Exchange security questions

[Twinkledoe]

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.

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[htsy585]

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

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

[Zemomtum]

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

[ahyadinnn]

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.

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

[GreatArkansas]

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.

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

[ballerin and giroud]

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.

[Little Mouse]

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.

[judeafante]

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.

[wingfield_crypto]

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

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.

[shoreno]

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     .

[Mighty_crypt]

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

[Shallow]

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

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.

[Balladtony77]

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

[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.

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.

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.

[Sendi blackspade team]

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

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.

[Crypto_lion]

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.

[tiang_tower]

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.

[Google+]

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.

[cassavachips]

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.

[Raflesia]

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.

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

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.