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 the ability to follow the market at all times and open a position based on sound strategies. Also, the apps have made it easier for traders to plan their daily trades, especially those who trade part-time. So while trading apps have been a great 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 is important with trading apps, and it is crucial that you invest with one hosted by a regulated broker. With them, you are assured of the security of trading funds since they are stored in a separate account accessible only by you. Remember, various brokers claim to be regulated, but to be sure of their credibility. In this case, make sure that globally 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 scam trading apps, research thoroughly before settling for a broker. You can also consider recommendations from experts such as this one List of trading platforms TradingGuides United Kingdom. This way, you are guaranteed to find the best trading app to use in the long run.
- Create a strong password
There are many cases of cyber insecurity, and the last thing you should expect is to fall victim to online hackers. Moreover, anyone can access your mobile device, whether at work or at a social gathering. Therefore, you want to protect your account from being accessed by securing your trading application with a strong password. Cybersecurity experts say the biggest flaw in online attacks is weak security and passwords. So, when creating your app’s security code, make sure it is strong by mixing alphabets, numbers, and special characters. Most importantly, keep your password private. You can also enable two-factor authentication login.
- Close Trading Sessions
It is essential to close your trading session and log out of your account when you are not using a trading application. Although many brokers automatically log you out if your account remains inactive for a few minutes, it is crucial to always check. Clearing your cache from time to time is also advisable to ensure the security of your trading application.
- Use VPN
While using regulated trading apps will ensure the safety of your data and funds, you want to ensure that there is no risk of hackers trying to gain access to your account. In this regard, secure your account with a strong VPN connection. This way you will stay safe while trading on the go. Additionally, secure VPN connections allow you to transact securely, especially when connected to WiFi or the Internet over which you have less control.
- Beware of spam
From time to time you will receive emails from unknown senders. Do not rush to open them or click on unknown links. Also, be skeptical of cheap offers that seem too good to be true and confirm all information received. For example, if you receive an email claiming that a particular stock is trading at a specific price, be sure to confirm this information with the exchanges that list it before investing your money.
Trading apps are risky even though they have made markets and assets easily accessible to traders. With many scammers trying to hack into traders’ accounts, you will never be safe with trading apps. Therefore, follow the tips above to stay safe, minimize the risk of cyberattacks, and focus more on your trading activities. Plus, stay on top of developing trends to learn emerging hacker tactics and secure your platform before it’s too late.