What are the recommended 2FA methods for securing cryptocurrency exchanges?

3 answers

• Dec 16, 2021 · 3 years ago
  One of the recommended 2FA methods for securing cryptocurrency exchanges is to use SMS-based authentication. This involves receiving a unique code via text message that needs to be entered during the login process. While SMS-based 2FA is convenient, it may not be the most secure option as it is susceptible to SIM swapping attacks. Nonetheless, it provides an additional layer of security compared to just using a password.
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• Dec 16, 2021 · 3 years ago
  Another recommended 2FA method for securing cryptocurrency exchanges is to use a hardware wallet. Hardware wallets are physical devices that store the private keys required to access your cryptocurrency. By requiring the use of a hardware wallet during the login process, it adds an extra layer of security as the private keys are kept offline and are not exposed to potential online threats.
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• Dec 16, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, recommends using time-based one-time password (TOTP) authentication as one of the recommended 2FA methods for securing cryptocurrency exchanges. TOTP involves generating a unique code that changes every 30 seconds using an authentication app like Google Authenticator or Authy. This method is considered more secure than SMS-based authentication as it is not vulnerable to SIM swapping attacks. Additionally, TOTP codes can be used even when there is no internet connection, further enhancing security.
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