Hello,
Here is a mistake that we can all do easily if we are not careful or in a hurry.
Using 2FA is a must in todays crypto exchanges, not using it means you are risking having your coins stolen if someone hacks your password.
But there is one part of this that we can easily overlook f we are not careful - that is the
RECOVERY CODE or the
BACKUP KEY.
When you first set up 2FA the exchange will show you a site that looks similar to this
Notice the circled code. That is your
REVOVERY or
BACKUP code and it is very important.
WRITE IT DOWN, SAVE IT in a safe place.
When someone is new and inexperienced to the world of crypto and exchanges they might mistaken the backup code to the
QR code that you scan in order to set up 2FA.
They are not the same thing. The RECOVERY code is used if you lose access to the phone that you used to setup 2FA with. If the phone breaks, you lose it/sell it the
RECOVERY CODE is what you use to get access to your account again. Therefore you need to keep it safe.
Some exchanges (like in the example above) dont have a warning about the importance of the RECOVERY code so you need to pay attention to it and dont confuse it with the QR code.
In case you lose your recovery code you can always contact Customer Support of the exchange you use and they should be able to reset it for your when you provide proof that the account is actually yours. But this is a lengthy process that can take 7-10 days, maybe more. Why go through all of that in the first place.
SAVE THE CODE .
Also some exchanges have bad or almost useless customer service and cant speak English so your funds might be lost forever in the worst case scenario.
Another good tip is that you can use AUTHY instead of GOOGLE AUTHENTICATOR to create 2FA protection. AUTHY can be backed up and if you lose your phone you can back it up on a different phone.
!Take Care and Stay Safe!
