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7 Security Tips for Online Traders

Personal_Finance / Cyber Crime Sep 14, 2017 - 10:19 AM GMT

By: Submissions


Jessica Davison writes: Do you trade the world's markets online? It doesn’t matter if you trade currencies, commodities, stocks or bonds, the security protocols around the safety of your data all need to be the same. The power of the internet has brought the trading desk into the home office and the local coffee shop.

While the convenience and mobility of the trading lifestyle are glamorous and empowering, it can also be frightening. It can become scary when you realize that your entire financial empire boils down to a few strings of code that keep your money, and that of your clients, secure from the hands of cyber criminals. Here are seven security tips you can implement to keep your online trading activities safe.

#1 Create Random Passwords

This point should be a no-brainer. If you are using the same password for your trading accounts, your bank accounts, and your platform, you might want to consider updating your password best practices. Good passwords should contain random mixes of numbers, letters, and characters. Search online and find a free password generator that you can use to create passwords for all of your accounts. Store all of your passwords on a spreadsheet and then save it your cloud account where it can only be accessed by yourself. Do not keep this password list on your machine as all of your accounts can easily be accessed and drained if you lose your device.

#2 Avoid Public Wi-Fi Hotspots

One of the most pleasurable features of the trading lifestyle is the fact that you can pick up your laptop and trade out of the lounge at your local luxury hotel. You can work wherever there are an internet connection and a data feed. This advent has given rise to a wave of coffee shop traders that make their living from the markets while they chill out with their hazelnut latte.

However, public Wi-Fi spots should be avoided at all costs. Hackers can hijack these hotspots with hardware and software that can be used to infiltrate your device when you log onto the network. Saving a few bucks on data fees could end up costing you’re your financial freedom, avoid this pitfall and protect your data by only using your mobile data service provider.

#3 Use The Best Anti-Virus

You only use the best trading platform and the best indicators and analysis tools, so why skimp out on your anti-virus package. Make sure that you are using a top-rated anti-virus package that offers you total protection from all online threats including viruses, malware, and spyware, as well as phishing scams. There are countless free versions of anti-virus software available; however, none of them will offer the same level of protection as a paid subscription service. Protect your positions, your portfolio and your data with an anti-virus solution that is as powerful as your trading strategy.

#4 Use a RFID Laptop Bag or Wallet

When you are out on the town and away from the screen, keep your data safe with a RFID wallet. RFID chips contain data stored on silicon chips attached to a transmitter. Passports and ATM cards are examples of technologies that rely on RFID to transmit information. Criminals have become aware of this opportunity and use portable, lightweight RFID scanners to pick up the information on your chips and then download it where it is sold on to the black market, or used to commit fraud in your name. A RFID wallet has a thin strip of aluminum in the outer sheath of the wallet. This sheath deflects the frequency of the scanner and stops the criminal from accessing your data.

#5 Use a Proxy & VPN

Setting up a VPN to run your trading system on is an excellent way to ensure that your data feed remains uncorrupted at all times. The added benefit of a proxy will make sure that no cyber criminals can pinpoint your IP address. These systems cloak your identity online and keep your digital footprint as small as possible, covering your tracks and keeping your online activities anonymous, even from your ISP.

In Closing

Trading online is an excellent way to make a living. However, just like a levered short trade can blow up an account in minutes if it swings the wrong way, your internet security can blow up in your face if you leave holes exposed to cyber criminals. Use these five quick tips to ensure that you never get hacked and you trading activities continue undisturbed. There are many discounts and promo codes you can use to acquire the security tools you need to keep your systems safe, check them out and install the security items you need, without over-extending your budget.

By Jessica Davison

Copyright 2017 © Jessica Davison - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2018 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

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