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How Safe is Binance According to the Top Hackers [Must Read Review]

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Binance exchange is a rapidly growing cryptocurrency platform with great bandwidth and infinite scaling margin. This service supports over 100 cryptocurrency pairs. Using this technical platform, more than 6 million registered users make around 1.5 million transactions every second per day.

How Safe Is Binance Exchange?

This platform offers simple trading conditions to the users, but a question that remains in the mind is “how safe is Binance?”

In March 2018, the third-party application requested users’ secret keys for a transaction and later Bitcoin prices were raised.

As a result, Binance platform is entirely changed with new transaction options. The platform even paid off to the users, so there was no money loss for the users.

This service currently runs on a centralized management system with total control over coins and transactions. However, the new version is planned to be on a decentralized site.

Since Binance is not a wallet, or cold storage and does not support any smart contracts, it’s ensured that Binance is a safe exchange platform for users.

What are Binance Security Measures?

Following are the main security measures that Binance exchange platform offers: 

1. Use Latest Technology to Secure the Platform

At Binance, the professionals only rely on the latest technologies for maintaining better integrity of every transaction and each account. These new technologies rely on artificial intelligence (AI) for facial recognition and identity. Even data analytics solutions are used for monitoring every movement on the platform. Therefore, it’s easy to find any suspicious activity and call out for cyber forensic investigations. In the investigation, the experts work to trace the roots of any hack attempts on the platform. If there were any hack attempts, appropriate measures are taken instantly to fail the intruders. 

2. Binance’s Customer Service is Unbeatable

According to Binance’s support team, they have helped thousands of users in retrieving their lost money. In many cases, their customer support service even takes extra steps to ensure complete customer satisfaction. So far, they have retrieved over 3,229,045.91 crypto tokens of distinct denominations for the registered users. 

3. Risk Control System Constantly Analyses Unusual Activity

With advanced technology and personnel intellect, Binance has a strong risk control management system. This high-tech system is efficient enough to analyze every unusual movement on the site. Their system is constantly looking out for suspicious activities and irregular trades, so it’s almost impossible to hack it. 

4. The Secure Asset Fund for Users (SAFU) Promises Safety Commitment

At Binance, the customer support team ensure that every user using their exchange are protected from hackers, even in the most unlikely situations. In July 2018, they created the Secure Asset Fund for Users (SAFU) for allocating 10% of transaction fees for offering insurance to any potential breach.  

5. Binance Works With Highly-Qualified & Skilled Risk Management & Data Professionals

Binance ensures user safety on their investments as it claims to offer the best platform-wide security. They work with some of the best professionals in their AI, cyber forensics, big data, and other fields. All these security professionals work each day to refine their big data systems and AI with deep knowledge of dealing with risks that need to be resolved in the trading ecosystem. 

How Safe is Binance Wallet?

The additional security is ensured with two-factor authentication, which is a combination of a password and code sent to the user by SMS or via the Google Authenticator app. 

It is recommended not to keep the coins on the exchange platform. This is because the site may be hacked or someone may get access to your account password. You must store each currency only in the cold wallets and transfer the amount to Binance when you want to make the actual deal.

The verification process includes

  • ID Card Image
  • Real Name
  • Selfie with ID Number and Photo

After reaffirmation of this information, the user can withdraw 100 BTC every day. Every trader must undergo this check before the transaction for extra safety. 

What Happened When Binance Was Hacked?

It was shocking news when on August 7, 2019, the world’s biggest cryptocurrency exchange was victimized to a hacking scenario. This scandal saw miscreant allegedly taking possession of a large chunk of the company’s Know Your Customer (KYC) data. 

Reportedly, the hacker was demanding approximately 300 Bitcoins (around $3.5 million) from Binance platform or else the data would have been released everywhere. 

Hackers also targeted certain Telegram groups, featuring a large number of sensitive data. However, all the data lacked Binance’s digital watermark. So, there were some doubts about the authenticity of the material.  

On this sensitive subject, Binance’s security team mentioned that no evidence proved that the data has been obtained from the Binance exchange platform – as there was no watermark of the company.  

They also claimed that the images released by the hacker could be from the older times when the premier trading platform was using third-party service to process their KYC verifications.  

The exchange also asked the hacked to provide them detailed information about the source from which they collected the KYC data. But the individual only demanded the 300 BTC and didn’t provide any further evidence to prove the authenticity of the content.  

