The crypto market is always on the go. It is improving with high speed every day and many people become a part of this developing industry because of the profit they are looking for to earn from this market.
A large amount of money is trading on cryptocurrency exchange platforms every day so it becomes a great target for hackers. More than 50% of these exchange software has security holes. These security holes make these exchanges to vulnerable software
Until today billions of dollar has been stolen by hackers, so it’s a must for exchange owners to think of a strong foundation for secure trading.
There are some essential security features that each exchange must have:
Essential security features for a crypto software
Secure wallet storage
Different crypto exchanges have wallets where their users can hold their fiat and cryptocurrencies in it. Most of the hacks that occurred for exchanges were the result of attacks on wallets. So because of this, each exchange should have a wallet that is secured with multi-layer security features, such as multi-signature authentication, high-security password, session log out, and fingerprinting or face recognition.
In case any attacks happen a secure wallet will be safe and attackers can’t have access to these wallets.
Registry lock enables the owner of the exchange to secure the platform by locking the domain information on various operations. This will stop hackers to change the details or modifying the DNS server and achieving access to the platform.
Based on the survey by ICOrating.com, 2% of the existing crypto exchanges have this feature. It’s time to upgrade their software.
Anti-DDoS security protocol
DDoS stands for Distributed Denial of service. It is an attack where users cannot access the network program. The attackers use this to send huge traffic to the exchange and send some fake visitors to the exchange in order to take the control of this platform.
make sure that your cryptocurrency exchange software development company adds these security layers to your exchange website.
Is Binance Safe?
Binance is one of the most popular and famous exchanges among traders. Binance offers various services to its customers and large trading volumes Binance is a host for millions of traders because of its good reputation.
Binance is a crypto exchange platform where you have the chance to trade various digital coins. This exchange is active since 2017 and it’s providing services all around the world. On Binance, users are allowed to transfer cryptocurrencies using credit/debit cards or bank transfers. Binance also supports a trust wallet which is a safe way to store the users’ cryptocurrencies. It is available for IOS and Android mobile phones.
To talk about Binance security issues that have been faced we can talk about one of the incidents that hackers became successful to find access to about 40 million dollars. But the other problem was that the hackers stole the security information from people’s accounts.
Binance refund all the stolen money to the users from their own pockets, since then Binance didn’t face any security issues.
It seems that they worked on their security holes and they update and fix their security bugs every day.
But the fact that they cover the lost money says a lot about them.
If you are new to using Binance you may be wondering Is Binance safe? In the following text, you will read about the security features of Binance.
How does Binance protect its users’ assets?
Binance has a secure platform for its users to ensure the safety of their assets. Binance keeps a portion of every transaction in case any problem or loss happens. This method will enable users to get back their money in case their money gets lost in the Binance exchange.
There are more features that are added to the platform to keep the funds protected. Address whitelisting and device restriction can be two examples of these features. You can read about the other security factors in the following text.
Secure storage: Most of the funds are held in an offline cold wallet.
Sign-in protocols: Binance has provided strict sign-in protocols using 2fa, including hardware, app-based, SMS, and email methods.
Access Control: Advanced access control provides users with selective security features such as IP address list and wallet whitelist, API access control, and device management.
Warning notifications: sending security emails, sms for any suspicious activity that is detected. Users can manage their accounts and control unwanted access to their accounts.
Real-time monitoring: unusual activity will suspend the withdrawals about 24-48 hours. They have a risk management system that analyzes every withdrawal. Any password reset or email change.
Advanced data encryption: they protect their users’ data with KYC and by encrypting data in storage.
Whitelisting: whitelisting is a strategy that each individual user can take action on the computer that is already allowed by an administrator. In another word, they have access to the specific device that has been allowed before by the administrator.
There are different reasons why C++ is the best language choice for blockchain applications like Bitcoin.C++ doesn’t need a time that stops the world or manages the memory, giving your application complete control over this behavior. By using C++ the experts can detect vulnerabilities and security weaknesses in codes easily.
Now we read about the Binance security system what can users do to secure their account?
security tips for Binance traders
If you want to add extra layers of security to your Binance account, do the following steps:
- Don’t share your password with anyone
- Don’t call the phone numbers that claim to be from Binance staff or the support team.
- Binance employees won’t ask for money so don’t send money to persons claiming to be a Binance employees.
- Activate the 2fa (Google Authenticator or SMS authentication).
- Every time you log in to Binance.com it’s recommended to use the security mode without any browser extensions.
- Active the anti-virus software to find the viruses as soon as possible and destroy them