Web-based terminals provide various advantages over desktop applications, both for traders and developers. The extra convenience they offer is not the only factor that attracts people – many are also drawn in by the security improvements this approach inherently brings.
This has been a major reason for the rapid adoption of web-based trading apps over the last few years. However, as the number of users increases, it’s important to reflect on the security principles that should be observed by every responsible trader.
Protecting
your data is generally safer with web-based apps – but there are still some
points that one needs to get used to.
Here are some of the most important points to consider when using web-based
trading apps.
1. Never Reuse Login
Credentials
Reused login credentials are a major cause of data breaches. More than 70% of
users reportedly reuse the same password for their personal and work accounts,
with compromised passwords accounting for over 80% of breach incidents.
To maximize your safety, you should keep your passwords unique – including the ones you use for web trading platforms. Using a password manager is highly recommended, especially an offline one like KeePass, or one that supports self-hosting, like Bitwarden.
Since bots
are commonly used in web trading, this is another area that requires special
attention. Users are advised to always rely on unique tokens and other
authentication methods supported by automated applications, instead of using an
ordinary password.
2. Use 2-Factor Authentication
When It’s Available
On the note of authentication, a 2-factor authentication is something that’s
supported by many web trading platforms. It’s quickly becoming the norm across
the industry, with more than 95% of businesses using some form of 2-factor
authentication in their business solutions.
It can seem
like an extra hassle, which is why many people choose to forego that option
when it’s available. But taking the time to set up 2FA and using it actively on
all your trading accounts can go a long way toward increasing your overall
security, providing you with an additional layer of protection that can be more
difficult to compromise.
3. Avoid Logging in from
Unknown Devices
One of the benefits of web trading platforms is that they can be used from
anywhere. Users would commonly log in from new devices and networks when it’s
convenient for them – but this also carries some risks. Try to limit your
platform use to verify, and secure devices whenever possible.
Don’t use
random computers in internet cafes, and pay attention to the networks you’re
connecting to.
While it should generally be impossible for hackers to compromise your accounts
by simply monitoring your traffic over an unsecured network due to the
encryption used in modern web standards, it’s still recommended to avoid these
networks as much as possible.
If you need
to urgently do something with your accounts, you should set up a hotspot from
your phone if you have the ability to do so.
4. Don’t Share More Than
Is Needed
Modern web trading platforms can allow you to consolidate many of your trading
activities in one place. As convenient as this can be, it also carries some
risks.
You should avoid inputting more information than is strictly necessary to use the platform and perform your regular trades on it.
Don’t submit data that are not explicitly requested. In the event that the service suffers from a data breach, this will help you minimize the amount of your data that will leak.
Using a platform like MetaTrader 5 Web Terminal has the benefit of allowing you to securely store your data in a centralized location where security is handled by experts. The company already has experience in the market and has been building up its expertise over several years of active operations.
As long as you apply reasonable security practices to your operations, this can significantly improve your overall safety when trading. All information is transferred encrypted, with the team regularly evaluating current security standards to improve its tech stack.
Combined with the simplified user interface and decentralized approach to processing, MetaTrader 5 Web Terminal stands out as one of the most convenient solutions on the market right now.
Sometimes
sharing certain sensitive details is unavoidable. You will often need to
provide your name, date of birth, and address, as well as details like your
bank account and tax number in some cases. Try to separate these data points as
much as possible and avoid having everything stored on the same service.
5. Be Careful About Social
Engineering
The popularity of trading has been on the rise steadily for a few years now.
This has unfortunately also drawn the attention of malicious actors looking to
exploit people with poor security principles. It’s not just technical hacks
that you have to watch out for – social engineering is also a major factor in
compromising accounts.
Be careful about who you talk to and what information you share with other people.
Be suspicious of e-mails claiming to come from trading platforms you’re using,
asking you to log in to verify your account, for example. Always call the
service provider – using their own website to find out the number, and not
relying on e-mail – and verify the situation with them.
One problem
with social engineering attacks is that they can be highly personalized. If you
attract the attention of an attacker, they might take the time to study your
specific profile and use that information against you. This can make some
attacks harder to identify, requiring more vigilance on the part of trading
platform users.
6. Be Proactive About
Software Updates
You don’t need to explicitly update a web trading platform. You simply open the
website and you’re presented with the most recent version every time. That’s
convenient and promotes better security. However, the same can’t be said for
all the software you have on your computer or mobile phone. Pay attention to
apps notifying you about updates, and don’t postpone them.
More than 60% of vulnerabilities exploited by attackers can be linked to
outdated software. Keep in mind that even seemingly harmless apps can sometimes
be exploited to gain deeper access to your systems. Always keep your software
up to date, even when it would take some additional effort and/or waiting.
Closing Thoughts
The more seriously you take your security when using web-based trading platforms, the easier it will be to adapt to the changing market in the future. The companies behind these platforms have started to become very vigilant about protecting the data of their users, and it’s important to understand how this impacts your own habits and the way you interact with these platforms.
