Safety on Forex

How to provide your trading account safety and secure your digital life

Traders’ accounts have always been an attractive goal for fraudsters. To avoid the risks and not to lose your money, you need to follow a number of important rules.

With the Internet rise, the number of risks for web surfers rose too. Not long ago, the Internet was a means of entertainment and communication, and now you can do almost everything through the network: from buying food to paying your utility bills. The payments are made through bank cards and accounts. However, for many, the only means of protection is standard software, preventing from just the most primitive threats.

Even those, using the Internet for social nets and on-line games will have a lot of problems in case their password is stolen. If you are a trader, then Internet security is as important for you as that in real life.

There is a number of techniques, necessary for a trader, not to fall victim of scams.

Verification

The main necessary procedure in Forex today is verification. Verification is the submission of package of documents, identifying a trader. The procedure is good for both traders and brokers. Nobody is surprised by an ID document request, for example, when buying a plane ticket.

Today people are verified even when registering in social nets. When making money transactions there are much more reasons for verification.

It has an advantage for a trader too. It is impossible to withdraw money from the account using a fake name if one have passed verification. Of course, brokers try to secure a client and don’t withdraw money via the systems, different from those of deposit. But there are some cases when fraudsters get an access to your e-mail and personal data, stored there, including the documents, if you have ever sent anybody their copies. Owning this information, they contact the broker support service and claim that the purse where the deposit was from is lost and the money should be withdrawn to a new one.

The broker requests the documents for the name, the profile was opened, calls by the phone number, specified when registering the profile. Of course, in most cases the broker’s team will know the truth. But what if you didn’t give your phone number and can be connected only through mail? The broker waits unless there is any additional information. Perhaps, if the purse was hacked and the story of losing the access to the purse of deposit is a fake, the real owner will appear to restore the access to the broker’s profile, which was changed by the fraudster. But the situation is still unpleasant, I may say.

Summing up:

• give your real personal information when you register with a broker;
• verify your name, address and telephone number;
• don’t store the copies of your documents in your e-mail account, delete sent letters.

E-mail protection

E-mail is one of a trader’s tools, so due to the reasons mentioned above, it also needs protection.

The e-mail account is usually hacked in order to sell it next to spammers. Moreover, the hack can cause the further hacks of various accounts associated with your e-mail address.

First of all, to secure your e-mail account, you need to use your imagination and make up a complex password. Best of all, if it is a phrase with a random set of words, symbols like # / @ and so on. Periodic change of passwords will be a good hack prevention.

It is important to remember the complex password by yourself. Especially for the forgetful, there are special programs to manage your passwords. To protect against accidents, it is better not to keep in your e-mail the letters with passwords on the trading accounts and broker client cabinets. Once you received the password, save it in the password manager and delete the letter.

Password manager

Now, let’s speak about a password manager. It is software which stores passwords in encrypted form. Besides, it allows to change passwords easily, stores data both on the computer and remotely.

Three most popular programs

1. KeePass will suit those who like using software for free. There are versions for Windows, OS X, Linux, iOS, Android and Windows Phone. I myself like the program most of all. You can keep your password databases on a USB drive and launch on any computer with KeePass. The password database can be conveniently divided into folders to find your accesses easily.

After installing the program, you create a new password database, name it as you like and create a Master Password, which will make the access to the database available. As for me, it’s more convenient to remember one complex password than dozens of them.

2. LastPass Password Manager. There are three options of it.

• Free — for free;
• Premium — $2 per month;
• Families — $4 per month.

The more expensive the subscription is, the more opportunities you have.

3. Dashlane password manager has an attractive interface, is simple to use, can change several passwords on different sites in a few steps

What to do?

To avoid stealing your money, follow these simple rules:

• don’t be afraid of verification, but like it;
• don't enter passwords on your accounts on a borrowed computer;
• use a complex password;
• don’t store your identification or personal data in e-mail;
• do not leave your terminal unattended;
• change your passwords from time to time;
• install reliable anti virus software on your computer;
• use password managers

Forex trading is a rather nervous job and reliable protection reduces the stress. So, it is better spare no time and money on security, that will definitely pay off.