When signing up for a cryptocurrency exchange on www.dailyforex.pk or any other platform, you’ll quickly encounter a security feature called 2FA — short for Two-Factor Authentication.
But what exactly is it, and why is it so important for crypto traders?
Authentication simply means verifying your identity when accessing an account. Traditionally, this meant using a username and password, which falls under something you know.
However, relying solely on passwords is no longer enough to protect your crypto accounts from hackers and data breaches. That’s where 2FA steps in.
2FA adds a second layer of security to your login process.
To access your account, you must provide:
This significantly reduces the chances of unauthorized access.
A code is sent via text to your mobile number, which you enter after your password.
Apps like Google Authenticator, Authy, or Microsoft Authenticator generate time-based one-time passwords (TOTP).
These are 6-digit codes generated either via text or authenticator app. They work only once and typically expire after 30 seconds (in TOTP).
Even if your password is compromised, a hacker still can’t access your account without the OTP from your device.
Crypto platforms may offer two OTP standards:
Most modern exchanges prefer TOTP due to its time-sensitive nature.
If you’re trading or holding crypto, enabling 2FA is a must. It acts as a digital lock to protect your assets from cyber threats.
Whether you’re a beginner or an experienced trader on www.dailyforex.pk, always activate 2FA and choose authenticator apps over SMS for better security.
Stay safe. Trade smart.
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