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I hope everyone is doing well today. It's the weekend after all so it's the time where most of us take our time to slow down a bit and enjoy the best of things that life offers. We do deserve some breaks and so we must not feel guilty having them. It's good for the mind and body :)
Anyway, I had a wee adventure in Binance exchange earlier today checking how my portfolio is doing there and I found out that like any other, it wasn't a pretty sight at all. But just like we often say, that's the way it is. I did a small trade where I made a little profit and decided to withdraw a bit thinking I'd put it into a liquidity pool in the polygon network, both in stablecoins so there is no danger of impermanent loss.
It's been a long time that I haven't done any withdrawal from my Binance account and today, I was surprised to see some changes which is meant for the security of users' funds.
They have a short security questionnaire which one must answer before the withdrawal takes place. Just 3 questions that are actually very basic and serve as reminders to not fall prey to scammers online.
One cannot go through the withdrawal process without answering these questions first. And if you tick the wrong answer, it won't let you go forward either.
It may sound a little absurd to some but for me, I appreciate these little safety measures that are in place in the exchange. Because we can really never be too careful these days. I learned sometime ago that Infinity has lost around 400USDT on his Metamask wallet so security is really needed.
Also, these are necessary to remind users of the dangers of trusting anybody. There are some people who still neglect the process of checking whether something is legit or not before they do anything. I've read stories of people losing their crypto because they sent it to someone whom they chatted on Discord or Telegram pretending to be representatives of this and that.
Anyway, after answering the questions and agreeing with the associated risk, you are now allowed to go through the withdrawal process which of course includes a verification process through 3 channels: email, phone and authentication code. This can be set through the account settings of course.
And then one more final window to check if everything is correct. If one is rushing, this might be seen as nuisance but it should not be. Because these are measures to make sure one is taking his funds to the intended address.
And done! I'm just glad that the network fee was just $1 because it was being sent via the Polygon network.
It says the withdrawal may take 12 hours but I was surprised that it was sent to my Polygon wallet address in just a few seconds.
And that was my little adventure in my Binance withdrawal.
With the news going around Coinbase, I was thinking about taking out my small assets from Binance and put where I own my account keys but I also don't want to miss the opportunity of taking part in the Binance Launchpad and Launchpools so maybe I will still keep them there especially the BNB. I'm looking into buying my own ledger wallet but I still need to research on which is better.
So how about you? How do you keep your crypto safe?
Thank you and would be reading your thoughts below :)
Photos are screen captured via my Binance account dashboard. No copyright infringement intended.