How to set up 2FA on Crypto Exchanges

Are you looking to start trading Bitcoin, Ethereum, XRP, Litecoin, Cardano, Dogecoin, EOS, and Stellar?

August 21, 2020

Blog

Introduction

Before you can start buying and selling cryptocurrency, most crypto exchanges will require that you set up Two-Factor Authentication (2FA) on your trading account.

Authentication factors include:

A knowledge factor: This is something the user knows, such as a password, a PIN, or some other type of shared secret.
A possession factor: This is something the user has, such as an ID card, a security token, a smartphone code, etc.
A biometric factor: This is something inherent in the user’s physical self. Biometric factors may include your fingerprints authenticated through a fingerprint reader, facial and voice recognition, keystroke dynamics, gait, or speech patterns.
A location factor: Usually denoted by the location from which an authentication attempt is being made. This can be enforced by limiting authentication attempts to specific devices in a particular location.
A time factor: that restricts user authentication to a specific time window in which logging on is permitted and restricts access to the system outside of that window.

At Ndax, setting up Two-Factor Authentication is mandatory for every user, before they can buy or sell, deposit and withdraw cryptocurrency or fiat.

What is 2FA?

Two-factor authentication (2FA) is an added security feature that protects your account over and above just using your username and password. Even if a hacker gets access to your username and password, 2FA will prevent access to your account. Basically, it is a method of confirming a user’s digital identity on their online accounts using two different authentication factors as a combination.

The process is simple after you log in to an account with your username and password, you will be asked to enter a 6-digit code that is refreshed every 30 seconds on your two-factor authentication app. This ultimately prevents unauthorized access to your account even if your password has been compromised.

To learn more about 2FA read our Advanced Security Systems with 2FA blogs where we explore the advantages of using 2FA and highlight the differences between the major 2FA authenticators.

This blog will walk you through the steps of setting up 2FA using these applications:

Google Authenticator (mobile app)
Authy (mobile app)
Authy (desktop)

1. Setting up Google Authenticator for 2FA (mobile app)

Download Google Authenticator for iOS app store
Download Google Authenticator for Google play
Login to https://ndax.io/
Once you log in you will be redirected to your dashboard
Click SETTINGS on the left-hand side of the screen
Scroll down to Two Factor Authentication. You will see 3 steps:

Step 1:

Download and/or open the Google Authenticator app.
On the Google Authenticator app, click BEGIN in the center of the screen
Click SCAN A BARCODE

Step 2:

Go back to the Ndax page and scan the QR code under step number 2 with the Google Authenticator app

Step 3:

Enter the 6-digit code on the Google Authenticator app into step number 3
Click enable
On the Google Authenticator app, click ADD ACCOUNT

2. Setting up Authy for 2FA (mobile app)

Download Authy for the iOS app store
Download Authy for Google Play
Login to https://ndax.io/
Once you log in you will be redirected to your dashboard
Click SETTINGS on the left-hand side of the screen
Scroll down to Two Factor Authentication. You will see 3 steps:

Step 1:

Download and/or open the Authy app (https://authy.com/download/)
On the Authy app, click the 3 dots in the right-hand corner
In the drop-down menu click ADD ACCOUNT
Click SCAN QR CODE (Blue Button)

Step 2:

Go back to the Ndax page and scan the QR code under step number 2 with the Authy app
On the Authy app, name the account Ndax

Step 3:

Enter the 6-digit code on the Authy app into step number 3
Click enable

3. Setting up Authy for 2FA (desktop)

Part 1

Login to https://ndax.io/
Once you log in you will be redirected to your dashboard
Click SETTINGS on the left-hand side of the screen
Scroll down to Two Factor Authentication. You will see 3 steps.

Part 2

Now go to (https://authy.com/download/)
Scroll down to the desktop, select Windows 32bit or MacOS
Click Download
Go to your downloads folder on your desktop and click on the Authy application
You will be prompted to add your phone number and click Next
Then enter your email address and click Next
You will be asked to get verified via SMS or Phone Call
(If you select phone call type in the registration code provided when prompted to)
You will get an SMS (text message) or a phone call with a 6-digit verification code
Enter the code into the text box

Part 3

Select (+) in the middle of the screen
You will be asked to enter a code

Go back to Ndax

Click on the rectangle in step number 2 to copy the red code

Go back to the Authy application

Paste (Ctrl + V) the code and click Add Account
Type in Ndax, select Generic Black, 6-digit, and click Save
You will now get a 6-digit token that changes every 30 seconds.
Copy that 6-digit code on Ndax on step number 3
Click Enable
You will be logged out and asked to log back in