Exchange security questions

[Festac]

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

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[minairia3]

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

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.

[ife2020]

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.

[Byakuga]

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

[khiholangkang]

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

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.

[durilup]

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

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

[BlacksmithCorporation]

- 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.

[isaac_clarke22]

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.

[aioc]

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.

[Kupid002]

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

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.

[batang_bitcoin]

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.

[cytpoway121]

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

[timmmers]

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.

[akram143]

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

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.

[Firefoxx]

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.

[dunfida]

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

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.

[key4co.in]

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

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.

[itsv]

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.

[Denreal]

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.

[DarkDays]

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.