Talking about cryptocurrency will inevitably bring Binance into the topic. It has earned so much recognition in so little time. Binance was founded in 2017 only and it is already ruling the market due to its low trading fees. Being one of the largest trading platforms it has never taken its security issues lightly. Recently for its information security systems, it has been awarded an internationally recognized security certificate ISO/ICE 27001.
So, they will go great lengths to secure the traders’ accounts. Binance offers 2-factor authentication to log in for traders to secure their accounts. In this article,we’ll discuss 2 fa security systems also the safety of the Binance login without 2fa method.
Binance login without 2fa system
If you are one of those people who do not trade very often also not active regularly on the platform, you might feel discouraged to activate the 2-factor authentication. Because the two-factor authentication requires you to give up some personal information that you might not want to disclose it to some website that you hardly use!
Also, some people prefer crypto-platforms because of its anonymity and to keep it as such they want to skip the 2-factor authentication system. So, Binance also supports a simpler one-factor authentication system. But however, they pose a lot of limitations. Such as, you’re vulnerable to hacker attacks. Being a large crypto platform Binance has always been in a target of hackers. 2-factor authentication provides you better security than one, it increases account security. Also, sometimes you may face trouble while trying to withdraw from your account. Binance may unexpectedly ask for verification before withdrawal and require verifying information. So before depositing coins maybe it is better to go through the authentication process.
A lot of people had to ask for Binance’s attention after not being able to withdraw because of not having 2fa on their account. It may seem troublesome but however, it is for your security. Binance faced a security breach in the middle of the year and the hackers were able to obtain many account information, so you should be cautious and woke for the betterment of yourself. Consider setting up 2fa on your account if you have ambition for trading and want to take your account to next level.
What is 2-factor authentication on Binance? How to set it up?
Two-factor authentication implies to double-layered security on your account that you set before a transaction, making you give double approval before transacting. After entering your password you’ll be asked to enter a confirmation code that will be sent to you by your preferred method. Such as,
SMS
Software 2fa and
Hardware 2fa.
If you want the safest method it will be a hardware 2fa system i.e. Yubikey, although it is a paid version. Otherwise, Google Authentication or Authy is not at all bad options. Or you could go with e-mail and if you have no other way then, SMS. However, try to avoid it if you can, since it is most vulnerable to cyber-attacks and easy to breach.
For example, let’s discuss how to set up a 2fa login on Binance using Google Authenticator step by step.
First, you’ll have to install the Google Authenticator app on your Android/iPhone.
Login to your Binance account and click on the profile icon, you’ll find it on the right corner.
Click on Account from the pull-down bar. You’ll see the fa status from there if it is activated or not, on the right side of the page.
Choose the 2 fa method, in this case, Google Authenticator.
Since you’ve already installed the app, all you have to is launch it.
Then, you’ll be asked to add an account. There are 2 ways to do this, scanning a QR code or entering a key method.
Let’s say you went with scanning the QR code. Then, click on begin, if you already have other accounts on it then click on the “plus” sign. Now add the account and proceed to scan the barcode.
Once it’s done you’ll see your Binance account has been successfully added to the list.
Now, enter the 6-digit code shown in your app – then click on the next step.
Provided that you followed all the steps correctly, a 16-digit backup code will show up. Save this key somewhere safe or write it down, because you’re bound to need it later if you lose your phone or get a new one or even to reset the Google Authenticator, then click on the next step.
Now fill in the boxes as asked, the key, login password and finally the 2fa code shown on the Google Authenticator app.
And you are set! From then one, you’ll be asked to enter a 2fa code before logging in.
Finally, we can all agree that 2fa is not an easy process and kinda sucks. But guess what else sucks more? Having your account hacked or not being able to withdraw when you need to because that’s what you might face on one-factor authentication. No matter how much you despise this process it can build a safety wall that you will be grateful to.
