Binance has been center of Crypto Trading from the time it was launched in the market. It's trading Volume, and it's market Cap kept growing. It also kept launching new products as well — one of those products in Binance chain, which is a Blockchain Platform. However, there are quite a few differences between regular blockchain platform and Binance Chain. It is the difference then Binance daily trading site, But there are few things which you should avoid.
You do not have to use your Binance login details. If you are concerned about Your Binance login details, we have a few tips for you as well, which we are going to share in tips in between the blog. So, read along with it. In one blog, you will get to know two things.
Do Not Use real Mainnet Tokens | Binance Chain
When you begin to use Binance chain test platform, make sure not to use real tokens. Since this platform is strictly for testing purposes, a user can try out any feature in it. You can create a wallet; if you are an expert trader, you can test out your trading strategies here. However, no matter how much you make here or anything related to Crypto, they have no worth. The reason is simple; they all are testing tokens, which have no benefits.
So, if in excitement you used your real crypto, you will eventually lose them. Since this is a trial phase, when It will end, you will lose your wallet and your virtual money with it.
However you will need a Binance Login account, and a minimum of 1 BNB( Binance coin) to use Binance testnet.
Now, let's see what you can do to secure your Binance login account. The first thing to do is to install a good VPN. When you use a VPN, it secures your internet network, even if a hacker is trying to steal your Binance login credentials, it will not get it, since VPN makes your Connection send to various servers around the world hiding your identity.
Do not share a mnemonic phrase or forget it.
This is an obvious step from anyone who is using crypto trading. If you somehow, under any circumstances share it with anyone, they can quickly get access to Your funds. Even Binance will not help you to recover your Funds.
However, why would you share it? If someone calls you or email you, claiming to be from Binance support team. Then if you are not careful, you may end up telling them the phrase. Once you do, you will lose control of your Binance login data.
Now, here is another important thing you need to know, Do not forget your Private key or mnemonic phrase. Since Binanee does not keep a record of your private information, they won't be able to help you in case you forget it.
So, what can you do it? Well, the best thing you can do is to write it down somewhere safe. Since it is an essential thing to know, it's better to keep writing. It helps to unlock your account as well as used in a hardware wallet to create private keys. If in any case, you lose Binance Login account, enter the phrase, and your account will get unlocked.
If you can not remember your phrase, and you want to unlock your Binance login account, then there are various procedures to do it. It depends upon on the level of user. If the user is on level 1, the user has to Do answer a few questions, do a face recognition test and send the documents to Binance to verify. After Binance verify it, they will give you details about Binance login account. For level 2 Users, It only requited Face Verification.
Do not use trading Bots or SDK | Binance Chain
When you permit to use trading both or SDK( Software development kit), You unknowingly give access to your Binane login details. It is incredibly unsafe to do it. You will end up exposing your private keys or become a victim of phishing because you do not know what kind of program it is if you can trust the company or the developer or not.
You should make sure they are genuine, only after it, you should use them. They will feature of Signing service in the future; you should begin to use as soon as it gets launched in the market.
Now, let's see what else you can do to secure your Binane login data. If you are familiar with two-factor authentication, even if you are not, it is okay. Read it about how you can enable google authenticator, Yubikey hardware security key.
Do not trade in Large amount | Binance Chain
There is machine login working behind Binance site. If you are learning to trade, do not order large amounts. Because when you do, the machine predicts, you are selling or buying. So, you may end up getting a worse price for you. It will be bad for your account and your learning curve. So, try to begin with small amounts.
As described above, the tokens used in Binance chain do not serve any monetary benefits. They are only for a Testing purpose. If someone contacts you regarding earning funds from Binance Chain, do not engage with the person. It becomes a scary situation when you lose your Binance login account details.
So, these are some tips regarding what not to do, when you are using Binance chain. Now, which one is the strongest authenticator to secure your account. According to BInance, Yubikey is the best way to ensure your Binance Login. Then comes the google authenticator app. SMS is the last option. You should use. SMS is the least consider the option because a hacker can easily replicate your Smartphone , then gain access to your confidential details. However, a Yubikey is hard to hack, thus making your account more secure.