Have you recently decided to start trading on the forex market? Well, if that is the case, in addition to learning about all the best strategies and various tips and tricks, you should also stay in the loop when it comes to being safe. Keep on reading to better understand cybersecurity in FX trading and protect your account.
Understand the regulations in your country
Before you start trading, you need to understand the regulations in your country, seeing as how every country has its own regulatory body. Then, when looking for a forex broker or trading platform, ensure they are licensed by that regulatory body. This is the first step in making sure you are not being scammed.
Find a reputable broker to register with
Avoid public networks when trading
Moving on to the things you can do to protect yourself while actually trading. For starters, you need to avoid public Wi-Fi at all costs. While some people have no other option, it’s strongly recommended that you don’t trade on a public network as they are not secure. You’re risking your personal data when using this network and anyone with bad intentions can find a way to exploit this. If you want to trade on the forex market (or any other market, for that matter), stay on a private network.
Use a firewall to keep your connection private
Other than avoiding public networks as much as you can, you also need to trade behind a firewall. This aspect is often neglected but can make a huge difference when it comes to keeping your connection private and preventing hackers from obtaining your personal data. It might seem basic but it is actually a lifesaver. Plus, having a virtual private server you can trade on can also help keep your info safe as the data will not be stored on the PC.
Consider using a forex robot
Another way to prevent people from stealing data from your PC is by using a forex robot. This can be a really good thing as the algorithm does most of the trades on its own without needing your input. Therefore, hackers will not have access to your account because it will not be open on your computer. You just have to program the robot to make the trades at the right time.
Come up with a strong password
For some reason, people don’t understand the importance of a strong password and resort to common ones such as their birthday, “password” or “123456”. In this time and age, there is no need for such weak passwords that are easy targets for potential hackers. Instead, turn to various password vaults and generators which will provide you with a randomly generated (and often complex) password and remember it for you. Seeing as how passwords should be regularly changed, these handy apps can even remind you to get a new one.
Implement two-factor authentication
In addition to making your password strong, you should also consider using two-factor authentication. From social media to banks, many apps offer this additional security step and you should make the most of it. This means that your password will not be enough to log into your account. You will also need to put in a code that will be sent to your phone or email. Unless a hacker also has access to these, they will not be able to breach your account.
Don’t use public access computers
Just like you shouldn’t use public Wi-Fi, you should also not use public access computers or those that other people use. These computers are monitored and, in most cases, use a public network, which makes the risk of getting hacked higher. What is more, you might forget to log out before you leave or someone might be looking over your shoulder while you’re logging in and your account could be compromised.
Make sure you have quality anti-malware software
Finally, even if you take all the above-mentioned steps to protect yourself, hackers can still find a way into your account. This is why it’s vital that you are wary of unexpected emails and opening questionable links. If you click on a random link, viruses, spyware and ransomware can all be installed on your computer which can be very detrimental to your trading efforts. Therefore, install anti-malware software and regularly scan your PC.
If you want to be able to enjoy and profit from forex trading using forex signals, you need to take the necessary actions to protect yourself. Keep the things we talked about in mind and you should have no issues.