You have certainly noticed that when you want to register for an exchange, it may be suggested to secure your account through a 2-FA / 2-Factor Authentication.
We will see in this tutorial, what 2-FA is, why it is essential and how to install it.
What is double authentication
The 2-FA is a mobile application that generates a code that will be used to connect on your account. This security makes your smartphone mandatory to connect to the exchange. In case you have lost your smartphone or someone stole it, no worries, you still need to have your account ID and password to log in to your exchange. A person with your smartphone will not be able to connect to your account without this information.
This protection is available on a large number of exchanges such as Coinbase, Binance, Bittrex, KuCoin, Mercatox…
To download it:
Once the application is installed on your smartphone, link it to your account.
We will take the example of Binance, but the approach is the same for the other exchanges.
Go to the area dedicated to security, under “Account“.
Activate Google Authentication
Once the application is installed, click on “Next Step“.
You will have a QR code and a simple code.
Enter this QR code or code into your application.
Open your mobile application.
Click on the red “+” at the bottom of the screen
Choose “Scan a barcode” or “Enter a supplied key” according to your preference.
Once this step is completed your account will link to Google Authentication
Then go back to Binance and write the key on a document (don’t loose it, this key will allow you to recover your 2-FA account, without this key, the loss of your phone will cause the impossibility to access your Binance account).
Once the key has been properly noted, step 4 asks you to enter the password for your Binance account, as well as the Google Authentication Code that is in your mobile application (note it quickly the code change every 20 seconds).
Once this step is done, congratulations, you have linked your Google Authenticator account to your exchange account.
Your account is now secure, it requires both your account IDs to log in and your phone at your disposal, which protects you from anyone who has your IDs.
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