A system and method for securing wireless communications are provided. A method for secure communications by a first user includes estimating a channel between the first user and a second user based on a pilot signal transmitted by the second user, determining a first threshold and a second threshold based on the estimate of channel, selecting a first subset of channel estimates, signaling the first subset of channel estimates to the second user, receiving a second subset of channel estimates from the second user, for each channel estimate in the second subset of channel estimates, quantizing the channel estimate based on a relationship between a gain of the channel estimate and the first threshold and the second threshold, generating a first secret key based on quantized channel estimates, verifying that the first secret key matches a second secret key generated by the second user, and transmitting information to the second user.