Bingbon’s Security Overview — Providing A Safe and Secure Environment for Traders
About Bingbon
Bingbon is a fintech company established in 2018 which allows users to trade contracts of Cryptocurrencies, Global Indices, Forex, and Commodities for long and short positions. Bingbon aims to provide a fair, transparent, and secure market, enabling efficient and cost-effective trading for users.
Since our inception, we have strategically and successfully penetrated both the Taiwanese and Vietnamese markets with our cryptocurrency derivatives. Bingbon witnessed an acceleration of growth, recorded extremely high daily trading volumes, and in just a short span of three months, we became the number 1 exchange in Taiwan. Realizing our potential, we also felt the need to launch our services into other markets. Embarking on this initiative means that having a strong and reliable security system is absolutely critical.
Introduction — Why is security important?
There is no such thing as a perfect security system. Hackers will continue searching for loopholes in your network and, just like a thief in the night, they will launch an attack when you least expect them to. As cliché as this sounds, security remains one of, if not, the top priority for exchanges. At least it should be. Exchanges that take a lazy approach to secure their network systems properly are most vulnerable and are easy targets for fraudsters who will use any opportunity to achieve their ultimate objectives. Unfortunately, a few exchanges have already fallen victim to cyber invasions, even those maintaining good security practices. With the advent of new technologies and knowledge, it is expected that the crypto industry could witness more of these attacks.
At best, these eventualities can be minimized: however, exchanges will need to devise robust, comprehensive, and effective long-term security maintenance plans. This means exchanges will need to update and upgrade their security systems regularly. Building a robust security system does not come cheap. It requires employing a strong technical team, adequate financing, and a lot of resources. Even so, this cost is nothing compared to how much it would cost if exchanges lose the trust of loyal users or millions of dollars’ worth in cryptocurrencies due to breaches that could have been prevented with proper security maintenance.
Employing Good Security Measures
From the outset, Bingbon has always placed security at the forefront and will continue to do so. As an emerging exchange, we pay attention to our environs and try to avoid making the same mistakes as some of our elders who operate in the same space. Bingbon prides itself on the fact that it has not fallen victim to any securities breaches and plans on keeping it that way. Having a clean record is necessary for the company’s reputation and provides reassurance to users that the platform is safe. While that is so, Bingbon knows that the tables can turn at any given time, hence why we want to be adequately prepared.
Bingbon’s Security Team
Many thanks go out to Bingbon’s internal security team who are constantly working around the clock to keep the company’s security network updated and safe. There are also regular security walkthroughs of the operation, security auditing, and maintenance database. Our internal security team is composed of technical individuals including computer engineers, software developers, and cyber specialists who are more than qualified, with many years of proven experience in the top and renowned companies. Bingbon adopts a strict hiring policy when recruiting and selecting employees for security-related positions. Background checks are all done on employees and security training is mandatory. They are even asked to submit a non-criminal report as proof that they have a clean criminal record.
Partnerships to Improve Security
Bingbon is fully aware that having a strong security ecosystem for crypto trading is imperative for their clients. The company has even extended its hand to SlowMist for a partnership. SlowMist is a third-party company that focuses on the security ecosystem by providing security auditing, and security monitoring bug bounty services. This corporation permits Bingbon users to report security-related issues found while navigating the Bingbon platform to SlowMist. Another benefit from this partnership is that both Bingbon’s internal security team and SlowMist’s external security amalgamate resources and expertise to resolve security issues. In the future, we will seek to establish more partnerships to further beef up our security.
Data Protection & Data Privacy
Bingbon is responsible for creating email addresses for employers and managing passwords for social media. Passwords for our social media platforms are changed occasionally to prevent hackers from infiltrating, stealing, or leaking insider information. Management ensures that the passcodes are not too predictable and are therefore designed so they aren’t easily figured out. Bingbon adheres to all the data privacy regulations, policies, and stays informed with the latest news or developments surrounding this. The staff undergoes rigorous training which equips them on how to properly handle and disburse information of our clients. Our clients include the company’s business partners, employees as well as platform users.
Wallet Solutions
Bingbon has implemented some serious risk-control activities along with attentive security monitoring processes that are critical for the protection of user’s cryptocurrency. Bingbon favors the cold storage solution since this has proven to be much safer and more secure. Only a certain amount of coins can be stored in the user’s “hot wallet”. Nonetheless, the company stores most of its cryptocurrency assets in cold storage. The main benefit that comes with operating on cold wallets is that users can assess their wallets offline at any time without the fear of being scammed, hacked, or getting their cryptocurrencies stolen. As a precautionary measure, we pay attention to all the associated risks when storing cryptocurrencies in hot wallets and have taken defensive measures.
Encrypting Information
Bingbon website utilizes SSL encryption which secures information sent from users to Bingbon. This security function estops fraudsters from reading or modifying any information transferred, including potential personal details. As a result, users can create an account, conduct transactions, trade, and re-login without worrying about security issues. In the link to Bingbon’s webpage, there is also a secured padlock which signals to users that it is not a “spoofed” site. Before inputting email addresses, passwords, and other information, individuals must check for this padlock to protect themselves from scammers.
Registering an Account on Bingbon
To register a Bingbon account, the individual must use an email address or phone number and create a password. To avoid mistakes or errors, they should input the correct phone number or email address. Depending on which option you choose, a referral code will be either sent to your phone or email address. Note that you will be given a specific time to input this code. If you do not do so within the required time, the referral code will expire. It is recommended that you create a password that is not too short. The passcode should also be comprised of letters, symbols as well as numbers for greater protection.
Users are also asked to complete the two-factor authentication process. In essence, the individual will also need to use their phone to authenticate their account. For convenience, users can choose to download the google authentication application to their mobile device. A google authenticator is also required when sending transactions and helps prevent hackers from breaking into your account.
Conclusion
Rest assured that when it comes to safety, Bingbon has you covered. Bingbon values security and will continue to build a more transparent and secure environment for traders. It is, therefore, necessary that Bingbon maintains and improve security standards for platform users. This will preserve the user’s trust, making it easier for Bingbon to expand its services internationally.
