Bitcoin Forum

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

First one is secured too cause only you or your fingerprint is needed in order to execute withdrawals on your account. Binance uses email to confirm the order so hackers will not be able to easily send the fund to their own address.

2fa is important but there are instances that this is has been breached. But chances of it is unlikely unless the users are always clicking links that might have a virus that can oppress the said 2fA.

There are cases of these here but I forgot where those topics has been discussed.

If you trade often and often, you will realize that using 2fa is paramount and binance will ensure that you fix 2fa before you can withdraw.

If you day trade, you cannot afford to withdraw each time, so you neee a strategy to work with.

The fingerprint of a thing is still good enough but 2FA was breached I think I'm 2018 or so, I came across a news online that hackers are able to breached 2FA but this can't happen without the help of phishing mails or links online, since you choose binance you are ahead of other exchanges when it comes to security

Everything you do for security is a very good thing, as long as you don't enter your data on the wrong website, your account is safe. Nobody can hack your account.

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

- Fingerprint security only works locally for your device, ie if you lose your device with a binance account it will work, in addition it does not mean much protection against hackers.
- 2FA is the last line to protect your account, and it is very safe, but if the exchange is hacked, it does not mean much.

I don't think I could rely on biometric securities that's why I don't even put them in my phone. I believe those can be stolen from what I searched so far.
In regards of 2fa, I think it is unlikely for you to get hacked from that unless you lose your phone of course. Regardless of talking about security and exchange, there was never "perfect security" as hacks and exploits will always be there that's why site maintenance happens.

Both options are good you can use both options to fully secure your account, I guess it's more on picking the right exchange to trade and store your coins, Binance is such a good exchange with very good security and if there is a breach they refund their traders funds, when it comes to security it lies both on you and the exchange that you picked.

What is the  need to have that ?its too hustle  for user's who will just want to withdraw balance.

If its true that they will only save your thumb print then yes it is harder for hackers to get your account.

But what if the exchange is the one who hacked that was different story than your account you use in that exchange. You secured your account but you don't know of the balance on that exchange is always secure.

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.

I do not think it is only about newbies, it is about every of us.
You are not expected to keep huge some of amount on exchange platform, because of you.

It doesn't mean you withdraw with every trade opportunity, it means you find a way to shuffle your assets away from exchange without affecting your trades

If you decide to hold your funds on exchange, especially when you wait for a better price then you should create unique password, setup 2-fa and setup email withdrawal confirmation. But still there is a risk that exchange will be hacked and your funds will be stolen even they do not hack your password/account.

Both these two security features will save your account from getting hacked but if the whoe exchange gets hacked then these are just useless because these are also just database internal transfer so if hacker able to hack the hot or main wallet then they can able to move all the funds.

These are securities that would stop hackers from hacking but hence it's man maid, hackers must surely still look for means of intruding but for your on privacy, those tools are very secured that no one can invade in your account unless you show the person your details. It's your privacy and only you can have access to it. It's a good one from top exchanges like binance.

Those 2 option should be enough yet you already know the important thing i've quoted above which people should really do such thing.For fingerprint and 2fa then these type of security cant really
be easily breached up but you should really take care on sharing up email access or be known to others specially on some sort of email verification on where binance do ask out and the
rest i dont see any problems on using up as long you do know on how things do work.

2FA will secure you from hackers and people around you, even though there is rumor that a group of hackers bypassed 2FA. The fingerprint scanner doesn't protect you from hackers but denies access from people around you to your device. If you must use 2FA please endeavor to keep the Authentication seed, this will enable you login from another device when you add it to your AUTHY or Google Authentication. I prefer AUTHY for some reasons, but everyone has his/her choice. If you can't access your 2FA, Binance will require you to do a video proof/verification and lock withdrawal on your account for sometime. Only use exchanges when you need to trade, not as personal wallet.

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.

Both security checks (Fingerprint and 2FA) are fine and have been working, but security experts have discovered that 2FA can be bridged, but I do not know the means through which it can be bridged. However, they have also made up to 5FA, to authenticate the security system and to strengthen it.

You're not protected against anything just because of biometric security.

Most of the time these biometric security options can be reset by the hacker, e.g. using a sim swap attack or spoofing your email.

These exchanges might also get hacked on their back end, seeing their cold or hot wallets drained, irrespective of whether your account remains intact or not,

The best thing to do is just manage your own private keys.

Buy yourself a Ledger hardware wallet and keep most of your funds on there. Better to be safe than sorry.

I 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.

I believe the community members have already provided answers to your question but however, the fingerprint security is just for you and to protect your account from people that might have access to your phone, it has nothing to do with the security from the backend and about the 2fa security authenticity, it has been proven many times that 2fa security has been breach and hacker have their ways of going around it. So the best option still remain keeping your assets on non-custodial wallets

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

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

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

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.

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.

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.

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.

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     .

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

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.

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

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.

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.

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.

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.

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.

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

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.

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.

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


 

Security like 2FA and finger print scanner is not impossible to hack, so don't consider your funds are completely safe in exchanges when you turned on these features.But you can reduce the chance of getting hacked.

