Do you want to know the security features of the Binance clone to fortify your cryptocurrency exchange? This blog will unveil the top security features you need to know.
If you didn’t doze off during your history classes, you probably know that history teaches us two things: to learn from past mistakes and apply those lessons to the present. Moreover, it provides us with valuable examples of both successes and failures.
Don’t worry, here we’re not taking you back to your history class. The purpose is to emphasize the importance of ‘security’ which is highly relevant to the upcoming discussions. Curious to know? Continue reading…
Let me tell you why security is important, why choose the Binance clone first and then we continue with the top security features of the Binance clone.
Why is Security Important to Your Cryptocurrency Exchange?
Let me answer this section with a few incidents. Many of the pioneering cryptocurrency exchanges are not today, most notably Mt. Gox, which suffered losses of user funds and data breaches. Later, smaller exchanges like Nerae and Altsbit lost “almost all of their funds” in the hack.
Additionally, two high-profile BitMEX and KuCoin have clouded their futures. BitMEX encountered a situation where traders withdrew $500 million worth of BTC from the exchange, while KuCoin fell victim to a $200 million hack in 2020 and subsequently implemented multiple security updates after then.
According to the Crypto Wisser report, at least 75 crypto exchanges have shut down over the past decades. These data breaches and hacks have put the final nail in the coffin for many small and even large crypto exchanges worldwide.
By examining the past experiences of preceding crypto exchange platforms, you gain insights into the do’s and don’ts of your own business. It is crucial to note that not only crypto trading but any online platform is also vulnerable to security breaches if proper security measures are not in place.
Nevertheless, it is important to highlight that leading cryptocurrency exchanges such as Binance, Coinbase, and other reputable platforms are consistently enhancing their security measures and educating their users. This ongoing commitment to security is the primary factor contributing to their current top position in the crypto space.
Hope you understand the purpose of the history class and how important security is to your crypto trading platform, right? Before delving into the security features, let’s see why specifically choose the Binance clone over others.
Why Choose Binance Clone for Your Business Over Other Options?
You may wonder why to choose specifically Binance over other options. This is because of several factors such as its high trading volume, a wide range of cryptocurrencies, and especially, a large user base in a short span.
This shows us the popularity of Binance and its commitment to safeguarding its users from outsiders. So, if you choose to walk on the path of Binance by adopting its security measures, you significantly increase your chances of achieving success.
Additionally, incorporating some freemium features into your exchange will greatly appeal to users who are already accustomed to Binance and its rival platforms.
Coming to the topic, check out the top security features of Binance Clone and implement them in your crypto exchange to be bulletproof.
Top 15 Security Features of Binance Clone in 2023!
As cryptocurrency exchanges run online with large volumes of funds, it is important to stay vigilant and proactive in implementing security measures. Also, it is essential to continuously upgrade security measures in place to safeguard users’ funds and information.
The following features are below for your awareness and can be modified at your discretion in the Binance clone.
Now let’s jump to see the top 15 security features enumerated below:
#1. New Device Login
The new device login feature enables your users to conveniently access their accounts from a range of devices they prefer. To ensure account security, users need to enter a security code sent to their registered email address.
In addition, the new device login feature allows users to log in from various handheld devices, PCs, and laptops without compromising the safety of their accounts. With this security feature, users can feel secure knowing that their accounts are only through authorized devices.
#2. Idle Logout
The idle logout feature in the Binance clone enhances the security of your user account by preventing unauthorized access from third parties. If users forgot to log out or are inactive for a certain time, the user account will log out automatically.
Idle time refers to the duration since the user was last prompted by a pop-up window to confirm their engagement. If the user responds, they can continue their activity in the platform or else it logs out automatically and requires the user to log in again.
#3. Login Password Encryption
Login password encryption uses the advanced BCrypt algorithm (Bcrypt node js library) to protect users’ login passwords on the server. This method safeguards users’ login passwords by adding an extra layer of protection within the database.
Consequently, even if the user creates the strongest password, this encryption ensures that even in the event of a breach, passwords are unusable and unreadable to others’ eyes.
reCAPTCHA is a popular security feature employed to safeguard platforms by distinguishing between humans and bots. Its primary purpose is to prevent spam generated by automated programs such as sending emails, leaving comments, or displaying ads, as well as fraudulent user registrations or sign-ups.
