Robinhood has been gaining popularity recently as it is one of the best applications for trading stocks or investing without any cost. This investment app has managed to create waves across many markets with a brilliant and straightforward way for smartphone owners to sell and purchase stocks within a matter of time. As new customers enroll in Robinhood, the new users are concerned about their security in this app. All financial applications must provide their users with enough security and extra precautions. This article will dive into the Robinhood authenticator app review, which is the two-factor authentication, 2FA.
What is Two-Factor Authentication or 2FA?
With all the finances in one place, you can never have enough security. The two-factor authentication (2FA) is a managed security service that needs two different types of identification of the owner while accessing data and resources, and in this case, finance. It adds another layer of security which is more than just a username and password that can protect online accounts. 2FA will help prevent unwanted people from accessing your data, and using it on Robinhood is highly advisable. Hackers have been tricky in getting into your accounts without knowing your username, so any added protection is advantageous for your account.
Top 5 Robinhood Authenticator App
- Authy: iPhone, Android
- Duo Mobile: iPhone, Android
- Google Authenticator: iPhone, Android
- Microsoft Authenticator: iPhone, Android
How Does Two-Factor Authentication Work?
There are three methods to verify your identity using two-factor authentication, as not everyone can use just one method. They are:
1. Text message (SMS)
2FA text message is the most common with personal accounts where you have to register your account with a mobile number, and the authentication will send a login code to the number. The site will send the user a unique one-time password over the message, or the voice-based 2FA calls the user and delivers the code over the phone. You only need a wireless network connection and a mobile phone. However, it has some risks as well. Your phone might get stolen, and then the person will be able to get access your accounts.
2. Device Approval
The apps or websites will send a push notification to the user’s device to alert them that someone is trying to access their accounts. Then, the device owner needs to review who is trying to access the account and deny or accept the access with one tap. You do not need any password or codes to enter; any extra interaction is also not needed. For this, you only need a device that can be connected to the internet and install apps.
3. Authenticator App
This is one of the famous forms of two-factor authentication, where software generates a time-based one-time code. To use this, the user has to install a free 2FA application on their phone or laptop, and they can sync the app with sites that support it. The user needs to enter their username or email address and password, and after being prompted, they should enter the code which is generated by the app. Chances of fraudulence and hacker intercept are low as the code gets generated and displayed on the same device.
How to Enable Two-factor Authentication (2FA) in Robinhood
You can enable two-factor authentication in Robinhood in 3 ways. By using an authenticator app, SMS, or by using device approvals.
Robinhood supports all major third-party authentication apps. You only have to download any of Duo Mobile, Authy, Microsoft Authenticator, or Google Authenticator, and all of these are applicable for iOS and Android. Follow these steps to enable 2FA in the Robinhood app:
- Click on the person icon in the bottom right corner and tap on the three bars, Menu, on the top right.
- Select Security and Privacy and then tap Two-factor Authentication.
- Choose the authenticator app of your preference.
- Open the authenticator app on the device and verify that you want to sync Robinhood with it.
- The authenticator app will prompt for the code, copy the verification code and paste it into Robinhood.
- Robinhood will send you a backup code allowing you to log into your account if you lose access from the device. It is safe to save the code.
Text Message (SMS)
To enable two-factor authentication in Robinhood using SMS:
- Tap the person icon to go to Account and the Menu.
- Select Security and Privacy and under security, choose Two-factor Authentication.
- Tap on text message (SMS).
- You will receive a verification code from Robinhood in your text messages and copy the code.
- Paste it into the Robinhood app and select Continue.
- Robinhood will again send you a backup code for times when you lose access from your device and need to log in to your account.
If you have not yet enabled Two-factor authentication (2FA), you will automatically receive device approvals as soon as you start logging in from a different device. If you do not receive any alerts, ensure that your preferred two-factor authentication method is enabled.
How to Work on Logging into Robinhood Account Using Two-Factor Authentication (2FA)?
It is essential to point out that timing is vital with authenticator applications. In between, the authenticator app creates a code and pastes it into Robinhood; you will have only one or two minutes.
1. Text Message – Once you enter your email address and password, a verification code from Robinhood will reach you as a text message. Please copy the code from the text message and paste it into the app to sign in.
2. Authenticator App – After you have entered your email address and password, Robinhood will want a verification code. Your authenticator app will have a code generated for Robinhood; copy the code into the Robinhood app to successfully sign in.
3. Device Approvals – Whenever you log into your Robinhood account using a new device, a notification will be sent to each other to verify your identification. Choose approve or deny in the notification according to the consequences you want your account to face.
Robinhood is an extensive stock market-changing application that has been gaining popularity for the last couple of years. Many people use this app to invest, so there is always the possibility of privacy breaches. For this reason, two-factor authentication is needed for almost every account. You can use three two-factor authentication methods in Robinhood, which are very useful. In this article, you will come across information on the Robinhood authenticator app review.
Frequently Asked Question (FAQ)
How many times can I use the backup code to log into my account?
You can only use the backup code once and still need to remember your username or email address and password to log in.
Why is two-factor authentication necessary?
It is essential as it instantly reduces the risks associated with weak passwords. If your password gets hacked, the hacker will not be able to intrude on your account as he will need a verification of identity.
Why do I need added protection if Robinhood is safe?
When putting your finances in a place where you want every layer of security available. Robinhood by itself is secure, but providing your account with more security is always a good option and keeps you tension free.
What is a good Authenticator app for Robinhood?
These common authenticator apps can be found in your mobile device app store.
-Authy: iPhone, Android.
-Duo Mobile: iPhone, Android.
-Google Authenticator: iPhone, Android.
-Microsoft Authenticator: iPhone, Android.
Can you have Robinhood on 2 phones?
Yes. Device tracking allows you to see and control any device that has logged into your Robinhood account, including phones, computers, and tablets. If you ever log in from a new device, Robinhood will request a verification code.
With over 3 years of financial experience, Hannah Edwards is the senior writer for All Finance Deals. She recommends research-based financial information about Transfer Money, Gift Cards and Banking. Hannah also completed graduation in Accounting from Harvard University.