And more importantly this security from exchange will not save you from exchange's hack.

Using 2FA and finger scanner will reduce the chance of losing fund around you or where you live, people or friends won't be able to log into your account and steal your coins but hackers will still be able to bypass all this, do not leave your coins on exchanges

Well anyone still leaving large amount of funds on any exchange knows the best because no exchange is safe. For the first (1st) question, fingerprint doesn't protect your account from any hackers or security breaches it is only a convinent method of security whereby instead of continuously typing your login details every now and then, you can easily login and carry out other functions with your fingerprint scanner.
For the second (2nd) question, 2FA is very important in every aspect which is why in every exchange, no finds can be withdrawn without first setting the 2FA; this 2FA can still be via SMS or Google/ Authy authenticator. Also, it is good for securing your account from hackers but if the hackers were able to attack the exchange directly, it will affect all users irrespective of the 2FA because all data are stored on the exchange.

2FA is a good option to save you from only hackers if this not a SMS 2FA. But if hacker will recieve your phone... Not to leave your phone in public place alone

I didn't even think the hacked can steal the phone and it's more likely about the hacker was hijacking the phone. 2fa is not a good choice when the phone has already installed so many 3rd apps.

that makes the phone can be hijacked anytime if the owner installed a fake app.

Exchanges are enticing hacker targets because they have billions of dollars worth of cryptocurrency. There’s no guarantee that you won’t become a victim of another high-profile hack but choosing a reputable and highly secure exchange significantly reduces your chances.

It was already proven that 2-factor authentication could be also hacked, especially when you use a sms-code instead of app. Secondly, hackers could steal your money from the exchange without your login details :).

Both 2FA authentication and finger print scanner runs in the exchange website, it's part of their security authentication for users, what is the work of an hacker? To break through every single security setups the exchange might have, 2FA auth and finger scanner can't defeat hackers dear

If you lose your phone, I think you will lose everything. So make sure it is absolutely safe, personally I lost my phone in 2018 and it caused me a lot of trouble in this market and in my personal life.

First, you should know even fingerprint security and 2FA security sound totally different but they both replied on your phone. Cause of that, I'm pretty sure both 2FA and fingerprint security won't matter if your phone somehow lost/stolen/compromised. This leading back to your question, although both those look very secure but hackers usually not trying to crack them open directly. They looking for other methods to evade and bypass it in a less hassle way aka they will target your phone or device holding those securities.
As long as your phone or device holding those secure, you're pretty much safe.

Exchanges are not reliable and they can freeze your account at any time, this is a matter of a couple of seconds. Just by mistake, or maybe they so want.

Don't forget that scammers are also working hard to break the new security features so we can't feel completely safe when we are leaving our coins in an exchange even with all the security options are enabled. I don't feel the finger print scanner as a best security measure because it goes against our privacy so you put yourself under risk of getting traced when you trade in huge amount.

Personally, I still dare to do that. Leave money in the exchange. I have nothing to fear, because I believe. In this context it must be recalled, doing so must really use exchanges that are already secure in our personal opinion. so that when we save our money on the exchange, then there is no fear that we feel.

You don't need to always keep your money on exchanges, you have to withdraw it after the trading because it is not completely as safe as you are thinking. Many newbies leave their coins on exchanges. Many exchanges got hacked according to the time and that's the reason we have to be more responsible towards this thing. 

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.

actually not because binance has experienced hacking last year which is quite a lot of value, thankfully they have savings so they can do refunds but I'm sure they have improved their system, and yes I admit binance is a good exchange in its safety features, but we don'5 know in the future whether there will be a case of hack or not, as a precautionary measure if you feel you do not want to do long-term trading it is better not to store assets on exchange.

I think both of the security system you mentioned are both secure enough to protect your account, the finger print scanner is unique to you only which means only your finger print can be use,
2FA is also secure to some extent because if nobody is able to get hold of your private key to your 2FA then you are safe, so it is very important to keep your 2fa key in a secured place.

Fingerprint is just a easier way to access binance mobile and might not be needed if a hacker access through web. 2FA itself is a secure medium. Email or mobile OTP for withdrawal would make your funds safer. If you are not depositing or withdrawing, you can also use API instead of loging in to site to make your trade which would lessen the chances of getting phished.

We should never leave our coins too long on the exchange. If we don't want to trade anymore, we can withdraw the coin to our wallet.
Using 2FA is a good way to keep your account safe when hacker want to steal your account.
The problem is, if the hacker can get into exchange database, they can get any wallets details without stealing any accounts.
In other words, Passwords and 2FA are security on the client/account side, while the security of exchange infrastructure is on the exchange side.

The fingerprint scanner is an added layer of security accompanied by 2FA from app or code from an email it was required to apply it in our account to make sure that our account was safe from others. by the way, if you are afraid that someone will use your account without your permission will just make sure that only you have access in the device that you are using.but in terms of storing cryptocurrency in exchange I think it depends on any situation but so far I never encountered any glitch yet, I trust Binance and also it's platform security so theres nothing to worry about.

