Is Trading Forex Online Safe?
When it comes to online investing of any nature, Baltimoreans can be forgiven their skepticism following the ransomware attack that took place mid-2019. The ransom was $76,000 Bitcoins, which at the time was a sizeable request. While the city declined to pay the ransom, the attack has led to losses of around $18 million. The attack focused mainly on government and municipal systems, but the focus of the headlines was geared towards the request: Bitcoin payments. For those who had thought to invest in online trading platforms, this attack might have given them cold feet. But online trading doesn’t have to be the scary minefield that the media likes to paint it as, and for those who are interested in forex, a few safety measures will go a long way.
Keep Your Software Updated
One of the reasons hackers were able to get access to the network for the Baltimore attack was because the departments failed to update their software. A Microsoft update to Windows that rolled out in 2017 would have prevented access to the network. As a home user, high safety standards are important, which means regular updates and use of anti-malware, anti-spam, and anti-virus products. It’s also important to ensure that, if you’re using a forex program that has a downloadable option for your desktop or a mobile forex trading app, they’re updated as soon as new releases roll out.
Use Reputable Brokers
There are a number of legislative and regulatory requirements that forex brokers need to meet, and as a trader, it’s important to know whether the broker meets the requirements. According to ConnectFX (https://www.connectfx.org/forex-brokers-lowest-spread/) it’s important to compare the various platforms to discover which meet these requirements and enjoy good ratings from their existing trader base. In the U.S., the Dodd-Frank Act played a major role in protecting consumers from another fallout like the crash that happened in 2008. While some of the legislation has been repealed, the rules are still pretty tight for forex brokers in the U.S., which makes it easier to choose one.
Keep Your Data Safe
The ease with which traders can successfully open an account without going into a financial institution does leave some wiggle room for unscrupulous fraudsters to mine information. Traders also have easy access to mobile trading platforms, which can make it tricky to suss out the fraudulent sites from the legitimate ones. It’s important to compare sites and keep up to speed with reviews. It’s important to do this before signing up to the platform in order to keep your data safe, as you can’t join these platforms under a pseudonym.
Forex can be a fruitful enterprise for those patient enough to learn the ropes. However, safety is of utmost importance if traders are to have an enjoyable experience.
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