Security is one of the key areas here at Bitpanda. We do everything we can to store funds as safely as possible on our platform. For example, we use secure cold storage (offline wallets), SSL encryption, and DDOS protection. But we are also making the Bitpanda experience as secure as possible from a user perspective. To ensure this, we offer session management and email confirmation for all critical actions for example when you send a cryptocurrency.
A very important, easy to set up and yet powerful security measure is enabling Two Factor Authentication (2FA). Doing so adds a second layer of security, which drastically increases the overall safety of your Bitpanda account. In addition to your password (which could have been somehow compromised) enabling 2FA adds an additional code which is randomly generated and time sensitive.
How to enable Two Factor Authentication (2FA) on Bitpanda
Setting up Two Factor Authentication (2FA) on Bitpanda is easy. Here’s what you have to do:
- Navigate to the Security section while being logged in to your Bitpanda account.
- Click on the “Enable” button and enter the password for your account.
- Save your recovery code as a PDF or print it out. It’s important to store it somewhere safe.
- Enter the recovery code.
- Install Google Authenticator (available on Android or iOS), Authy (available on Android or iOS) or any other Authenticator app on your Smartphone.
- Scan the QR Code you see on the Bitpanda platform with your Authenticator app.
- Enter the 6-digit verification code generated by your Authenticator app.
- Congratulations, you enabled 2FA on Bitpanda!
We highly recommend enabling Two-Factor-Authentication (2FA) not only on your Bitpanda account, but also wherever it is available. Be it for your Google account or any other service that offers 2FA. It is a powerful and yet very easy to set up precaution that adds an extra layer of security and drastically increases your account’s safety. You can find an in-depth article plus a video on how to set up Two-Factor-Authentication (2FA) on the Bitpanda Helpdesk.
This post is part of a series about security related topics. We already explained how you can protect your digital assets and stay safe and how to spot online scams.