Nowhere is safe part3

[Best-mary]

Hey guys, just as I promised in my last post https://bitcointalk.org/index.php?topic=5478134.msg63334785#

that I'll make a post on how to be secure using a centralised exchange.

I'll give a summary of everything and then send where I got my Source. As y'all know, I only talk about two exchanges which I know have tested and researched their Transparency and Security which are top-notch.

The first one is Binance; As we all know, Binance is the most secure exchange, their transparency is high of the heel. The Cex is like the moving train to which other cex look up and try to do as much especially when it comes to their Users' Funds. I can go on and on about Binance but is interesting to know that most of the community members know Binance very well. Even with all the obstacles they have faced, the hacks and all that, they keep striving to keep their user's assets SAFU

Interesting Security Tips about Binance:

Two-Factor authentication 2FA

Organizational Security

Proof of reserves (PoR)

Real-Time Monitoring

Security Notifications

Data Encryption

Secure Storage

IP Address Whitelisting

Withdrawal Address Whitelisting

API Whitelisting

Anti-Phishing Email Codes


(You can find more here https://www.coinbureau.com/analysis/binance-exchange-security/)


The other one is Bitget; This exchange is upcoming and is really doing well when it comes to security. I have been amazed at how they have been building. I mean, usually, I call this Cex Binance Reborn. I know most of you who have used this Cex know how well they have been performing. Ever since they took over this Bitkeep wallet, I haven't heard about any hack (check my previous post, you will see where I posted about the wallet Bitkeep and after Bitget took over it, they compensated users affected and since then no hack issue have been found) neither have their exchange ever been hacked

Interesting Security Tips about Bitget:

Proof of Reserves.

Protection Fund is of good rate (you check it online to see more about it)

Cold wallet storage

2FA for logins, withdrawals, and account modifications.

(You can find more here; https://www.coinbureau.com/analysis/is-bitget-safe/)

Now if you check both you can see that I did some research about these two exchanges before depositing my money in both. Some people who seem to fall victim most times of scam exchanges is that they don't usually do their research before putting their money in their. At least you need to check

1. Security: How secure is this exchange
2. POR (Proof of Reserve): How often do they update this?
3. Trading: What is their trading margin like? Do they do wash trade or not?
4. Do they compensate their users when something goes wrong?

Now when all these are in place, how do you save yourself?
1. Don't share your password
2. Use a very strong password you can include $@#&+- or numbers to make it very strong
3. Don't connect on any wifi you see. Jackets are getting smarter now
4. Use 2FA


Why am I saying this, is because of the incident I had with one exchange(I won't call the name. I'm here to educate from my experience and not to spoil any exchange name)

So, that was the first time I joined Crypto. That was late 2019. I deposited $5 into the exchange, all was working fine not until after 3 weeks I couldn't find my money. Like I didn't know what happened, even if I don't know anything about crypto as of then, I know damn well that I invested my money in my spot's account. How it happened I don't know. But what I know for sure is that that taught me a big lesson!

Good luck with your reading guys! I'll be sharing more educational stuffs from time to time and also, I tried searching for any cyber community group here as one earlier suggested but didn't find any I also did message one of the admins, preferable they can take me to a group where it can reach more audience. This is 2024, learn how to secure your money!

[MarvieJ]

You literally just mentioned the first two exchanges that resonates perfectly well with me , their UI is quite easy that a newbie can navigate through even without a guide.. I enjoy binance p2p and bitget for consistent trade competitions and their copytrading feature

[Mpamaegbu]

The other one is Bitget; This exchange is upcoming and is really doing well when it comes to security.

I don't know what your experiences are with that exchange that warranted you giving it a thumbs up. In my books, there's a lot that I don't find funny there. Though I haven't been using it for a long time, I discovered that tokens which aren't listed in the coin market can find their way to that exchange. Yeah, those tokens may not be tradable but for the fact that they're enabled on that exchange leaves little to be desired. There's a particular token alleged to be a scam, it's an ongoing mining token that is allowed to be added there with a Contract Address. The only thing the exchange has done is to give out a "Suspicious Scam Token" warning if anyone tries to add or trade it. I thought as a Cex, tokens don't get added on the exchange if they haven't passed scrutiny. One can understand that if it were a Dex.

