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What is two-factor authentication (2FA) in trading?

Two-factor authentication (2FA) adds an extra layer of security to trading accounts by requiring a second verification step in addition to a password. Common methods include SMS codes, email confirmations, or time-based one-time passwords (TOTP) generated by apps like Google Authenticator or Authy. Hardware security keys, such as YubiKey, provide even stronger protection. 2FA prevents unauthorized access even if a password is compromised. Traders should avoid SMS-only 2FA due to risks of SIM swap attacks. The safest approach combines TOTP apps or hardware keys with strong, unique passwords. Enabling 2FA is essential for protecting exchange and broker accounts.