Binance is a user-friendly cryptocurrency exchange that allows users to trade a wide range of cryptocurrencies on a single platform. Founded in 2017 by the Chinese-Canadian business executive Changpeng Zhao, this exchange is frequently referred to as one of the largest in the world in terms of trade volume. It is also renowned for its inexpensive trading fees and advanced charting features. Moreover, it provides traders with a cryptocurrency wallet in which they may store their digital assets for safekeeping.
In addition to the similar basic features to other crypto exchanges (such as Coinbase), Binance also offers basic trading services in addition to a range of different instruments and platforms, as well as expert support in various areas of cryptocurrency trading. Among other features, the Binance Visa Card, the Binance smart pool, and the blockchain technology incubator are three things that particularly stand out in the company’s offerings.
The Binance crypto exchange lists more than 500 cryptocurrencies, altcoins, and virtual tokens, including Bitcoin (BTC), Ether (ETH), Tether (USDT), Bitcoin Cash (BCH), Stellar (XLM), etc. In addition, the Binance Coin, the company’s native token, is designed to be used in conjunction with the Ethereum blockchain and conform to the ERC 20 standard. The total quantity of BNB coins is limited to 200 million.
The Binance platform, which runs on the Ethereum blockchain, incorporates advanced security features to ensure the security of users’ digital assets and accounts. The blockchain system prevents data theft and illegal use by third parties by employing multiple encrypting methods for both user and transaction data. One of the online security mechanisms implemented by Binance in its platform is the two-factor authentication protocol (2FA).
What Does Two-Factor Authentication (2FA) Mean?
The two-factor authentication protocol (2FA) is an extra layer of protection for online platforms that ensures the identity of people seeking access to an online account is confirmed and protected by the second factor of authorization, in addition to the login and password.
When a user initially inputs their username and login password, the second tier of protection will request from them to verify their identity again, rather than granting access after the password authentication. This second step of authentication of a user’s identity typically factors in an answer to a personal question (known only by the user), matching a keystroke of a photo pattern, using a personal item for verification of identity (a phone or credit card number, for instance), or even biometric data (fingerprint, eye scan, voice scan), etc.
There are several types of two-factor authentication methods: hardware tokens for two-factor authentication, SMS-based two-factor authentication, software-based two-factor authentication, push notification for two-factor authentication, etc.
Hardware Tokens for Two-Factor Authentication
By employing cryptography to authenticate user identification and the Web address of the user’s online account, hardware security keys (or hardware tokens) protect users against targeted cyber-assaults that invade their privacy and collect sensitive data.
Easily portable on a key ring, these security keys interact with your device using a USB connection, NFC, Lightning, or Bluetooth. Hardware tokens may be used to unlock your device by generating a cryptographic signature for the challenge set by the application or the website immediately after you enter your username and password. You may then validate your credentials and gain access to the targeted account, information, or website.
SMS-Based Two-Factor Authentication Token
The SMS-based two-factor authentication protocol sends the user a random one-time password (OTP) through text message when they register on the app or website with their username and password in order to complete the registration and user identification process. The user receives this code through SMS to the phone number they had registered on the app or website.
Software-Based Authentication App
In order to use this type of 2FA token, the user would first need to install 2-factor authentication software on their phone and/or computer. Apps such as the Authy 2FA app, or Vonage are some of the examples of this type of software. The app of choice for Binance is Google Authenticator, which is also a type of secure authentication service.
These software programs, which are available for both iOS and Android devices, generate time-sensitive and single-use codes, as well as push notifications to the user’s mobile device in order to allow them to complete the sign-in process at the targeted online site or app.
A Step-By-Step Tutorial on How to Set Up 2FA on Your Binance Account
- In order to enable the Binance 2FA for enhanced account security, first, you need to install the SAASPASS Password Manager & Authenticator 2FA SSO browser extension or app on your device (desktop, mobile phone, tablet, etc).
- Next, log in to your binance.com account with the username and password (via the Binance mobile app for Android, the Binance app for iPhone, or your Chrome browser).
- After clicking on the ‘Account’ button, look for the field marked as ‘Two-Factor Authentication’.
- You’ll see a dedicated button for activating SMS authentication on the right side of the UI, or you may enable Google Authentication by just clicking on it.
- Following the activation of your selected method of 2FA, a QR code will show up on your screen, which will link your Binance account to the SAASPASS phone app or browser.
- Now, launch the SAASPASS phone app and navigate to the Authenticator tab on the home screen.
- Open the “Scan QR Code” option, and scan the previously generated QR code.
- On the right of the barcode scanning field, type the authentication code that was generated by the software two-factor authentication app.
- Type the password you use to log in after you input the 2FA code (it’s the 6 digit code), and select “Enable 2FA”.
- After you’ve configured the two-factor Google Authentication, you’re issued a backup key (encrypted code) that serves as a password for your subsequent logins.
A Few Words Before You Go…
Because of the rapid growth in sophisticated cyber attacks on websites, consumers could perhaps utilize other methods for protecting themselves with more than only a password whenever it is possible to do so. Although usernames and passwords are the most often used and fundamental ways of user identification, there are many more trustworthy alternatives available, like the two-factor authorization protocol.
The two-factor authentication protocol (2FA) adds a verification factor to the user’s sign-in request, thus double-protecting the system against unauthorized entry. This security layer may be used in combination with the existing mechanisms implemented on any platform for enhanced online data security. With the implementation of this security protocol, it becomes less probable that a third party would get unauthorized access to your online data if your password is duplicated or your mobile device is stolen because it’s improbable that someone will know the login credentials you used as a second password.
In this regard, 2-factor authentication seems to be the ideal technological solution for Internet users, as they can have greater peace of mind when handling their digital assets or fiat currencies online.