April 13 2022
What is two-factor authentication on a cryptocurrency exchange
In this article, we will consider methods for protecting your personal data when registering on the exchange:
How to properly set up two-factor (two-step) authentication
How to protect yourself if your mobile is lost and two-factor authentication is enabled
Consider a practical step-by-step example on two exchanges Kraken and Exmo
Naturally paramount security methods: you must create your email on a stable service (preferably a separate new address) such as gmail, must come up with a complex password and do not repeat it on other sites.
The most common more advanced methods of protecting against hacking on a cryptocurrency exchange are two-factor authentication (2FA) for example:
A one-time key is sent to the user's mail
A one-time SMS code is sent to the user's phone
A code is generated in the Google authenticator application on the user's phone, which must be entered on the exchange
With technology, when everyone receives confirmation by phone or mail, I think everything is clear. When logging in or withdrawing money, you need to enter a one-time code that comes to your mail or phone.
Also read: How to make money on the cryptocurrency exchange
How to set up Google authenticator on the Kraken cryptocurrency exchange
On the Kraken cryptocurrency exchange, to set up two-factor authentication methods, you need to click on your login and select the SECURITY section
Next, select the Two-Factor Authentication tab and click setup
Next, select the encryption algorithm (you can leave the default SHA1 selected), the number of characters in the password is 6
Press the Continue button and go to the last page where we see the OTP manual setup key and the QR code. After scanning the QR code, the application on the phone will establish a connection with your account, or you can create a connection in the Google Authenticator application by entering the OTP manual setup key manually.
It is this page that we recommend saving in a safe place on a USB flash drive where access to the exchange is saved. This save will help in case you lose your phone, you can reinstall the Google Authenticator app and set up synchronization with the exchange.
Next, when you log in, you enter your username and password, as well as the code that will be generated by the application on your phone.
How to set up Google authenticator on the Exmo cryptocurrency exchange
To set up two-factor authentication on the Eksmo cryptocurrency exchange, you need to click on your account name and select the settings section there
Next, select the "Google Authenticator SMS Protection" subsection and select the Google Authenticator protection method.
You can use this type of protection only when entering the exchange or "full protection" which means when depositing and withdrawing funds to the exchange. Next, click generate a new key and after clicking we get a QR code that we scan with the phone, as well as a unique code for registering in the application manually.
This page is also strongly recommended to be saved.
Next, we scan the QR code and after clicking "Save settings" you will need to enter the confirmation code from the phone in order for the settings to take effect.
See also: How to fund a crypto exchange
Two-factor authentication on the exchange in case of loss of the phone, what to do
If the phone is lost and two-factor authentication has been set up on the exchange then:
Option 1 Find the page saved on the flash drive with the data of the QR code and enter the code in the new phone
Option 2 We write to the support service of the exchange and ask them to turn off Google authentication, be prepared that you may be asked for the history of deposits and withdrawals of funds to the exchange with amounts and trading history. Therefore, you need to take screenshots of the auction from time to time and save it there on a USB flash drive