How to Increase Your Coinsquare Account Security with 2FA (Updated 2021)

Setting up two-factor authentication for your Coinsquare account is quick and straightforward. All you need is your phone and an authenticator app that generates a one-time code for you to use every time you sign in. Coinsquare recommends using either AuthyGoogle Authenticator, or Microsoft Authenticator which are available for both iOS and Android devices. 

Please note: The instructions provided below are for Google Authenticator

  • Please refer here for instructions on how to set up 2FA with Authy
  • Please refer here for instructions on how to set up 2FA with Microsoft Authenticator

Before getting started, make sure you’ve installed an authenticator app on your mobile device.

1. Log into your Coinsquare account on your desktop at and visit your Account Settings page.

2. Scroll down to 2FA Authentication

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. Use your phone to scan the QR code generated on your desktop

Note: Authenticator will generate new codes every 30 seconds

6. Enter the active 6-digit code displayed on the Authenticator app into the ‘Enter Activation Code’ field and click Activate Code

7. Done! Your 2FA status should change to ‘Enabled’. You’ll need to get a code from your Authenticator app every time you log-in to Coinsquare going forward.

Regardless of which authenticator app you use, 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!

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. 

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’s recommended 2FA apps require users to download a separate app, which, once activated for your Coinsquare account, will provide you with a 6-digit code that will update every 30-60 seconds.  By using a 6-digit code in addition to your password, two-factor authentication is achieved for additional security.

Using a Password Generator

Did you know that the majority of hacking-related breaches occur because of weak or stolen passwords? Password security is extremely important. Many online platforms are developing more secure password requirements to help users improve their account security. You can take this security feature to the next level, by using a password generator. 

A password generator is a tool that automatically creates a password for you, based on 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 them 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 – please consider any requests to provide your password to be a major 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 better 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 for any account, particularly Coinsquare.  Most importantly though, Coinsquare requires its clients to use a 2FA method (two-factor authentication). 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.

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