Binance Beginners Guide

Binance has become a pioneer in the world of cryptocurrencies trading.  In a short time, It created a base of Valuebal users and added the most significant trading volume on a Crypto trading site. However, there are many things which users do not know. Since Binance site is based on Blockchain technology, there are various things in binance which Could be helpful for a user if he would know about them.

For Example How to Secure your Binance exchange login details, How to enable two-factor authentication? What is Withdrawal address whitelist? These are just the tip of the iceberg in the world of Binance. The more a user know about it, the better a user can operate the account in a better way. So, through this post, we wanted to explain some of these essential things related to it.

We are going to assume you have already created an account. You are already logged in via Binance login page.  We are going to start with two Factor Authentication.

What is 2FA?

We will explain in a very Simple Terms, what is two-factor authentication. Let's understand it via a lock. When you are locking your House, you use one bolt,  it is one layer of protection. However, as soon as you installed an alarm, which Goes off as soon as someone makes a forced entry into your house. So, the police instantly know about it, thus saving the house.

The two-factor authentication works on the same idea, but its Digital.  When you create an account, then make a binance login. There are chances hackers might steal your password. Once they have a password, they will take all your Cryptos.

So, To save you from this situation, 2FA is required. There are almost endless methods, how a hacker can steal your data. However, two Factor is designed in such a way; it prevents theft.

There are three layers of a factor in this context. The first one is the Knowledge of users, which includes passwords. The second layer is how users use the site, either on the phone or on the computer. Then There are Biometric Traits which have Fingerprint.

Now, If you want to protect your account, you have to use at least two locks, just like in a home. Every time you are on a Binance login page, you need to provide two different keys for the bolts to grant access to your account.

Now we will see what different two-factor authentication to allow During your Binance Login.

SMS AUTHENTICATION METHOD

When you are creating your account, you need to provide your phone number as well. It can be used for 2FA. Every time you need to do a binance login, It will send you a message. The message has a verification code which needs to put for the login. It gets expire after some time as well.

Now, Everything has a pro and con. The strong point of SMS is the easy way of using it. You receive a message and then it out it. No further things are required to do. There is no need to use additional applications.

However, there are cons of it too. They can get easily spoofed or cloned easily by hackers. So, when you are sleeping, you would receive a message which is also received by the hackers. So, now, your account is gone.  The other things are it needs a continuous cellular connection, which if happened to break during a critical time. You can face these issues. We are just making you aware of it.  

The second method is to use google authenticator method. For installing it, you need to download it from the Google Play store and iOS store. The process is quite simple — every time you need to do a Binance login. Google authentication sends you a verification code to verify. For login, you enter the password; then you get access to your account.

The strong point about it is secure encryption. The hackers can not easily access it.we are saying quickly because There are stories on the internet about it getting hacked. However, as compared to SMS, it is secured.  

Google authenticator Provides you a secret key of 16 Digits as well. No matter what happens, First write it down and hide it somewhere safe.  If you ever lose your device, the only way to recover your account is to use the secret key. Binance does not have any access to your account, So if you lose it, Only you can recover it.

What method you want to use is entirely up to you. So Compare then both, then decide it.

How to setup SMS Authentication and Google Authentication

We have explained what SMS is and google authentication. What are the pros and cons of Using it,  But you also need to know how to enable them for securing your Binance login? After having binance login, Go to security. There you will find the option for SMS authentication.

Click on enable to begin the process.

First, you have to select your country, then enter the mobile number. Click on Send SMS. After some time, you will receive a verification code. Once you enter it, Now you can enable SMS authentication. Every time you are doing Binnance login, you will receive the message to enter the code.

Let’s See how to Enable Google authenticator.  Head to security; there, you will see Google authentication.  Select enable. Download the app from the app store according to your Smartphone operating system.

Once you have downloaded it, Open it. Head to the option of Scan a Barcode.  Scan the barcode from your phone. You have completed two steps of it. On the third step, you will receive the Secret key. Write it down, put it somewhere safe. We told you before if you ever lose your smartphone, this key is the only way to recover your account.

On the Fourth step, you are going to need to enter the account password and the six-digit code. After entering it, now your account is Two factors secured.

In the next Blog, We will talk about other things in Binance.

Source url:- Binance Official site