Two-factor authentication, also known as 2FA, is an extra layer of security that is designed to ensure that an account is well-protected.
It involves a two-step verification process that needs to be complied with before you can access your account or perform account actions such as transferring your asset to another PDAX account or another external wallet.
For your PDAX account, you are required to enable a login and transaction 2FA by using an OTP-generator app like Google Authenticator or Authy that you'll have to download to your mobile device. Another option is to use a Yubikey.
Once this is set up, you need to provide the passcode generated by Google Authenticator or use your Yubikey whenever you log in or withdraw cryptocurrency from your account.
By requiring this additional verification process, you provide your PDAX account with an added blanket of security that makes it harder for potential attackers or unauthorized persons to access.
NOTE: PDAX urges all users to enable 2FA to avoid delays when withdrawing cryptocurrencies from their PDAX accounts. If 2FA is not enabled, all cryptocurrency withdrawal requests have to be manually approved for security reasons. This can lead to longer processing time especially if the request is made over the weekend or during the holidays.