Two-Factor Authentication
What is 2FA (for example Google Authenticator)?
2FA (Two-Factor Authentication) is a single-use code that provides extra security compared to only using a traditional static password. The linked with your Nova Exchange application will provide a OTP (One Time Password) every 20 seconds for security reasons.
How to enable the 2FA.
To enable this feature you need Google Authenticator, an app that is available for Android, iOS and Window devices. Once you download Google Authenticator application, you have to scan the QR-code on the activation page on Nova Exchange with your smartphone camera (or copy the 40 digit code below the barcode and paste it into the text box of Google Authenticator - keep in mind that this is your backup code, so make sure to save it somewhere safe in case you lose your device).
Once you succeed in linking Nova Exchange OTP-generator (One-Time Password generator) with your Google Authenticator, it will display a new 6 digit passcode every 20 seconds. You need to enter one of these passcodes into Nova Exchange 2FA activation page in order to activate this feature. Once activated it is used when logging in and performing certain tasks, like withdrawals.
Watch an informational video here.
I do not have a phone, can I enable 2FA?
Yes you can. We recommend the smartphone app Google Authenticator because it is 100% reliable, however there are many other providers. You have to download a Windows/Mac/Linux Authenticator from the respective app store and connect it with your Nova Exchange account.
To connect, simply click enable Google Authenticator or go to Account >Google Authenticator Settings. From there insert manually the secret code below the square QR-code (make sure to save that in case you lose the device, as this is your backup code) into the authenticator application and then insert the 6 digit code that the application provides in your Google Authenticator Settings page so you can link them.
Keep in mind that the 2FA code that your application provides will change every 20 seconds for security reason.
What happens if I lose my phone?
If you have not saved the backup code, you will need to contact support and ask for help to reset the 2FA.
What (and why) is "KYC"?
KYC is short for "Know Your Customer". We need to ask for some personal information before we can do business together.
Why do we need to do this?? Mainly for two reasons:
The first reason is that we must comply with the law. The law is there to prevent criminal activity, like money laundering and human trafficking.
The second reason is that we want to comply with the law. If we disregard the law we won't be able to provide a safe environment for you to make your trades and store your assets, and those two are the foundation of our business.
As a customer of a crypto business based in Sweden, in the European Union, you will enjoy unmatched consumer rights, security and service levels.
To keep your funds safe, is our top priority.
