In the rapidly changing world of online trading, where financial opportunities and risks intertwine, one concern is particularly prominent: the vulnerability of your trading account. Your account can easily become a target of cyber attacks, causing shock and financial distress. Many traders experience the danger of an unprotected trading account.
In this digital era, it is crucial to protect your trading account to achieve success rather than turmoil. While cybersecurity may seem intimidating, you can build a strong defense around your financial interests with the right knowledge and actions. Here are security tips for online trading that will help you counteract hackers.
Longer passwords are more difficult to break, so better to use passwords with 12 to 24 characters. Utilize a combination of both uppercase and lowercase letters, along with numbers and special characters for added security. Avoid using single words like “superman,” and instead, opt for a combination of words without spaces such as “lucyintheskywithdiamonds.” For even better protection, capitalize some of the letters and incorporate numbers and special characters.
To secure your funds, it is crucial to activate 2FA on your account. Exchanges currently offer various options for 2FA, including Biometrics and Security Keys, Authenticator App, Email, and Phone Number. Since June 2019, Binance support for hardware security keys, like Yubico’s YubiKey, has been added. These devices provide secure access to your account when plugged in or wirelessly paired. Unlike traditional 2FA methods, this process does not require manual code entry, but physical access to the device is necessary.
For online trading account protection, you only need to use secure payment networks such as PayPal. Although PayPal security is at a fairly high level, you can further strengthen your protection. If you have safe PayPal and install VeePN to protect against phishing and MITM attacks, you can protect your funds, including your merchant account, from scams and hacks. Moreover, VeePN has a free trial period.
To begin a secure trading journey, start by choosing a reputable broker and trading platform. Make sure that relevant authorities regulate the broker you select and that they have a strong track record in the industry. Conduct research on user reviews and ratings to gain insight into their reliability and the quality of their customer service. A trustworthy broker utilizes advanced encryption technologies to safeguard your sensitive data and financial transactions.
Mitigate the risk to your identity by utilizing distinct passwords for each account. While it may seem tedious to create and manage separate passwords for every website or service you utilize (this becomes effortless with RoboForm), failure to do so exposes all of your accounts if a hacker discovers even one password.
Before you enter your name, email, address, or credit card online, take a look at your browser’s address bar. Do you see “HTTPS” before the website address? If you do, it’s safe to proceed. If you don’t, it’s better to think twice before proceeding because your data is now vulnerable to hacking. If the site does not support HTTPS, you can install a VPN extension and it will provide encryption of your traffic similar to an HTTPS connection. Moreover, there are VPN extensions for any browser.
Investigate immediately if your computer acts weird, if you receive “failed email” errors without reason, or if you get odd requests via email. Don’t overlook it.
Hackers spread their evil through email by using attachments filled with malicious code and sending fake, look-alike emails. The United States IRS does not send emails with attachments, and PayPal does not unexpectedly ask for your personal information. These are fake. If you were not expecting it, do not open it. Report it as spam and delete it.
Our API, which enables the sharing of exchange data with other applications, is widely employed by the trading community. While APIs provide users with a personalized trading experience, it is crucial to utilize them securely.
To ensure security when utilizing an API, it is important to take measures such as restricting access based on IP address, keeping your API keys confidential from third-party services, regularly updating your keys, and utilizing the withdrawal address whitelist mentioned earlier.
Consider this your warning! Take action. Losing data is not something you want to experience firsthand. If you neglect to back up your files, you will have no one to blame but yourself.
Several services can automatically back up your computer on a daily basis. You can also find hard drives that manage backups for you. Although it requires some effort to set up, most backup services today are “set-it-and-forget-it.”
Trading anything on the Internet involves great risks. Trading is a high-risk area and without the risks from hackers, you definitely don’t want to add the risks of hacking or loss of access to your account. Use the following safety measures to protect yourself from such risks.