   I use 2FA and in feel secured. I am not a trader, and I don't like to keep my funds
on any exchange. I use exchanges to deposit, to buy what I want and after I'm withdrawing.   
   I know that exchanges hacks don't happen all the time, but I don't Luke to keep
coins there, I have hardware wallets for that purpose.

That add securities for your funds. Using hardware wallets and is the very best first line defense instead of storing
your funds inside any exchange, even the exchange is reputable there's still chance that

hackers will able to break your defense, not the entire securities of the site but your account alone can be penetrated once the hackers since opportunities.

2fa feature in the other side can give protection but
hackers are hackers they will do everything so don't let
your guards down.

If you are speaking of big exchange like binance they are very much secure compare to small time exchange. What you need is double security like 2FA along with finger print. It's always safer to use as much security settings as possible and these days reputable exchanges will make sure that you set them up before you can start trading.

IF you want best securyt you want to go with hardware wallet instead which is much more safer than exchange wallet.

So you are blindly trusting their security? It doesn't matter if you add 10 layers of security, the exchange get still get hacked and you will lose your coins even if they didn't access your coins. Just because you haven't encountered any problem so far, doesn't mean that the exchange is secure.
Even if you do believe on their security system, I would suggest you not to store any coins in any exchange.

Every exchange can be hacked at any time, but it depends on how strong the security system in the exchange is. And for 2FA, I use it too. to add more security systems, to store our assets on an exchange is too dangerous. but I dare to take the risk. Depending on the exchange, if the top exchange is definitely I dare. if the exchange is low, must be careful.

Finger print is much better of course than 2fa authentication code. Hackers can't access your account easily because they don't have a finger print like yours. But 2fa is require anytime you make a deposit and withdrawal. So,much better and more secure if you have 2fa then you also use finger print.

hackers are getting smarter every day and they can hack whatever they want. the fact is that they prepare for their hacks for a very long time because they don't want to be caught. Therefore, you need to be very careful

Binance exchanges and others have taken various steps to keep their exchanges safe from hackers, and when we trade in the market, we need an account that we need to protect from hackers. With fingerprints and 2FA which are commonly used by many people, whatever security we use, if possible we keep it very safe without just clicking on the news that comes into our email. because I believe many people can be hacked from their personal items not from exchanges,

Binance has one of the best security, the fingerprint scanner protects you from online hacker and people around the. This is because you will need this plus code sent to your mobile phone to quickly get access to your account. 2FA is another powerful method of increasing the security of your account. Unless someone has access to the google authenticator code that is generated for your binded account, it is very unlikely that someone has access. The platform is also very sensitive to IP change. if it is noticed that your location has changed, you will need to authenticate that you are the owner of the account through your mail

That fingerprint security is only in your device, so it will protect you from the people around that has malicious attempt, it is a much better alternative than pincode. But if the hackers target you remotely via phishing, etc. fingerprint protection will not help.

With Binance updated 2fa, they have added 3 2fa on withdrawals which is pretty good. They need code from mobile, email and your 2fa authenticator my recommended authenticator is Aegis and Authy which are much better than google authenticator. Also, for added security set anti-phishing code so that you will recognize which  emails are genuine and fake.

What i know the finger print only works in your device. So it won't help you if the hacker get access.

The second one, 2fa seems to be most secure to me. I'm using it right now. For withdrawal you will needed code from your mobile, email and authenticator app. That meanst 3 stage verification. Also you can active whitelist address. This won't allow to send crypto to other unknown addresses.

I think 2Fa is strong enough as a security exchange. But if you want to add security functionality, I think you can add email verification at login or code verification phones.

I would say, no matter the security features or enhancement done by any exchange whether top exchanges or not, it is not wise keeping funds on them; holding funds in private wallets has proven to be the best for a long time now. I once came across a post of list of hacked exchanges and it was terrible as the number was too much. No matter the measures put in place 2FA or whatnot, if the hackers get their way to the exchange, no user will be safe.

This option is in my opinion the best, because duplicating fingerprints is impossible for a hacker who works remotely.


2FA is also very strong, but it should be noted that when you register at one of the exchangers, make sure to use a different password from other exchangers, this is a standard procedure so that hackers don't steal other data.

You can secure your account by doing all security measures that is needed, like 2fa , fingerprint etc. Also secure your phone or laptop from malicious files that might able to attach some sniffing apps to duplicate all your identity. as for my own opinion I think binance security is good but still anything can happen online.

Everything is possible in this world the main thing is that you do your best to safe your funds in exchanges as All good exchanges have multiple security options you must activate all the options to minimize the chance of hacking. Must confirm the Exchange link and email link before going forward as almost 99% stolen funds occurred in past was due to phishing sites, emails.

In addition to this, binance has further tightened their security. If i want to withdraw from my binance accounts, i have to provide code from my sms, code from my email and also code from google authentication, which means except your reveal your privacy to another, you should be fine

The safety of 2fa either if it is finger print, email , sms or generated code depends on you.
hackers will use phishing to get around it, they will try to send you sms or email in order to bypass your security features.