Binance’s remedial measures to control the bleeding

Binance’s security team took firm measures to control damages and offered a reward of over 25 Bitcoins to anyone who could supply them the information to track down the hackers in this incident. Later, the issue was resolved as the hacked data was not genuine.  

But the leading crypto exchange also lost around 7,000 Bitcoin (approx. $40 million) at the time of hack rumors. However, nothing has affected the image of the company so far. Binance’s performance has only improved over the years, according to hackers and users.  

How Safe is Binance – Can I Store Coins There?

We would not suggest you to keep all your coins on the one exchange but yes, you can store coins on Binance. The traders can store their Bitcoins or Altcoins on their online wallet. The current balance is visible by clicking on “Balances” and “Tools.”

Steps to withdraw money from coins: 

  • You may use the “Withdraw” option to protect the coins
  • Enter the wallet address
  • To withdraw the coins, the exchange will charge a small fee

Ripple on Binance 

If you want to take Ripple, you have to use the Limit or Market orders. The Ripple amount is shown on the first window along with the inscription “Price”. The online trader must indicate an “Amount” for buying the sum in the second field.  

Later, choose the different percent of the saved coins for exchange, for example, 20%, 60%, or all the available funds. The new coins received in the platform for each operation are also displayed in the “Amount” window.  

Now, Click on the Buy XRP button. 

Binance for iOS 

Here’s how to install Binance app on an iOS device:

  • Download the Binance app for iOS. Let it install. 
  • Open Settings > General > Device Management. Now, fill up the trust field. 
  • The application is all set to run. 

Conclusion

If you still doubt, whether Binance is a safe exchange, let’s say it aloud – it a secure platform. With 4.5 ratings out of 5, this exchange platform ensures all trading process is safe and secure. The site makes use of a pin code, as well as a new generated secret key to reach to open a registered account. Plus, there are not serious hacks committed in Binance history. This assures that the leading exchange is safer to use.

The post How Safe is Binance According to the Top Hackers [Must Read Review] appeared first on Web's Most Useful Blockchain Articles.

Source: https://railsonwave.it/how-safe-is-binance/

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The Digital Age Is Here: Crypto And Fintech Companies Soar, While Bank Stocks Tank

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2020 has been so far a challenging year. Issues such as the Australian wildfires and the global COVID-19 pandemic have harmed the planet and its inhabitants. The financial world has also suffered, especially during the first several months.

The effects are evident within different sectors of the financial industry. While some have felt adverse consequences during these uncertain times, others have thrived and reached for the stars.

BNN Bloomberg’s senior anchor, Jon Erlichman, recently published some stocks’ price performances for banks and fintech companies and the two largest cryptocurrencies – Ethereum and Bitcoin.

CryptoPotato exemplified it with the graph below. It concludes that innovative fintech companies such as Square and PayPal have massively outperformed the old dogs – the banking sector. Bitcoin has also experienced a notable YTD price surge, while Ethereum has trumped them all with a substantial triple-digit surge.

YTD Price Performance Of Crypto, Fintech Companies, And Bank Stocks. Source: CryptoPotato
YTD Price Performance Of Crypto, Fintech Companies, And Bank Stocks. Source: CryptoPotato

YTD: Bank Stocks Haven’t Enjoyed 2020

The stocks of some of the world’s largest banks were on a roll since the previous financial crisis over a decade ago. Bank of America shares had increased approximately ten-fold since 2009 to their highs in February 2020 of about $35.

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In the same period, Citigroup stocks went from $15 to $80, JP Morgan Chase & Co (JPM) from $20 to $140, and Wells Fargo (WFC) surged from $11 to above $50.

However, the COVID-19-prompted crisis took the world by storm this year. March alone saw price slumps not seen in decades. Most of the aforementioned bank stocks lost about 50% of its value in merely days.

Although their shares have picked up from the March bottoms, the graph above demonstrates that their year-to-date performance is still in the red. JPM is down by 30%, Bank of America by 33%, Citigroup by 46%, and Wells Fargo has it the worst – 58% YTD dump.

Other financial service corporations, such as Western Union (-17%) and American Express (-19%), have also lost significant chunks of value since the start of the year.

It’s worth noting that one of the most old-school investors and biggest supporters of the banking sector, Warren Buffet, sold the majority of his bank stocks this year.

