Coinsquare takes client security very seriously, and we value client awareness and participation in our security features. Despite the numerous behind-the-scenes security protocols Coinsquare has in place, there are some additional security measures our clients can take to protect their accounts.
The two most advised security features Coinsquare recommends implementing are two-factor authentication (2FA), and a complex password generator. There are additional security measures clients can take, like ensuring their emails are secure, or educating themselves on the risks of phishing, but 2FA is the most beneficial extra layer of protection for your Coinsquare account.
What is 2FA?
If you are unsure what 2FA is, you are not alone. “2FA”, which stands for two-factor authentication, is exactly what it sounds like: users are required to provide two factors of authentication when verifying their identity to access an account. Typically, most platforms will only ask for one-factor authentication, usually in the form of a password. Coinsquare strongly recommends its clients to use two factors to verify themselves, hence the 2FA security feature.
The most common authentication factors are passwords or PINs, and sometimes ID cards. Some other examples of authentication factors (which are usually used in 2FA systems) include security tokens, biometric factors (like fingerprints, or facial and voice recognition), time factors (like a restricted login window), or location factors (like logins limited to specific devices or IP addresses). Coinsquare’s second authentication factor (in addition to a secure password) is a security token mentioned above.
Coinsquare offers two types of two-factor authentication: Coinsquare 2FA and Google 2FA. Coinsquare 2FA requires that you scan a QR code using the official Coinsquare mobile app in order to log into your account on coinsquare.com. Google 2FA requires users to download the Authenticator app, which, once activated for your Coinsquare account, will provide you with a 6-digit code that will update every 30 seconds. By using a QR code or 6-digit code in addition to your password, two-factor authentication is achieved for the utmost security.
Implementing 2FA with Google Authenticator
Setting up and implementing a two-factor authentication for your Coinsquare account is quick and straightforward. Google 2FA requires the Authenticator app, so before you begin, ensure that you have downloaded the Google Authenticator app to your iOS or Android mobile device.
1. Log into your Coinsquare account on your desktop at coinsquare.com and visit your Account Settings page.
2. Scroll down to 2FA Authentication and select Google Authenticator
3. Click on Generate Key which generates a QR Code
4. Open the Authenticator app on your mobile device and select Scan a barcode
5. Scan the QR code generated on your desktop
Note: Google Authenticator will generate new codes every 30 seconds
6. Enter the active 6-digit code displayed on the Authenticator app and click Activate Code
Before you choose either method, keep in mind that if Coinsquare 2FA is chosen and activated on your account, you will not be able to set up Google 2FA, as only one 2FA method can be used per account.
Regardless of which method you choose, implementing two-factor authentication on your Coinsquare account will help add an extra layer of security and help prevent unauthorized access to your account and assets, and hopefully bring you peace of mind!
Using a Password Generator
Did you know that the majority of hacking-related breaches occur because of weak or stolen passwords? Password security is a big deal, and extremely important. Many online platforms are developing more secure password requirements to help users heighten the security on whatever account they’re trying to access. You can take this security feature to the next level, if you want, by using a password generator.
A password generator is a tool that automatically creates a password for you, based on parameters/criteria that you set for it. Usually, you can set up a minimum length (e.g. 12 characters), and you can include uppercase, lowercase, numbers and symbols. Once you have your criteria, the generator should generate a complex password for you to use, for example: zU@!aL41axdo. If remembering this password seems overwhelming, you can also use a password manager (like LastPass) that will remember your complex passwords for you, and make them available on your other devices.
If you would rather create your own passwords, there are a few things you can do to make it that much more secure. Ensure that all your passwords are unique and do not get reused between accounts. Do not use any personal identification information (like birthdate, names, or addresses). The longer the password, the better, so ensure that it’s at least 8 characters long, though 12-14 characters is recommended. Do not use commonly used phrases, or weak and obvious words (like “password” or “12345”).
Regardless of which password method you choose, remember to never disclose your passwords (for Coinsquare or any other account) to anyone, and to make sure you update and change your passwords every 3 months. Doubly important to remember, Coinsquare will never ask you for your password, so if anyone is asking for your password, beware of that red flag. In general, try and beware of phishing attempts, like the one mentioned above, and emails or contact from anyone pretending to be associated with Coinsquare. If you are unsure about the security of an email, make sure to contact our Support Team.
As with many things in life, it’s best to be safe than sorry. To that point, Coinsquare encourages its users to take as many precautions as possible with their accounts. Password generators and password managers are a great security feature, and verification benefit for any account, particularly Coinsquare. Most importantly though, Coinsquare requires its clients to use a 2FA method (two-factor authentication) via Google 2FA. By activating 2FA, you’re helping to increase your Coinsquare account security, and you’re helping us improve general platform security standards across the board.