Is Trading Forex Online Safe? - Baltimore Post-Examiner

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Is Trading Forex Online Safe? - Baltimore Post-Examiner

Is Trading Forex Online Safe? - Baltimore Post-Examiner

Posted: 16 Dec 2019 05:00 AM PST

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 While some of the legislation has been repealed, the rules are still pretty tight for forex brokers in the U.S., which makes it easier to choose one.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.

Free Trading App from IG: the UK's Best Mobile Trading App - IG

Posted: 20 Dec 2019 04:18 AM PST

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. All trading involves risk.

The value of shares, ETFs and ETCs bought through a share dealing account, a stocks and shares ISA or a SIPP can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results.

CFD, share dealing and stocks and shares ISA accounts provided by IG Markets Ltd, spread betting provided by IG Index Ltd. IG is a trading name of IG Markets Ltd (a company registered in England and Wales under number 04008957) and IG Index Ltd (a company registered in England and Wales under number 01190902). Registered address at Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA. Both IG Markets Ltd (Register number 195355) and IG Index Ltd (Register number 114059) are authorised and regulated by the Financial Conduct Authority.

The information on this site is not directed at residents of the United States, Belgium or any particular country outside the UK and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

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