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Withdrawal Security

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Written by   607
1 month ago

(17:33) 140522N314 (Saturday)

Hello Read world :)

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.

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Written by   607
1 month ago
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Comments

Hindi pa ako nakatry mag use ng binance ate.

$ 0.01
1 month ago

Binibisita ko lang paminsan-minsan kung feel magtrade. Kung hindi, wala din lang, nka-vault lang yung konting assets ko don.

$ 0.00
1 month ago

If I had lost $400, my whole week would be ruined.. That would be really heart breaking .. users here already gave their tips which I also wanted to include... hope now you know what to do

$ 0.01
1 month ago

It is sad indeed for David to have lost it to a hacker.

$ 0.00
1 month ago

I also just found out now for withdrawals on binance have to fill in some questions it's been a long time I didn't make withdrawals on binance but this is important information for me.

$ 0.01
1 month ago

Yes, it's a nice measure that Binance added.

$ 0.00
1 month ago

never tried in binance but only in coins.ph and bitcoin.com

$ 0.01
1 month ago

Bitcoin.com is decentralized, coinsph & binanced are centralized.

$ 0.00
1 month ago

Di dapat magmadali sa pagwiwithdraw sa Binance kundi yari :) I appreciate those security measures kasi it just wants to make sure na ikaw talaga ang may-ari ng asset na yan. And impressive yung withdrawal timeframe nila.

$ 0.01
1 month ago

True sis, at least may paalala thru those questions.

$ 0.00
1 month ago

Di ko pa nachecheck ang binance ko ayaw ko maheartbroken hehe

$ 0.01
1 month ago

Hehe, hopefully recovery period na.

$ 0.00
1 month ago

Binance really know how to lookout for their customers and always make sure to protect them from scams, that's why it's my favourite exchange, although I haven't come across this security questionnaire, that's probably because I haven't used binance to withdraw crypto before, I mostly make use of the P2P system

$ 0.01
1 month ago

That's true, at least they take precautionary measures to make their users informed.

$ 0.00
1 month ago

I only visited teh binance today para bumili ng luna token an sobra kong piangsisihan huhuhu. Spaghetting pabab na sya ehh huhuh. sana namn di sya tuluyang mawala at mamatay huhuh. Pero grabe yung 400 dollars na nawala kay infinity :(

$ 0.01
1 month ago

Sis, tumaas sya, kung bumili ka nung dip nya, in profit ka ngayon hehe. Oo, nabasa ko sa Tweet nya couple of days ago.

$ 0.00
1 month ago

Losing 400 dollars! OMG, that's so sad. One can't be too careful nowadays. Criminal activity in the crypto world has now become an art that many people venture into almost regularly

$ 0.01
1 month ago

Unfortunately, yes. It's necessary to keep our assets safe no matter the size.

$ 0.00
1 month ago

Oii now ko lang tu naencounter ha. Parang ganon lang sa pag maga future ka sa kanila. Need mo mag answer ng questions ba.

$ 0.01
1 month ago

Oo, parang test kung alam mo ba ginagawa mo hehe.

$ 0.00
1 month ago

I have always used binance for my trades. I haven't used any other wallet before.

$ 0.01
1 month ago

It's okay but sometimes it can be dangerous to put more assets there. Not your wallet keys, not your crypto as they say.

$ 0.00
1 month ago

What I do really is that I have a wallet I use specifically for airdrops and all, so I don't put address or anything from my main wallet to just any columns or slots. Basic, but it doesn't leave my wallet exposed.

$ 0.01
1 month ago

That's good! Better to be safe than sorry.

$ 0.00
1 month ago

Okay na din yung may mga karagdagadan silang security sis. Sa panahon ngayon, marami ng manloloko.

$ 0.01
1 month ago

True sis, hirap din kung walang security.

$ 0.00
1 month ago

So far verified na sakn. Minsan kakakaba kung nag lalog out sya kaht hndi ko ginawa 😂..tapus phone verification hingin to log in again..

$ 0.01
1 month ago

Haha, katakot din naman noh.

$ 0.00
1 month ago

Last time I withdraw in Binance is when I bought my own Pega, it's not yet around.. well at least it can make our account be secured.

$ 0.01
1 month ago

Yes sis, wala din nung last na nagwithdraw ako nung January pero ngayon meron so okay na rin,

$ 0.00
1 month ago

binance is the largest platform that has a lot of users especially the list of new tokens always starts from here, I've also been a user for a long time and maybe it's a bit burdensome for me when it comes to withdrawing because there are quite expensive withdrawal fees for some cryptocurrencies.

$ 0.01
1 month ago

You can check which network you can withdraw from. There are chains that have cheaper fees. ETH network is costly.

$ 0.00
1 month ago

I recently had a withdrawal from binance and at first I was annoyed by all this and then I was glad because safety comes first and it is very important that our funds are protected. I don’t withdraw often but at the moment I have the most confidence in binance.

$ 0.01
1 month ago

Yes, it's actually an added layer of security so it's okay.

$ 0.00
1 month ago

I can't use binance for now because I don't have all the documents it's requiring me to have though soon I will get everything

$ 0.01
1 month ago

Glad to know that you will soon be able to trade in Binance. That's what I don't like about the exchange, they require KYC

$ 0.00
1 month ago