Even the most successful traders have been exposed to extreme hacking attempts in the last few years which has made many beginner and experienced traders doubt the security of online apps. While trading online is much more convenient than traditional forms, any potential trader must understand the risks and threats that they may be susceptible to. If you’re keen to get into online trading, this guide will provide some helpful tips on how to make e-trading safe. Hackers are keen to steal financial information from trading apps, due to the high turnover of capital they may be able to access, therefore, it would be in your best interests to follow some key safety measures when trading online:
Use anti-virus software
Regardless of the device you’re using, it’s essential you use anti-virus software as a form of protection against malware and hacking scandals. Often overlooked, trading without basic security software leaves your personal information and finances vulnerable when trading online. Before making your first trade, you must seek the advice of an IT professional to purchase and install the relevant software and complete a full system scan to ensure that no live threats are present.
Research your trading provider
Before choosing a platform to trade, always ensure that you have carried out your research into the provider beforehand. Many websites portray themselves as legitimate and lure in investors with one-time offers and guidance on getting into the industry, but are in fact, run by criminals looking to gain access to personal information. In recent times, it was discovered that that were a number of fake trading apps on Google Play.
As a result, it would be wise to carry out a complete check on their background and read through customer reviews thoroughly to reduce the likelihood of your data and finances being exposed to hackers. There are many ways you can ensure your broker is legitimate with the following actions:
· Be mindful of cold contacts
· Verify SPIC membership
· Check statements regularly
· A sudden fluctuation in share prices
Use a secure wi-fi connection
All traders must ensure they’re using a stable and secure wi-fi connection when carrying out trading. It is much easier to do so when linked to your private network at home; however, you should always be on your guard when out in public. While you may be jumping for joy at the opportunity to make use of free wi-fi– think twice about whether it’s a good decision. Some public wi-fi networks are not secure, leaving them highly susceptible to hackers in the local area. With this in mind, it would always be worth using your own mobile data while on the go or find evidence that your Wi-fi connection ensures authorised access.
Use Brokercheck If in any doubt about which websites you should be relying on when it comes to security, it may be worth browsing Brokercheck by FINRA which provides easy access to investment information. It also provides details on whether the firm is lawfully authorised, as well as the broker’s employment history, licensing information and any complaints made against them to help you make a better-informed decision on which platform to trade on.
Working as a cyber security solutions architect, Alisa focuses on application and network security. Before joining us she held a cyber security researcher positions within a variety of cyber security start-ups. She also experience in different industry domains like finance, healthcare and consumer products.