1. Use Trusted Platforms Only
Whether you trade manually or you have a robot such as Crypto Code that places trades automatically, it’s advisable you only stick to trusted sites. Even when choosing a forex broker, you should narrow down to those that are registered. If a website doesn’t have a padlock icon that’s normally on the left side of the address bar, the security of your information can be compromised. In fact, you should not initiate any transaction on such a website because anyone can see all your details. A website with a padlock icon is considered safer because your data is encrypted before transmission.
2. Use Strong Passwords
You should never use a simple password when trading on the internet. It’s recommended you create a password that’s hard for anyone to guess. The worst mistake you can make is to create a password that contains your names and your date of birth because anyone can make a wild guess and crack it. You should also avoid storing your password in your email. Instead of storing your information in the email, you should just write your details in a book and put it in your safe back at home.
3. Hide Some Credit Card Details
Before you start trading online, the broker requires you to fund your account using the specified methods of payment that might include Neteller, Skrill, OK Pay, Maestro, Visa and MasterCard. Although most traders prefer to fund their accounts using credit cards, it’s the most risky option. However, there are measures you can take to protect the details of the card. When scanning the card, you should only disclose the last four digits of the card and hide the others. You should also hide the three digits at the back of the card.
4. Avoid Using Public Computers
Even if you don’t have a personal computer, you should not trade from a cyber café. This is because such computers are used by many people on any given day. Some people might install softwares without your knowledge and use them to get your information. Since trading is an investment, you should first acquire a personal computer or a laptop so that you can be sure that your security is never breached. You can even borrow a computer from a friend or relative and return it after you have bought yours.
5. Don’t Open Spam Mails
When using the internet to trade, you will at times feel like reading a few of the emails that are in your inbox. However, you should avoid opening the spam folder because they are the usual culprit of phishing and malwares. Such emails contain links that require you to enter your personal details that can be used by identity thieves later. In fact, you should delete such emails right away.