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2FA: Two-Factor Authentication Guide

Chasing Coins Guide on what two-factor authentication is and how to use it.
Binance Guide

Two-factor authentication provides a second method of verifying an owner of an account.

Many exchanges will require you to use two-factor authentication (2FA) in order to login or at least to withdraw money, and it is an excellent idea which you should use!


How 2FA Works

The basic premise is that you will scan a QR code or put in a key to a two-factor authentication app and it will then give you a unique 6 digit number. This number changes every 30 seconds and can be used (like a password) to authenticate that you are really you. It protects you against someone hacking into your account or knowing your password.

It's very similar in it's function to a bank that sends you a USB stick or a text message to authenticate you.



Setting up Two-Factor Authentication

There are two popular apps for using with Cryptocurrency Exchanges for 2FA:

Google Authenticator [Android] / [Apple]: this is Google's official authenticator and it works perfectly. However, it is not backed up and not usable on desktop. If you lose your phone you lose your codes.

Authy [website]: a replacement for Google Authenticator with phone apps and a desktop app. It is free as well, and allows you to synchronize your codes across devices. This is our recommended option.


Two-Factor Auth Guide

Linking Exchanges to Your App

Now that you have a 2FA app installed, you can link it to your account under the Two-Factor Authentication section of almost any exchange you use. This is an important step in keeping your account secure!

After you have linked your account you will need to input your Two-Factor authentication code to login to the exchange, meaning you must keep the app installed and safe and secure. Test it out on one exchange before you apply it to all of your accounts.


You're Done!

Remember that you won't be able to login to your accounts without your Two-Factor Authentication App. We recommend Authy because of it's backup abilities. Enjoy being safer and more secure!

Remember that you won't be able to login to your accounts without your Two-Factor Authentication App. We recommend Authy because of it's backup abilities. Enjoy being safer and more secure!