[Best-mary]

The other one is Bitget; This exchange is upcoming and is really doing well when it comes to security.

I don't know what your experiences are with that exchange that warranted you giving it a thumbs up. In my books, there's a lot that I don't find funny there. Though I haven't been using it for a long time, I discovered that tokens which aren't listed in the coin market can find their way to that exchange. Yeah, those tokens may not be tradable but for the fact that they're enabled on that exchange leaves little to be desired. There's a particular token alleged to be a scam, it's an ongoing mining token that is allowed to be added there with a Contract Address. The only thing the exchange has done is to give out a "Suspicious Scam Token" warning if anyone tries to add or trade it. I thought as a Cex, tokens don't get added on the exchange if they haven't passed scrutiny. One can understand that if it were a Dex.

I can't really relate to all these you mentioned. I'd like to know more about what you've experienced with the cex because I'm always using it same with Binance and I can tell you, I haven't come across all these you said

[Altcoiner007]

I found these to be an interesting read, considering the title. Like many other crypto Investors, who've used both exchanges highlighted here, I can agree that Binance is one exchange that many other exchanges look up to. I couldn't have agreed putting Bitget side by side Binance but your description of the formers as an upcoming yet doing well enough to gain investor's trust and coining it "Binance reborn" makes it more convincing. I read Bitget has been steadily growing their their User protection fund which currently stands at US$442 million and steadily going towards Binance's Secure asset fund seems like an exchange with some giant strides. However, with your submission, will you still day nowhere is Safe? Dx

[Nechiequ]

I found these to be an interesting read, considering the title. Like many other crypto Investors, who've used both exchanges highlighted here, I can agree that Binance is one exchange that many other exchanges look up to. I couldn't have agreed putting Bitget side by side Binance but your description of the formers as an upcoming yet doing well enough to gain investor's trust and coining it "Binance reborn" makes it more convincing. I read Bitget has been steadily growing their their User protection fund which currently stands at US$442 million and steadily going towards Binance's Secure asset fund seems like an exchange with some giant strides. However, with your submission, will you still day nowhere is Safe? Dx

With all the information about bitget and binance, it seems that both of them show very interesting potential in the crypto world. It's just that sometimes we forget about the actual developments, but let them decide (investors).

[Best-mary]

I found these to be an interesting read, considering the title. Like many other crypto Investors, who've used both exchanges highlighted here, I can agree that Binance is one exchange that many other exchanges look up to. I couldn't have agreed putting Bitget side by side Binance but your description of the formers as an upcoming yet doing well enough to gain investor's trust and coining it "Binance reborn" makes it more convincing. I read Bitget has been steadily growing their their User protection fund which currently stands at US$442 million and steadily going towards Binance's Secure asset fund seems like an exchange with some giant strides. However, with your submission, will you still day nowhere is Safe? Dx

Glad you find it interesting and helpful and yes, the exchange is steadily updating their users protection fund. You can easily locate it in their app

[Best-mary]

I found these to be an interesting read, considering the title. Like many other crypto Investors, who've used both exchanges highlighted here, I can agree that Binance is one exchange that many other exchanges look up to. I couldn't have agreed putting Bitget side by side Binance but your description of the formers as an upcoming yet doing well enough to gain investor's trust and coining it "Binance reborn" makes it more convincing. I read Bitget has been steadily growing their their User protection fund which currently stands at US$442 million and steadily going towards Binance's Secure asset fund seems like an exchange with some giant strides. However, with your submission, will you still day nowhere is Safe? Dx

With all the information about bitget and binance, it seems that both of them show very interesting potential in the crypto world. It's just that sometimes we forget about the actual developments, but let them decide (investors).

