(Source: Angel Broking)
Coronavirus is now formally a part of our day-to-day communication. And why wouldn’t it be? The virus has virtually brought everything – from the global economy to our social lives – down to a halt. The day is largely saved by the digital devices and, in particular, by our smartphones. They have not only connected us with our friends and family, but have also empowered us with tech-driven solutions for everyday needs including trading and investments.
So, as you gear up in your all-new digital trading avatar, here are a few things that you must ensure to trade safely from a smartphone app:
1] Never Share Your Login Credentials: For starters, never share your login credentials. Though it might sound a bit fundamental, it has been observed that some traders take their login credentials rather lightly. Remember, neither your broker nor your bank (or anyone else) will ever ask for your trading ID and password. If anyone approaches you with such a request, immediately report it to your service provider as well as the police. Similarly, avoid writing down and storing your credentials in a place where it can be accessed by anyone else. You have to ensure an all-round security of your account digitally and in the physical world.
2] Improve Your Password Security: Avoid having a weak password for your trading account as it can eventually be cracked by a cyberattacker. Using an alphanumeric password will ensure a higher level of security for your account. Though financial services providers themselves mandate an alphanumeric password these days, make sure that you have one even if they don’t. Never use simple passwords having a combination of your name and birthdays. Be creative!
3] Never Have Rootkit Installations: At times, it might sound very lucrative when you get a free, over-the-counter version of a paid application. However, as it is in the case of stock trading, if a deal sounds too good to be true, it simply isn’t. Such over-the-counter versions either have an application-level malware (a malicious program) or deploy it on a rootkit level. In any case, such applications circumvent your phone’s security framework and can extract your credentials and other sensitive information easily. Ultimately, these app installs are a classical case of ‘save a penny, lose a dime’ and must be avoided. Make sure that you restore your device to factory default if you’ve done it previously.
4] While in Public, Avoid Logging in: Whenever you login to your account in a public place, there are chances that someone might peep into your password. Your keyboard highlights the keys that you constantly type in, thereby leaving even your alphanumeric password redundant. Also, avoid using free hotspots at public places as they also make your device vulnerable to cyber threats.
5] Secure Every Trade: While trading, the markets can become quite volatile from time to time. The post-COVID market perfectly reflects such trading patterns. The dynamic load during volatile periods can make your trading platform crash if it is not backed with a robust technological infrastructure. In such cases, you will not be able to execute your trade and might end up losing considerably. So, you must always bank on a trading platform/mobile app that secures all of your trades. You must research thoroughly in this regard before you register yourself with a trading platform. Avoid using platforms that are known to have technological glitches quite frequently.
Just follow these simple rules to ensure that you trade safely and do not lose your hard-earned money. Every penny saved is also a penny earned, after all!