Online trading has soared in popularity over the last few years now that almost anyone with a computer and an internet connection can become an investor. However, one of the major concerns for many individuals looking to get into trading is security. As the market is so accessible, the worries about security expanding. Alongside hacking from outsiders, you may be surprised to learn that stockbroker fraud is more common than you may imagine, which means being on your guard to protect your personal information and finances. In this guide, we’re going to look at some of the best tips on how to keep your funds safe when trading online:
Be aware of false investment recommendations
Not all investment types are suitable for everyone. When you’re new to buying and selling stocks, you may simply be relying on the advice of your stockbroker. These professionals are hired to carry out a full assessment regarding your circumstances and level of proposed risk. If a broker takes it upon themselves to steer you in a certain direction deliberately, you are within your right to take legal action and seek compensation. It would be in your interest to research the most well-known and safest markets for trading, such as the likes of Dow Jones and FTSE and the best practice to use with indices trading to prevent being misled.
Be aware of excessive trading brokers
Some stockbrokers carry out the act of excessive trading. Stockbrokers are aware that the more trade deals they secure with investors, the higher commission they’ll receive. While this puts money in the pockets of the broker, it could leave you practically penniless. Legally, brokers should be providing you with the correct guidance and not pushing you to trade too often. While you could scoop impressive profits, you are also at risk of losing everything. Pushing you into a certain direction that is simply to boost their personal finances is fraud. In this instance, you have every right to take legal action.
Use a secure VPN connection
Worried about online trading in fear of getting hacked? There is a solution. Most stockbrokers will provide their investors with a secure online trading platform, but as a general rule of thumb, you should cover your own back with a secure online connection with leading and secure VPN solutions. This will allow you to trade in any location from any device with the peace of mind that you’re unlikely to get hacked. Typically, when you connect to public Wi-Fi, you have zero control over your security which leaves your device open to criminals.
Watch out for stock spam
Stock spam otherwise known as a ‘pump and dump’ scam is the illegal act of inflating the stock price through misleading optimistic statements. Before continuing any further with a trade, always check the validity of the claim as well as the source. If in any doubt, it would be wise to seek additional professional advice to prevent being scammed.
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