Yup they do. From other cex experience I had, I can say this both have been one of the best and is good that they're keeping up with the standard out there

[Nechiequ]

I found these to be an interesting read, considering the title. Like many other crypto Investors, who've used both exchanges highlighted here, I can agree that Binance is one exchange that many other exchanges look up to. I couldn't have agreed putting Bitget side by side Binance but your description of the formers as an upcoming yet doing well enough to gain investor's trust and coining it "Binance reborn" makes it more convincing. I read Bitget has been steadily growing their their User protection fund which currently stands at US$442 million and steadily going towards Binance's Secure asset fund seems like an exchange with some giant strides. However, with your submission, will you still day nowhere is Safe? Dx

With all the information about bitget and binance, it seems that both of them show very interesting potential in the crypto world. It's just that sometimes we forget about the actual developments, but let them decide (investors).

Yup they do. From other cex experience I had, I can say this both have been one of the best and is good that they're keeping up with the standard out there

Valid information is very necessary for us to know the real development, it's good if you have it, and the disclosure of a large company is very important to pay attention to because i used to have problems due to my carelessness without knowing the real development.

[DapanasFruit]

I am right now a heavy user of Binance though it might be coming to an end as the government here is keen on stopping the platform from continuing business for lack pf permit and I think Binance is not interested to get into the regular regulatory process though I can be wrong as there is no formal announcement from Binance yet. One of the many things I love with Binance is its hassle-free P2P feature which is really making things in crypto a breeze. In terms of security, yes it once suffered a big breach but since CZ is a visionary he put in place an insurance system within the platform so no user can lost their funds. It is sad that CZ right now is facing imprisonment which I think is quite unfair as he is not Sam of FTX.

[jrrsparkles]

The other one is Bitget; This exchange is upcoming and is really doing well when it comes to security.

I don't know what your experiences are with that exchange that warranted you giving it a thumbs up.

The brand has been using the shilling method all over the forum for months in the most creative way. Literally, OP mentioned nowhere is safe in the title but in the context, he is saying one most used exchange and another new exchange that is found doing multiple shady activities like introducing themselves as having no KYC when the government forced every exchange to mandate KYC and in a month or two they also mandated KYC.

[Sophokles]

This topic is so important that now we need Part 3 for it. By the way, the information the OP shared is widely available on the internet, and if i am not mistaken, people in this forum are already familiar with account security at these levels. I haven't found anything unique that i need to work on, but thanks for the info anyway, as this reminds me of all the available options that i can implement to increase security. In this current world most people have an online presence so i agree that we all need to be careful about our online security.

[Belarge]

This topic is so important that now we need Part 3 for it. By the way, the information the OP shared is widely available on the internet, and if i am not mistaken, people in this forum are already familiar with account security at these levels. I haven't found anything unique that i need to work on, but thanks for the info anyway, as this reminds me of all the available options that i can implement to increase security. In this current world most people have an online presence so i agree that we all need to be careful about our online security.

No where is preferably safe, just be extremely careful and watch your back, because trusts doesn't exists in the space no more. Everyone strives for substantial gains and not beckoning on any aides, it gives us reason to always maintain balance level of security and don't ever expose your key phrases to anyone because this modern generation are into frauds, they're so intelligent that they now uses codes to cracks wallets, specially the hardware wallets. The information in our current world are encrypted especially when it have to do with with the legit projects in the crypto space.

[xeqoRameshAxueamExaqana]

as the largest exchanger in the world, of course binance has facilitated the security of its accounts from 2FA etc. passwords are obviously very important so stupid if the password is shared with others it's the same as giving the key to your treasure vault to others.

[JeffBrad12]

as the largest exchanger in the world, of course binance has facilitated the security of its accounts from 2FA etc. passwords are obviously very important so stupid if the password is shared with others it's the same as giving the key to your treasure vault to others.

well if 2fa is on even the password gets leaked to some other people it won't change a thing, the thing with most of the exchanges nowadays they also determine authentication from geolocation, email confirmation, 2fa, even trading require personal pin or passwords to be set, then withdrawing money requires combination of all of them i think its pretty safe enough these days I rarely find people getting hacked of their account other than they deliberately sharing their private information towards some random strangers basically get baited into filling that shady form inside scam sites.
its always individual mistake not the exchange mistake that usually causes people to be losing their money in the exchange. but well there are cases where some exchange got their customers private data leaked thats when thing got tough and definitely the exchange need to reimburse. despite the fact that we all know some exchange are just straight up asshole.