Financial Companies In The Green

Although the crisis reached all companies on the graph above, some have not only recovered but actually increased in the following months. MasterCard stocks plummeted from $345 to $203, while Visa’s nosedive started from $213 and ended at $135. Nevertheless, both companies’ shares are slightly in the green on a year-to-date basis.

Two other financial service companies, but primarily focusing on online endeavors, have marked substantially more impressive YTD results.

PayPal’s stocks (PYPL) started 2020 at $110 and have increased by 94% since then, despite the mid-March slump to $85. Jack Dorsey’s Square’s yearly gains have even seen triple-digit percentages. The 55% dump in March was only a brief obstacle in SQ’s way towards a 178% surge since January 2020.

Interestingly, both firms have embarked on cryptocurrency-related activities in recent months. Square purchased $50 million worth of Bitcoin, while PayPal announced that it will enable its US-based customers to buy, sell, and store several digital assets.

What About Bitcoin And Ethereum?

The cryptocurrency market was not exempt from the mid-March madness. Some alternative coins lost up to 80% of value in hours. The two most well-known representatives, namely Bitcoin and Ethereum, dipped to $3,700 and below $100, respectively.

Percentage-wise, those developments equaled about 50% of losses. However, the rest of the year has been significantly more positive for both. Bitcoin, regarded by some as a safe haven tool with similarities to gold, has overcome its massive slump.

Whether it’s the growing interest from institutional investors, the third halving, or giant companies buying BTC for its store of value characteristics, Bitcoin has surged by more than 80% YTD. Just a few days ago, the primary cryptocurrency charted a new yearly high of over $13,000.

Ethereum, on the other hand, has been widely utilized this year in the ongoing decentralized finance trend. Its blockchain operates as the underlying technology behind most DeFi projects.

This increased utilization led to some unfavorable consequences such as slow transactions and high fees and highlighted a few of the network’s weak points. Price-wise, though, none of that matter as ETH has been on a roll during most of the year, especially since the summer.

As a result, the second-largest cryptocurrency has become the best-performing asset from the ones mentioned above, with an increase of over 200%.

What Could All Of This Mean?

The world is undoubtedly going through changes, primarily prompted by the COVID-19 reality. Social distancing and people working from home have driven society into becoming even more digitally-focused.

The financial world won’t be left behind. People seek more online ventures, and digitally transferred funds will eventually become the new normal.

As such, the decline of traditional financial institutions like banks, and the rise of innovative technologies, including cryptocurrencies, could be just the start of the mass transition to the online world.

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Source: https://cryptopotato.com/the-digital-age-is-here-crypto-and-fintech-companies-soar-while-bank-stocks-tank/

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These Are Ripple’s Relocation Options if it Moves Out of the United States

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Ripple has expressed dissatisfaction over the regulatory uncertainty surrounding cryptocurrencies in the United States. Apart from this, the San Francisco-based firm has also decided to act. By moving out of its home turf. But where will Ripple move next? Here are the relocation options.

Ripple’s Asia Options: Japan, Singapore & the United Arab Emirates

When Ripple’s co-founder and Executive Chairman Chris Larsen threatened to move out of the United States over the federal government’s anachronistic attitude towards cryptocurrency regulation, the message was clear.

During a virtual interview with Fortune at the LA Blockchain Summit, Larsen dropped the ‘relocation bomb.’ The Ripple co-founder also added that the US is far behind in the cryptocurrency regulation game compared to its counterparts. To the point that it actually risks losing its financial innovation edge to China (in particular).

Continuing his commentary, Larsen said that the U.K. and Singapore are the most probable destinations for the company to relocate if it moves base out of the country.

However, yesterday, in an interview with Bloomberg, Ripple CEO Brad Garlinghouse added Japan and the United Arab Emirates too to the list of Asia options. Elucidating the reason for extending the list, he said:

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The common denominator between all of them is that their governments have created a clarity about how they would regulate different digital assets, different cryptocurrencies.

He reiterated Chirs Larsen’s stance about the United States’ uncertain regulatory roadmap. He also referred specifically to the conundrum of categorizing cryptocurrencies into a commodity, a currency, a property, or security.

Moving out of the US is more of a compulsion than a desire, Mr. Garlinghouse explained. Ripple would have continued to operate from their home turf if the cryptocurrency regulation scenario was not colloidal.

