The Best Two-Factor Authentication Apps to Protect Your Cryptocurrency Accounts


Enforcing two-factor authentication to protect an online account is incredibly important. Especially if it’s a cryptocurrency account.

FTC in 2020 reported a staggering loss of more than $80 million in cryptocurrency-related investment scams. So, if you have cryptocurrency accounts, you need to be careful with every step you take.

Enabling the second layer of protection and choosing a good two-factor authentication (2FA) app is a solid way of keeping your accounts secure. So what is 2FA? And how do you choose the best app for the job?

What Is Two-Factor Authentication?

2FA is an extra layer of security after your username and password to log into your account. No matter how complex your password is, if it gets compromised, your account can be accessed in no time.

With a two-factor authentication method, you get a secret code in your 2FA app or via SMS, which is needed to access your account. So, unless the hacker has your smartphone or SIM, the code is safe with you and the account cannot be hacked.

Related: What Is Two-Factor Authentication? Here’s Why You Should Be Using It

Why Do You Need 2FA Apps for Cryptocurrency Accounts?

Like any other online profile, 2FA makes it difficult to gain access to your account.

While authentication codes via SMS can be susceptible to SIM swapping attacks, an application to manage 2FA codes in your device is more secure and convenient.

Furthermore, you must keep in mind that, when it comes to cryptocurrency, there is no recovery process or fraud protection available. So, if you lose the funds in any way, they’re gone forever. You cannot recover them or claim the monetary loss through any insurance.

It’s even worse than that: you will not get any legal support for stolen funds in your cryptocurrency account. You are solely responsible for handling it. Hence, it is critical to protect your account using any secure methods you can think of.

Factors to Consider When Choosing a 2FA App

You may want some pointers to help you choose the best 2FA authenticator app for your requirements.

Here are a few things to note:

  • Does it synchronize across multiple platforms?
  • What platforms is the 2FA app available on?
  • Does it only store your 2FA codes offline in the device?
  • What recovery options are available for the 2FA app you use?

Once you decide what you want, you’ll need to know about the best authenticator apps available to you.

1. Authy

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Authy is a free 2FA app that can help you secure any online account, including crypto wallets.

It is the best choice for users who want cross-platform support. Not just the availability, but it also lets you sync your 2FA codes across multiple devices.

This enables you to have your authentication codes on several active devices without depending on one. You do not have to worry if your daily driver breaks or gets stolen—you can easily manage devices and access your codes from other connected devices.

While your backups are uploaded to the cloud (and encrypted) to make the sync possible, it can only be unlocked with your master password.

Authy does offer several recovery options as well, but make sure you don’t forget your master password.

Highlights:

  • Cross-platform support: Linux, Windows, Mac, Android, and iOS (with further Apple Watch support).
  • Sync across multiple devices.
  • Cloud backup.
  • Requires a master password.
  • Requires a phone number.
  • Easy recovery options.

Download: Authy for Android | iOS | Desktop (Free)

2. Microsoft Authenticator

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Microsoft Authenticator is a reliable 2FA app to secure your crypto account. It is available for multiple platforms and provides the option to back up your data to the cloud.

Unlike Authy, you do not get native desktop clients.

As it lets you back up to the cloud, you do get a convenient option to recover your account from a new device if needed.

You can add your Microsoft account and other online accounts for two-factor tokens.

Highlights:

  • Cross-platform support: Android and iOS.
  • Sync across multiple devices.
  • Cloud backup.
  • Easy recovery options.

Download: Microsoft Authenticator for Android | iOS (Free)

3. LastPass Authenticator

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LastPass authenticator is yet another authenticator app that is suitable to use for your cryptocurrency account.

It also offers one of the best password managers out there, although the free version has its downsides. You get support for both Android and iOS smartphones, and can keep multiple devices in sync with LastPass authenticator.

A cloud backup option is available to let you easily restore when needed. It is fairly intuitive to use and works great for all kinds of 2FA.

Highlights:

  • Cross-platform support: Android, and iOS.
  • Sync across multiple devices.
  • Cloud backup.
  • Easy recovery options.


Download: LastPass Authenticator for Android | iOS (Free)

4. andOTP

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andOTP is a completely open source 2FA app available for Android devices. If you don’t need the cloud sync option and want total control over your data offline, andOTP is a great option for Android smartphone users.

It provides multiple options for back up (encrypted, plain text, password-protected). You need to manually keep the backup someplace safe. For instance, have a separate storage drive to store it.

You can decrypt the backup on your desktop using other open-source tools and will also find it listed on F-Droid store (so check out some Google Play Store alternatives).

Highlights:

  • Android only.
  • Multiple backup options.
  • Stores data offline.

Download: andOTP for Android (Free)

Protect Every Online Account Using 2FA

No matter what, a 2FA app is essential and makes it nearly impossible to access your account without physical access of your device.

There are several other 2FA applications like Google Authenticator, but they do not offer a way to recover or sync your codes with multiple devices. That makes for a serious problem if the device gets stolen or the data is erased.

Considering the rise in cryptocurrency and the exponential increase in crypto-related fraud, it is better to be safe than sorry.

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