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How to set up 2FA on Crypto Exchanges

Aug 21, 2020
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byNDAX Labs

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

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 restricting access to the system outside of that window.

At NDAX, setting up Two-Factor Authentication is mandatory for every user, before they are able to buy or sell, deposit and withdrawal 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.

                     


                                   

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 restricting access to the system outside of that window.

                       


                   

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

➀ Google Authenticator (mobile app)

➁ Authy (mobile app)

➂ Authy (desktop)

                       


                   

➀ Setting up Google Authenticator for 2FA (mobile app)

                         

  • • 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

               


                                       

➁ Setting up Authy for 2FA (mobile app)

                         

  • • 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

                               


                                 

➂ Setting up Authy for 2FA (desktop)

  • • 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 a SMS (text message) or a phone call with a 6 digit verification code
  • • Enter the code in to 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 on 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


                   

Frequently Ask Questions

What is Two-Factor Authentication (2FA)?

Setting up Authy for 2FA

Two-Factor Trouble Shooting Tips

Setting up Google Authenticator for 2FA

How does NDAX maintain security?

How do I enable 2FA on my desktop?

Why is it important that I don’t use the same password on multiple websites?

I lost my phone and cannot access my 2FA account?

                               


               

For any other questions, please contact our support team or visit our help desk.

If you are based in Canada and looking for a Canadian Bitcoin exchange, then take a look at  NDAX. NDAX is an easy-to-use, beginner-friendly exchange that can give you easy access to trade Bitcoin and other cryptocurrencies like Ethereum, XRP, Litecoin, Cardano, Dogecoin, EOS and Stellar.

Happy trading!