolen or compromised. But is it so easy? My mobile phone is locked with a patternn lock and my fingerprint is also a face lock. I don't like to give my phone to any stranger, If someone gets my phone he needs to restore the phone. Without restore, No one can able to open/use my phone. So he did not log in to my Gmail or check google 2fa.

I don't know what is the best solution for it. Maybe you need to be more careful when you are using a mobile phone. Try to use all of the security systems maybe it's the only way to stay safe. I fell safe with my mobile.

noorman0

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[Nope]No hype delivers more than hope

Prevention:
2fa is the first security method that Binance offers, but it will only work well if:

You use separate email between android and binance accounts.
The 2fa and Binance apps are installed on different devices.
Store Binance login and recovery data just as you would a private key.

Security:
Binance completes the "Disable account" feature when you think you have been hacked. (I've never used it)
Take advantage of google security methods (if you are android user) to control your device remotely

Recovery:
Just worried that the Binance account recovery process will require personal identity, because recently binance has tightened up users with KYC policy.

Maus0728

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I think people most often overlooked Binance built-in anti-phishing code that helps you identify which of Binance emails are considered to be phishing site^[1]

The system implementation of this is quite handy though but remember that using Binance wallet is still not the most recommended approach for storing majority of your assets unless you are actively trading.

[1] https://academy.binance.com/en/articles/anti-phishing-code

Binance Coin

jr. member

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Quote from: 15days on September 06, 2021, 12:14:43 AM

2FA I feel is not secure because if someone gets ahold of my phone, then that's not good.

Make a copy of 2FA (QR). If the phone will be stolen, then go to the 2FA reset form

bakasabo

legendary

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If you care so much about your security and funds, then the best option for you is to have a cold wallet, and keep on Binance only the funds you wish to use for trading. Binance is not a impregnable fortress. Every exchange has breaches in security. They are either quickly fixed or havent found yet. Even Binance SaFu is not a magical solution for every occasion. Like people said, "not your keys, not your crypto". You dont own keys of Binance wallets.

Potato Chips

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Quote from: 15days on September 06, 2021, 12:14:43 AM

2FA I feel is not secure because if someone gets ahold of my phone, then that's not good. And if I lose my phone number, again not good.

What would be the most secure way where my phone or phone number being compromised would not result in my wallet being compromised?

If you're using SMS 2fa, it's time to stop. It's insecure. Easier to intercept, large amount of ppl have been a victim of sim swapping and someone around you can easily take it out of your phone.

There are different types of malware to fall into and it's possible hackers may have already gotten everything they need before you could do anything. I suggest focusing on preventing falling into malwares/scams first OP, it is better than cure Cheesy

Security a lot of times is interconnected. You have to take care of everything that could be a weakness like your devices, email, browsing habits, how you keep safe sensitive information, what you download, etc.. Try to improve your overall cybersecurity, see: personal-security-checklist but only take it as a reference, don't go blind on anything. Make sure you fully know what you're about to do cause some are not beginner friendly and might backfire if done wrong.

Darker45

legendary

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Your Binance wallet has layers of security. Losing your phone does not necessarily mean your Binance account is already compromised. Your phone has 2FA and SMS verification. However, these information are not the only ones needed to be able to get into your Binance account. Nevertheless, just make sure that your phone itself also has layers of security mechanisms. Activate finger print or facial recognition or whatever your phone has. Set a password or a PIN to your files. And always avoid saving vital information such as passwords and seed in your phone.

BitMaxz

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Binance wallet is strong enough if you set up them with SMS and 2FA just use a 2FA in another device and SMS for another device.
Sample you have 2FA on your PC and SMS in your mobile phone.

Don't worry about the phone number that you use on SMS if it was gone you can reset the SMS verification to your new number. Just make sure you have already KYC verified because they will ask you again for a KYC process if you forgot or the number you use is no longer to you.

About for holding like others said Binance is not a wallet you don't even hold any keys of that wallet. If you want a better-secured wallet it would be better if you have a hardware wallet like ledger nano. It's support multiple coins so it won't be a problem if you buy other coins and token and transfer them to your hardware wallet.

joniboini

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Well, if you lost your phone in the first place, any password and etc won't really give you additional protection. It should be better if you use a 2FA apps with password support so you can at least recover your account first before somebody hack it.

An alternative would be to use another phone, which is not connected to internet as your main security authentication device (or heck, just buy a yubikey). Don't bring it on your travel and force yourself to access your crypto on your home.

dkbit98

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Quote from: 15days on September 06, 2021, 12:14:43 AM

What would be the most secure way where my phone or phone number being compromised would not result in my wallet being compromised?

Binance is not your wallet and you don't hold any keys for that.
This is centralized exchange used for exchanging of Bitcoin with other coins or with fiat, not for holding coins.

Quote from: 15days on September 06, 2021, 12:14:43 AM

2FA I feel is not secure because if someone gets ahold of my phone, then that's not good. And if I lose my phone number, again not good.

Add stronger protection for your phone, always have a backup for your 2FA codes and don't connect it with your phone number.

Beparanf

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Quote from: 15days on September 06, 2021, 12:14:43 AM

2FA I feel is not secure because if someone gets ahold of my phone, then that's not good. And if I lose my phone number, again not good.

What would be the most secure way where my phone or phone number being compromised would not result in my wallet being compromised?

Setup email, sms and 2FA security. That's the toughest security so far for Binance then add app lock security to your phone to get some additional security outside the exchange. It will take few days for hacker to break your account if ever your phone was stolen. You can just report to Binance support immediately to temporarily freeze your account if ever this incident occur to you.

Lastly, Don't leave your asset on centralized exchange so that you will not worry like this. Store it on wallet that you holds the private key so that no matter what happen to your phone. The hacker will not access your funds unless they find your key.

15days

newbie

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2FA I feel is not secure because if someone gets ahold of my phone, then that's not good. And if I lose my phone number, again not good.

What would be the most secure way where my phone or phone number being compromised would not result in my wallet being compromised?

Topic: What's the best way to secure your Binance wallet? (Read 177 times)