Ripple is definitely a proud US company and we’d like to stay in the US if that was possible, but we also need regulatory clarity in order for us to invest and grow the business.

Love For London And The United Kingdom

Apart from Asia, Ripple is also strongly considering the UK as an option. This became clear when in an interview with CNBC, the CEO applauded the clarity regarding XRP’s regulatory status in the country.

“What you see in the U.K. is a clear taxonomy, and the U.K.’s FCA took a leadership role in characterizing how we should think about these different assets and their use cases,” Garlinghouse said.

The outcome of that was clarity that XRP is not a security and is used as a currency. With that clarity, it would be advantageous for Ripple to operate in the U.K.”

This is clearly where the US is failing, Mr. Garlinghouse remarked. Although the U.S. Securities and Exchange Commission is clear on Bitcoin and Ethereum not being securities, when it comes to XRP, the authority has mostly stayed mum, which in turn has left the cryptocurrency’s status ‘shrouded in uncertainty.’

The clarification regarding XRP’s ‘security status’ is crucial for Ripple. Even though the company claims total disassociation from the XRP ledger and the token, it still owns 55 billion of the total 100 billion XRP supply.

Apart from the United Kingdom and the aforementioned countries in the Asian continent, Ripple has also shown interest in Switzerland for setting up its headquarters.

Ripple (XRP) price climbed up higher but not necessarily in response to Ripple’s decision to leave the US. The rally can be mostly attributed to bitcoin rushing for the stars with its explosive break past the $13,000 mark.

Will the cryptocurrency-based fintech firm be able to operate with total and unequivocal regulatory clarity in the above countries? It still remains to be seen.

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Source: https://cryptopotato.com/these-are-ripples-relocation-options-if-it-moves-out-of-the-united-states/

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ETH Cools Off After 13% Weekly Gains, What’s Next? (Ethereum Price Analysis)

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ETH/USD – Bulls Retest Bearish .618 Fib Resistance

Key Support Levels: $410, $400, $387.
Key Resistance Levels: $416, $421, $439.

Ethereum saw a strong 13% price surge this past week as it reached as high as $421 (1.414 Fib Extension). More specifically, the buyers could not close a daily candle above the resistance at the bearish .618 Fib Retracement at $416.

After heading back into $400 yesterday, the bulls have rebounded and are now retesting the aforementioned level.

ethusd-oct24
ETH/USD Daily Chart. Source: TradingView

ETH-USD Short Term Price Prediction

Looking ahead, once the buyers break $416, the first level of resistance lies at $421.50 (1.414 Fib Extension). This is followed by resistance at $434, $439 (August 2018 Highs), and $445 (bearish .786 Fib). $450, added resistance lies at $462 and $475.

On the other side, the first level of support lies at $410. Beneath this, support is found at $400, $387 (.382 Fib), and $377 (.5 Fib).

The RSI is approaching overbought conditions but still has room to push higher before becoming truly overbought.

ETH/BTC – Bulls Testing 100-days EMA Resistance

Key Support Levels: 0.0311 BTC, 0.0305 BTC, 0.03 BTC.
Key Resistance Levels: 0.0327 BTC, 0.0337 BTC, 0.0341 BTC.

Against Bitcoin, Ethereum struggled this week as it dropped as low as 0.0305 BTC. It has since bounced higher to climb back above 0.031 BTC to trade at the current 0.0318 BTC level. It is now testing resistance at a 100-days EMA and must overcome this to head back toward the October highs at 0.0337 BTC.

ethbtc-oct24
ETH/BTC Daily Chart. Source: TradingView

ETH-BTC Short Term Price Prediction

Looking ahead, if the bulls can break the 100-days EMA, the first level of resistance lies at 0.0327 BTC (bearish .236 Fib Retracement). This is followed by resistance at 0.0337 BTC (March 2019 Support – now resistance), 0.0341 BTC (bearish .382 Fib), and 0.035 BTC.

On the other side, the first level of support lies at 0.0311 BTC (.618 Fib). Beneath this, support lies at 0.0305 BTC, 0.03 BTC, and 0.0295 BTC (200-days EMA).

The Stochastic RSI recently rebounded, which put an end to the downward pressure. For a bullish recovery above the 100-days EMA, the RSI must pass the mid-line to indicate bullish momentum within the market.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/eth-cools-off-after-13-weekly-gains-whats-next-ethereum-price-analysis/

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