If you are using an exchange to trade cryptocurrencies, the security of your account should be your utmost priority. You are advised to always store your coins in a cold wallet unless you are actively trading. Storing your coins on a centralized exchange is generally less secured as the central server of an exchange is often subject to malicious attacks and you might be also susceptible to various phishing attempts. This is why 2FA is often recommended on top of a standard password to enforce an extra layer of security. There are a lot of different options for 2FA, with Google Authenticator being the simplest one in my opinion.
Although the steps are quite straightforward, it might be quite confusing for beginners to set up their two-step verification as a lot of the exchanges don’t offer much guidance on that. In this article, we are looking specifically at setting up 2FA using Google Authenticator. We are using Binance as an example, but the step should be similar across all exchanges. ( e.g Bitfinex, Bittrex, Kucoin )
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So informative, which I had this article when I started off as it really helps beginners to get started quickly. Thank you for all the tips as well as to why some safety steps has to be taken. The phishing binance website sure looks like the actual one at first glance, would have easily fell for it. Thank you for the great tips! Well written.