Exchange security questions

[JHORN]

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

[suzanne5223]

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

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.

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

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.

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

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


 

[mersal]

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.

[Doranile432]

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

[aemma]

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.

[bitcoin_bob]

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

[Psynthax]

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.

[Buttercup123]

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

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.

[MikeyVeez]

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

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 .

[Ken_terrance]

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 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

[bussybuddy]

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

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.

[popeye95]

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, 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.

[abokhalel2]

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.

[semobo]

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

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.

[qomariah95]

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.

[beveryu778]

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. 

[Nazmul012]

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

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.

[Denongels]

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

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.

[nicecrypto]

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.

[Tipstar]

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.