What is 2FA (Two factor-authenticator) and why is it important?

In order to securely protect your account and passwords, we have introduced two-factor authentication (2FA), to act as an additional security layer for our customers.

2FA ensures that anyone trying to gain access to your account is authorized to do so. Firstly, a user will enter their username and a password. Then, they will be required to validate additional security information before gaining access: the 2FA code. This expires regardless of usage or not and is time-based. It can be delivered to you via text messages or a secure application on your device/computer, making it virtually impossible to hack.

There are many forms of 2FA. It can be via SMS, phone call, email, software, biometric, or hardware. At EQONEX, our focus is on TOTP that works on mobile apps with your smartphone.

With 2FA, even if your password is stolen or your personal email is inaccessible, the chances of an unauthorized party having your second-factor information is highly unlikely.

At EQONEX, once 2FA is set up, there are only two ways to disable this feature:

  • Having access to your account and editing it in the Settings. Please note that 2FA is required to be on all the time for Institutional Accounts.

  • Requesting Customer Support team for help. This process requires additional document submission (ID selfie with a specific note).

In other words, only account owners can remove this security layer from the account setting.

Related article: How to disable 2FA

How does it work?

Every time you open the 2FA app on your mobile device, it generates a new code for your account. These codes remain valid for a very short period of time, after which a new code is automatically generated. The validation of this code is automatically verified when logging in.

Which authenticator app should I use?

There are a number of authenticator apps on the market. The most popular choices are:

  • Google Authenticator

  • Microsoft Authenticator

  • Authy

  • 1Password

These are readily available for download on the Apple Store and Google Play.

When will I need to provide my 2FA code?

2FA verification is required in:

  • Updating your security settings (password)

  • Whitelisting withdraw addresses

  • Requesting withdrawals

How do I set up 2FA?

A full guide on 2FA installation can be found in the following article: 2FA Set-up Guide

For further assistance or more information, please contact our Customer Support team via help@eqonex.com or click on the chat widget at the bottom right-hand side of the EQONEX page.

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