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Trading account protection: 4 Tips to stay safe

Online trading is getting more and more popular as many traders decide to work with brokers online rather than in person. However, at the same time, security attacks are also increasing as hackers attempt to steal information and funds by taking advantage of unsuspecting victims.

Here are a few simple steps to have in mind and protect yourself when trading online:

Use a security password always!

Let’s discuss passwords briefly, one of the most important aspects of trading securely. In reality, as much as we talk about passwords, the list of the worst ones is constantly increasing, including things like your birthday, 123456, and even the word “password” used as a password.

There really is no reason for such simple passwords in times when various password management tools exist, which remember them and even remind you to change them. Think about utilizing such a tool and protect your passwords carefully. Even the best firewalls and protection will be useless if your password is easy to guess.

Enhance your account entry

Consider using two-factor authentication and start using it? Most applications, including social media platforms employ this nowadays. For example, when you log in from a new device, you will also need to have access to device you own, as well as your password.

These devices can be your tablet, smartphone or at the very least – access to your primary email. A digit code will be sent to that device or email and you will need to enter it to access your account. Generally, this tactic serves as a further security layer, but even better – it is free of charge.

Keep access private

Many users fall victim by giving access to their accounts to third parties, who are not supposed to have it in the first place. Make sure only you access and execute transactions. This is a well-known insider threat.

What you should strictly remember is that you never give access to your trading account to any app or person who does not need it. If you absolutely need to let someone access your account like a manager, make sure you change the password and remove their access once they no longer need it.

Just as you control your own password, you need to control the password and access of others who can control your account.

Trading online is becoming more popular, but as it does, hackers are becoming more determined. Take steps to secure your trading accounts and follow up with new security updates to keep your money safe online.

Be careful with software

Another thing to keep an eye on is to never allow access to your account through specialized software like Team Viewer, Any Desk and the like. There really is no reason to grant full access to your computer and trading account via such tools as then you lose total control your device.

If you need to do it because of technical issues, make sure you communicate with party you are familiar with and trust. You should absolutely never allow this to individuals, who ask you for this over the telephone or from companies you have never heard of. You should be the only person operating your account. This includes first and foremost depositing and withdrawing funds. Follow these tips and your chances to trade safely and securely greatly increase. After all trading should be fun and exciting, not dangerous!