Two factor-authentication, and why you should always keep it on

Two factor-authentication, and why you should always keep it on

Keeping your funds and personal information safe has always been a top priority at Bitstamp. That’s why we use the highest standards of protection for your assets, starting with a robust technological backbone, through rigorous security measures and capping it up with extensive insurance policies. But there’s still a lot you can do yourself to make sure your account, funds and personal information are as secure as possible.

One of the simplest yet most effective additional security measures is two-factor authentication. Here we take a look at what two-factor authentication is, why it works so well and why you should always keep it on.

What is two-factor authentication?

Two-factor authentication (or 2FA for short) is a security measure that ensures you are the only one who has access to your account. It achieves this by requiring that you confirm critical account actions, such as logging in or withdrawing funds, using a second device. For example, if you log in on your desktop computer, 2FA demands that you confirm the login on a different device, like your mobile phone.

Why is 2FA so effective?

If you use a strong password, change it regularly and keep all devices used to log in to your account safe at all times, the risk of anyone getting access to your account is minimal. But it is never zero. 2FA goes a long way to decrease this risk even further.

With 2FA activated, not only would someone trying to enter your account have to learn your password and gain access to a device commonly used to log in to your account, they would also have to get their hands on the device you use for 2FA. And that makes the whole affair much more difficult.

If someone tried to log into your Bitstamp account on your personal computer, they wouldn’t be able to get in without a confirmation code that is only generated on your mobile phone, which would ideally be safely stored in your pocket.

How can I enable 2FA at Bitstamp?

To start using 2FA, you need to set it up while registering your account or enable it later in the Two-factor authentication submenu of your account. When you start the 2FA setup, follow these steps:

  1. Download and install the Google Authenticator or Duo Mobile app on your smartphone or tablet.
  2. Write down or print your authentication key and store it safely. This will allow you to reset 2FA in case you lose your phone or want to set 2FA up on a second device.
  3. Use your new authentication app to scan the QR code on your screen. If you're registering your account using the Bitstamp app, you'll instead have to copy the setup key that is provided on the screen to your authentication app.
  4. Enter the 6-digit code generated by the authentication app into Bitstamp to complete the process.

After that, whenever you log in, you will be asked to enter a 6-digit code from your authentication app. This number is automatically generated in the app and it’s refreshed every 30 seconds, so you’ll need to input a different code each time.

With two-factor authentication enabled, you can rest assured that your money and personal information at Bitstamp are as safe as possible, protected by yet another layer of security.

For more information about two-factor authentication, read our FAQ.