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Two Factor Authentication in Cryptocurrency Trading

In recent times, major cryptocurrency platforms have witnessed a massive rise in losing personal data of their users.

Two-Factor Authentication to the Rescue

  •  Abbreviated as 2FA or TFA
  • Technical Definition: Simple method of enhancing security, represents an independent channel of authentication
  • Simple Definition: An extra layer of security to prevent someone from accessing your account
  • Also called multiple-factor or multiple-step verification
  • Few people defined it as “An authentication mechanism to double check your identity is legitimate”

After entering your username and password, you will be required to provide another piece of information. This 2nd-factor authentication can be from the following categories:

1] Something you know: A personal identification number (PIN), a password, a specific keystroke pattern or answers to “secret questions”.

2] Something you are: More advanced that might include a biometric pattern of a fingerprint, a voice print, or an iris scan.

3] Something you have: A user having something in their possession like- credit card, a small hardware token or a smartphone

If a user uses 2FA, websites and apps remain more confident about user’s identity, and can even unlock the account.

Add two-factor authentication for Kraken in 10 steps

Step 1– Login -> click “Account”

Step 2– Click “Security”

Step 3– Click “Two-Factor Authentication”

Step 4– Adding 2FA for trading -> look for “Trading” -> click “Setup”

Step 5– New screen opens up. Select “Method” -> “Google Authenticator, TOTP mode”.

Step 6– Click “Continue”-> new screen opens up -> click “Continue”.

Step 7– Most important step: Make a backup of “OTP manual setup key”.

For example: write it on a piece of paper and keep it in a vault. If you lose the setup key and in any case, you no longer have access to your 2FA, you’ll no longer be able to trade.

Note: Setting 2FA for login and lose your 2FA that simply means you cannot log in to Kraken again!

Step 8- Scan the QR code with the Google Authenticator app

Step 9– A 6 digit code appears, use it at “One-time Password”

Step 10– Click “Confirm”.

We’re done! Know more about Kraken Exchange

Setup Two-Factor Authentication for Bittrex in 7 Steps

Step 1– Login -> click “Settings”

Step 2– Click “Two-Factor Authentication”

Step 3– Most important step: Remember to back up your “Secret Key”: (For instance – NKOTB123TESTCODE ) 

Step 4– Open your Google Authenticator-app -> hit “+” -> scans the QR-code

Step 5– A 6 digit code shows up; use it as “One-time Password”

Step 6– Click “Enable 2FA”

Step 7– You’ll receive an email from Bittrex -> click the link given in the mail

Yippee! We’re done! Get more on Bittrex Exchange 

How to recover 2FA When Lost Your Back-up?

If you’ve lost all your two-factor verification codes, No worries!

There’s Google who certainly made a backup for you. No, that’s not the case!

You don’t have any backups of 2FA codes. Just imagine- Your cryptos are at ATH and even if you want to sell all your digital money, but you can’t trade because you don’t have the 2FA’s.

Now what? Fortunately, to overcome this, even if you haven’t made backups of your 2FA you need to take a route to get everything working. Some quick examples:

Kraken

First response: 2 hours

Status: Solved!

Time: In 12 hours

Kraken’s customer service is well-renowned for its prompt help. Are you no longer able to sign in, because you’ve lost your 2FA keys?

Kraken will need the following information to proceed:

  • Full name
  • Date of birth
  • Telephone
  • Address (>Tier 2)
  • A copy of your ID (>Tier 3)
  • Balance of your Kraken account (LTC, BTC, etc.)
  • Detailed descriptions of deposits and withdrawals

All the above information must be sent to the customer service by email.

You will be reassured at a time when you receive the redemption, something like given below:

Act smart and clear all communication between you and Kraken!

Bittrex

First response: 5 hours

Status: Solved

Time: 8 days

Bittrex is not as fast as Kraken, but at last Bittrex helps you.

Let’s discuss what Bittrex wants from you before they can help you:

  • Recent transaction ID of a payment you made with or to Bittrex
  • Recent IP address with which you logged in
  • Your current cryptocurrency balance on Bittrex

If you have 1,000+ dollars of cryptos in your Bittrex account, Bittrex asks you for an official ID.

The ID + “Bittrex plus today’s date” on a paper holded by you (make a selfie).

Note: The documents may not be sent as *.zip or *.pdf.

Remember: The checkout process is partially automatic. The software will examine your sentenced data is correct. Therefore, if you make certain values of your identification unreadable, your selfie will not be approved!

Once you pass through the check, the redemption follows as given below:

Cryptopia

First response: 8 days

Status: Solved

Time: 14 days.

With the duration of 14 days, Cryptopia is the slowest of the three when it comes to helping.

They’ll give a response and eventually resolve the matter; which is not always the same case when it comes to other cryptocurrency exchanges.

Now let’s see what Cryptopia needs you to send:

  • Balance on your Cryptopia account (LTC, BTC, etc.)
  • Recent transactions of a payment you have made with or to Cryptopia
  • A detailed description of deposits
  • Your current cryptocurrency balance

And then you’ve to wait for 2 weeks before redemption took place.

Do you think we miss anything important? Let us know via comment or following us on Twitter.

Note – This article is solely to provide information and should not be considered as investment advice or promoting any platform. 

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency.In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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