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Security 3 min read

Beyond Passwords: Why You Need 2FA & MFA

Passwords are not enough. Learn how to lock down your crypto with Two-Factor and Multi-Factor Authentication.

Key Takeaways
  • 2FA adds a second lock to your account (Password + Code).
  • MFA is even stronger, using multiple verification methods.
  • Avoid SMS 2FA; use Authenticator Apps like Google or Authy.
  • Always back up your 2FA codes/keys offline.

Your phone or online accounts will have an additional lock thanks to two-factor authentication (2FA). Every crypto user should have this set up for extra security measures. This means you will have more than just a simple password to log in—you will have an additional code on top of your password.

The Basics: 2FA vs. MFA

Two-Factor (2FA)

Requires two forms of identification.

  • 1. Something you know (Password)
  • 2. Something you have (Phone code)

Multi-Factor (MFA)

The stronger version. Requires two or more factors.

  • ✅ Knowledge (Password/PIN)
  • ✅ Possession (YubiKey/Phone)
  • ✅ Biometrics (FaceID/Fingerprint)

Why is it Important?

  • Hacker Prevention: It stops hackers from accessing your money even if they steal your password.
  • Identity Protection: It helps prevent identity theft by ensuring YOU are the one logging in.
  • Peace of Mind: It guarantees that only you have access to your accounts.

Types of 2FA Tools

You can utilize a variety of well-known programs to protect your online accounts.

G

Google Authenticator

Simple and widely supported. Generates time-based codes (TOTP).

A

Authy

Great for multi-device support and cloud backups (in case you lose your phone).

M

Microsoft Auth

Secure and integrated well with Outlook and enterprise tools.

Pro-Tips for Maximum Security

Once 2FA is set up, maintain it with these habits:

  • Store Backups Securely: When setting up 2FA, you get a "Backup Key." Write this down offline. If you lose your phone, this is the only way to restore access.
  • Avoid SMS 2FA: Hackers can use "SIM Swapping" to steal your phone number and intercept SMS codes. Authenticator apps are much safer.
  • Use a Dedicated Device: Ideally, use your personal smartphone, not a shared computer or public tablet.
  • Watch for Phishing: Scammers may build fake login pages that ask for your 2FA code. Always check the URL bar. Learn how to spot phishing emails →
  • Update Software: Keep your authenticator apps updated to the latest version for security patches.

Pro Tip

Review Activity Logs: Check your account activity logs frequently. If you see a login attempt from a country you aren't in, change your password immediately and alert support.