There are endless methods of hacking and circumventing password authentication through means of phishing or public WiFi, so having two-factor authentication enabled is essential to your account security.
2FA or two-factor authentication is when you protect your account with two factors or locks, creating an additional layer of security.
In this context, a factor is split into three different categories:
Users knowledge (Password)
Something the user owns (Phone)
Biometric traits (Fingerprint)
To be properly protected by 2FA your account must require 2 locks before granting access. The two main factors for Binance is a password as well as either an SMS or Google authentication code.
When creating an account, you provide your mobile phone number. Whenever you want to log in, the service sends you an SMS message with a verification code that expires after a certain period of time. You have to input that number in order to log in.
Convenient & Easy to use
Mobile phone numbers can be spoofed and are not as secure as Google Authentication.
Does not require an additional application
Requires cellular reception
After setting up Google Authentication, you are assigned a backup key (secret key). The App then generates one-time passwords (OTP) at regular intervals, using the secret key as a seed. Those one-time passwords are required to log in.
Losing your device means losing access to your account (unless you have a backup key)
Doesn’t require cellular reception or wifi
Requires installing additional applications
Navigate to your account dashboard and select “Security” -> “2-Factor Authentication” and click on the button that says “Enable” next to the SMS Authentication Label to begin the process to enable SMS Authentication.
First, you will need to select the country code for your mobile number and then enter your mobile number in the field provided. Once you have entered your details, click the “Send SMS” button.
Shortly after pressing the “Send SMS” button, you will receive an SMS with a verification code. Input the SMS Verification Code you received into the field and click “Enable SMS Authenticator”.
Navigate to your account dashboard and select “Security” -> “2-Factor Authentication” and click on the button that says “Enable” next to the Google Authentication Label to begin the process to enable Google Authentication.
If you do not yet have the Google Authenticator app on your device, you can download it by using the links provided on the next screen.
Once the application has been installed, proceed to the next step.
Open the Google Authenticator App on your mobile device and click “Scan a barcode”. Once the camera appears, scan the barcode provided using your mobile device.
Alternatively, if your mobile device does not have a working camera you can select “Enter a provided key”.
After this has been added to your google authenticator, you may proceed to the next step.
On this screen, you will be prompted with a reset code for your google authenticator. Please write this code on a piece of paper and keep it safe. It can be used in the future to reset your Google Authenticator if you lose your mobile device. Once you have written the code down, you may proceed to the next step.
You will now need to enter your account password and the 6 digit code that is shown on your google authenticator to finish enabling google authentication for your account.
Your account is now protected with two-factor authentication.