Next, you’ll be prompted to slide a small puzzle piece to the correct place. Enter your username and password and click “login” to proceed.Ģ. Login to your exchange, for example Binance. The process is pretty much the same across all the cryptocurrency exchanges.ġ. You can simply repeat this same procedure to any of your exchange accounts. For ease of understanding, I’m going to use Binance as an example exchange. In this tutorial, I will walk you through the process of setting up 2FA with Google Authenticator. The whole process of setting up 2FA will take only a few minutes. How do I set up 2FA with Google AuthenticatorĪs of now, one of the easiest and most practical ways to set up 2FA is using Google Authenticator mobile app. One-Time Password (OTP) is 6-digit code generated every 60 seconds mobile app such Google Authenticator or Authy. Once you have activated 2FA, you must provide a OTP to gain access to your account.
Once you enter your username and password on your crypto exchange, you’ll need to enter a One-Time Password that’s sent to your mobile phone to complete your login process. Protect your account even if your password is stolen or broken.You’ll be surprised those fraudulent sites might look (exactly) the same as the official ones from its appearance.Īs Bitcoin transactions are final and irreversible, it’s (almost) impossible to retrieve any fund stolen once your account has been compromised. And phishing is one of the most popular methods used to trick users into entering login credentials at a fake website. Hackers are getting smarter and more sophisticated these days, using all kinds of techniques to steal passwords and login information online. Gone are the days when you can rely on a strong password to protect your accounts. The idea of using 2FA is to make it harder for cybercriminals to gain access to your accounts.ĭid you know that usernames and passwords- no matter how unique, no matter how clear they might be, can’t really protect your accounts? Put simply, 2FA is a second layer of protection after password. How to setup a Ledger Nano S – A complete step-by-step guideīefore setting up Two Authentication-Factor for your exchange accounts, it’s important to understand the basic of 2FA and how it works.Īs its name implies, Two-Factor Authentication is an extra layer of security designed to prevent someone from accessing your crypto trading account.How to secure your cryptocurrency? Cold vs Hot wallet.If you like, you can check out my other posts in this series which I’ve explained in detail about: So today, I’ll talk specifically about how to enhance your cryptocurrency security by setting up Two-Factor Authentication on your exchanges accounts. Enable Two-Factor Authentication (2FA) across all exchange accounts that you have.Īs you know, each of this safety measure deserves a more detailed discussion, which, however, cannot be pursued within the limits of this article.Just allocate enough funds necessary for a trade and then move them out as soon as the transaction is completed. Never store your money on an exchange wallet.Use a hardware wallet to store your cryptocurrency, especially for long-term HODLing.Use a strong, long and hard-to-break password.
If you’re determined to get into the crypto world, it’s imperative that you take the necessary measures to secure your coins, including but not limited to: In this year alone, at least $1 billion worth of cryptocurrencies were stolen from crypto exchanges. Then you should know the best practices you can use to protect your precious coins.Ĭontrary to the popular belief, the biggest drawback to cryptocurrency investment isn’t the extreme price volatility, but rather the safety and security of your crypto assets.ĭue to the digital nature, cryptocurrencies are highly vulnerable to all kinds of security risks. A Beginner’s Guide to Cryptocurrency Security: Setting 2FA with Google Authenticator