Binance is the world’s largest cryptocurrency exchange by trading volume and one of the fastest-growing companies in the blockchain space.

So is Binance secure? This is a question that gets asked a lot, especially by those new to the crypto space. And it’s a valid question – after all, cryptocurrencies are often associated with stories of hacks and theft.

Here’s a look at some of the key security features of Binance and how they work to keep your funds safe.

Two-Factor Authentication

One of the most important security features of any online account is two-factor authentication (2FA). This adds an extra layer of security by requiring you to enter not just your password but also a code from your phone whenever you want to log in or make a withdrawal.

Binance offers 2FA via Google Authenticator or Authy, both of which are popular and well-respected apps. We recommend using Authy, as it offers some extra features like backup and recovery that can come in handy if you lose your phone.

With 2FA enabled, even if someone knows your password they won’t be able to access your account unless they also have your phone. So if you’re worried about someone hacking your password, enabling 2FA is a must.

Encrypted Wallets

Binance uses industry-standard encryption to protect all wallets on the platform. This means that your funds are stored in an encrypted format that can only be decrypted with your private key – which only you have access to.

Even if someone were to gain access to Binance’s servers, they would not be able to decrypt and steal your funds.

Withdrawal Limits and IP Verification

one thing we don’t like about Binance is that there are limits on how much you can withdraw each day without verifying your identity first. These limits are pretty high – 2 BTC per day for unverified accounts, 100 BTC per day for level 2 verified accounts – but if you want to withdraw more than that you’ll need to go through the KYC process.

The KYC process is simple enough – just upload some photos of yourself and some ID documents – but it does take a bit of time and effort. So if you plan on withdrawing large amounts of crypto from Binance we recommend getting verified in advance.

Another security measure related to withdrawals is IP verification. This is an optional setting that adds an extra layer of security by requiring you to confirm any withdrawals from a new IP address via email or SMS.

So even if someone knows your password and has access to your email or phone they won’t be able to withdraw funds from your account unless they also have access to your physical location.

This setting can be found under the “Security” tab in your account settings. We recommend enabling it if you want maximum security for your account.