Although CAPTCHA seems simple to humans, it is quite challenging for bots to figure out the image or numbers. Hence, it is an effective and reliable defense mechanism against unauthorized login attempts.
#5. Login Attempt
The login attempts feature assists in safeguarding user accounts against unauthorized access and brute force attacks. Following a series of “three” unsuccessful login attempts in a row, the system temporarily blocks the user account, thereby halting any further login attempts.
At this point, the user can then only access or reactivate their account via email verification. This functionality upholds the platform’s security and preserves its integrity by permitting only genuine users to log in to their accounts.
#6. Two-Factor Authentication
Two Factor Authentication is an optional or voluntary choice to enhance the security of user accounts. Users need to submit a second verification code in addition to their login information to activate the Google Authenticator.
This way, we can greatly reduce unauthorized access even if login credentials are compromised.
#7. Email Authentication and Verification
Email authentication and verification processes focus on verifying the identity of users to make them verified users and establish them as verified users within the platform.
To accomplish this, a verification code is dispatched to the user’s registered email address. This code enables them to activate their trading accounts and gain entry to the exchange platform.
#8. Crypto Withdraw Confirmation
The security of users’ cryptocurrencies is given utmost priority when confirming crypto withdrawals. To ensure this, the platform incorporates an admin confirmation for crypto withdrawals every time.
This procedure typically takes anywhere from a few seconds to minutes to finalize. Because it encompasses a sequence of verification measures performed by the admin to validate and authorize withdrawal requests.
Once the admin conforms, users can proceed to withdraw their cryptocurrency from the platform’s wallet without encountering any additional delays. By adopting this method, the platform upholds its integrity and guarantees a secure experience for its users.
#9. Crypto Private Key Encryption
Crypto Private Key Encryption protects users’ cryptocurrencies by using secure cryptographic algorithms to encrypt their corresponding private keys. This encryption adds an extra layer of security, increasing the difficulty for unauthorized entities to acquire users’ private keys.
#10. Login Activity
Login activity is a simple and useful security feature in the Binance clone that gives users detailed information about their login history at their fingertips. It shows data like IP address, network, timestamp, date, and geolocation in the activity area.
By actively displaying and monitoring this information, users can readily detect any suspicious login attempts and promptly respond accordingly.
#11. Device Management
The device Management feature provides not only the IP address, timestamp, date, and geolocation but also presents information about the device type and operating system used for login.
This functionality empowers users to assess and deactivate devices that are no longer in use. Also, ensuring account security by safeguarding against dormant devices.
#12. Secure Third-party Access
Secure third-party access uses strict and secure cryptographic algorithms with private keys. It is employ for each third-party integration, from account access to payment gateway to wallet.
The private keys are encrypt and securely stored in the MongoDB database. This approach guarantees that exclusive access is granted solely to approved entities while maintaining the confidentiality and integrity of user accounts.
#13. Separate Source for User Panels and Admin Panel
Binance clone is focusing to prioritize security by implementing a design that separates user and admin panels. This intentional separation guarantees that sensitive information and crucial system functions remain isolated and exclusively accessible to the admin.
By employing this design strategy, the risk of unauthorized access is diminished, data security is enhanced, and overall system security is improved.
#14. Anti-Phishing Code
The Anti-Phishing code mechanism in the Binance clone provides an additional level of security for your users’ accounts. By enabling this feature, you may avoid phishing efforts and ensure that real emails are received.
Besides, this functionality presents users with a distinctive code. And enables them to authenticate the platform’s legitimacy and safeguard against fraudulent websites and phishing attacks.
#15. Database Network Access
Database network access is a unique security feature that enforces stringent access controls and employs established security techniques. It permits database access solely through the IP address of an authorized website. It also effectively safeguards user data from unauthorized entry and enhances the overall platform security.
Hope you get some insights into the top security features of Binance Clone Script. Certain security measures can be continually upgrade to improve the security of the crypto exchange. This includes performing regular security audits, adopting advanced encryption methods, getting feedback, and making updates.
As a final inference, as the crypto exchange is rapidly evolving, it is crucial to be aware of the trendy security features and apply them appropriately.