The financial market has become more accessible since traders can now install trading apps on their mobile devices and trade on the go. Trading using mobile apps gives you opportunities to track the market anytime and open a position based on solid strategies. Also, the apps have made it easier for traders to schedule their daily trades, especially those undertaking trading as a part-time activity. So, while trading apps have been an excellent addition to the financial markets, how do you stay safe when using them? Below are the top five tips you should know.
- Choose the Right Broker
Security matters with trading apps, and it is crucial that you invest with one hosted by a regulated broker. With them, you are guaranteed trading funds’ safety since they are stored in a separate account only accessible by you. Remember, various brokers claim to be regulated, but to be sure of their credibility. In this case, ensure world-recognized authorities monitor them. These include the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investment Commission (ASIC), etc.
With many fraudulent trading apps, conduct thorough research before settling for a broker. Alternatively, consider recommendations from experts such as this TradingGuides list of trading platforms in the UK. This way, you are guaranteed to find the best trading app to use long term.
- Create a Strong Password
There are many cases of cyber insecurities, and the last thing you should expect is to fall victim to online hackers. Plus, anyone can access your mobile device, whether at the workplace or during a social gathering. Therefore, you want to protect your account from access to anyone by securing your trading app with a strong password. Cybersecurity experts state that the major loophole to online attacks is weak security and passwords. So while creating your app’s security code, ensure it is strong by mixing alphabets, numbers, and special characters. Most importantly, keep your password private. You can also enable the two-factor authentication log-in procedure.
- Close Trading Sessions
Closing your trading session and logging out of your account when not using a trading app is essential. Although many brokers automatically log you out if your account remains idle for a few minutes, it is crucial to always double-check. Clearing your cache once in a while is also advisable to guarantee the safety of your trading app.
Another solution recommended by Justin Grossbard at CompareForexBrokers is to use a VPS. Not to be confused with a VPN, a VPS is a permanent link, connecting a trading terminal to the wider trading network. Most forex broker’s and their software (eg MetaTrader 4) offer a VPS that enhances not just security but also execution speeds which his head of research “Ross Collins” tested and verified.
- Use VPN
Although using regulated trading apps guarantees your data and funds security, you want to ensure there is no risk of hackers attempting to access your account. In this regard, secure your account with a high-powered VPN connection. This way, you will remain safe while trading on the move. In addition, secure VPN connections enable you to transact safely, especially when connected to WiFi or the internet you have less control over.
- Beware of Spams
Once in a while, you will receive emails from unknown senders. Do not be quick to open them or click on unknown links. Also, be skeptical about cheap offers that seem too good to be true and confirm all the information received. For instance, if you receive an email claiming that a particular stock is trading at a specific price, ensure you confirm this information from the exchanges that list them before putting up your money.
Trading apps are risky even though they have made markets and assets readily available for traders. With many fraudsters trying to hack traders’ accounts, you will never be secure with trading apps. Therefore, follow the above tips to stay safe, minimize cyber-attack risks, and focus more on your trading activities. Also, stay abreast with developing trends to learn emerging hackers’ tactics and secure your platform before it’s too late.