7 Tips to Keep Your Online Trading Account Secure

Online security is increasingly becoming a priority for both businesses, online brokers, and individuals. When it comes to your trading accounts, security, privacy, and being aware of what data you share online are crucial.

While it's difficult to estimate the increase in phishing and cybersecurity attacks, several reports indicate a significant increase in online security attacks. Phishing is one of the most sophisticated ways scammers can access your online accounts, social media, banking, and trading accounts. To protect yourself from identity theft and ensure your account balances are safe, always be suspicious of any calls, emails, or messages you get, and never click links or share personal details.

So, in this security guide, we'll show you the best security tactics possible to play your part in keeping your Switch Markets account secure.

Top Security Tips to Protect Your Online Trading Account

Here are some of the most important actions traders must take to protect their online trading account:

Tip #1: Set a Unique, Strong Password

First and most important is to set a strong password. Setting a strong password for all your accounts is critical to protect your Switch Markets’ data and personal information. Although we at Switch Markets keep your login credentials safe and secure, other sites and online platforms may not protect your data as they should. As hackers know, most people use the same password for multiple accounts, and they often use the stolen password from one site to access other accounts owned by the victim.

To protect your Switch Markets account from any suspicious activity, here’s what you can do:

• Use a unique password for every site and service. By doing so, you ensure that your other accounts will stay safe and secure even if hackers might steal one of your passwords.
• Use a strong password with at least 8 characters, including uppercase letters, numbers, and special characters. Remember, when you set a password, the more, the better. If you struggle with memorizing your passwords, you'd better use password manager software to keep your passwords safe.
• Change your passwords every 30-90 days.

Tip #2: Enable Two Factor Authentication (2FA)

A multi-factor authentication (2FA) is arguably among the best security features for online trading activity. For those unaware, a 2FA is essentially a security process that requires users to provide two forms of verification—typically a password and a unique code sent to their phone or app—to access their account. This tool adds a critical extra layer of security to your account, making it significantly harder for hackers to gain account access, even if they manage to steal your password.

On Switch Markets, we provide a built-in 2FA code that is sent directly to your email. This means that hackers must have access to your personal email in order to hack your account. 

But this is not all, we also offer the ability to use an external 2FA application to secure your account. This can be done, for example, with the Google Authenticator app. 

Here's how you can add 2FA to your trading account:

1. In the cabinet, navigate to your account settings in the top-right corner of the screen (your name and account number). 

2. Under the settings, navigate to the Two-Factor Authentication. 

3. Click on the settings, and enable the Two-Factor-Authentication. 

4. Download the 2FA application via Google Play, and scan the QR code. Then, download the application to your operating system. 

You'll now be able to see the Switch Markets application on your Google Authentication tool. Now, every time you log in, you need to enter the 2FA code. 

Tip #3: Beware of Phishing Scams

Occasionally, hackers may attempt to contact Switch Markets clients by pretending to be Switch Markets employees in order to steal their data and collect personal information. If this occurs and a Switch Markets employee contacts you, please keep in mind that:

• If you are not sure about the identity of the caller, contact us via our 24/7 live chat and confirm with our agents if the person who contacted you is, indeed, a member of the Switch Markets team.
• We at Switch Markets will never provide any trading advice or guide you on how to invest your money.
• As part of our security policy, we will not ask you to share any private data over our social media channels or directly through email. This includes payment details, ID, phone number, a copy of your ID or passport, account statements, and any sensitive financial information about your account.
• In case of need, we will only use our authorized channels to be informed about any sensitive information. This includes our ticketing system, live chat support, and WhatsApp channel.
• Be aware of any suspicious email activity from Switch Markets. Hackers may use this technique by sending emails and offering unrealistic claims and bonuses. If you have received a suspicious email from Switch Markets, please avoid clicking any link attached to the email.

Tip #4: Use a Virtual Private Server (VPS)

A trading VPS (Virtual Private Server) boosts account security by offering a dedicated, isolated trading environment equipped with multiple protection measures. These include robust password protocols, two-factor authentication, firewalls, and regular system updates to safeguard against unauthorized access and cyber threats. This is one of the key reasons why a VPS is an essential tool for retail traders. 

Bear in mind that Switch Markets offers a free VPS for all clients who open a live trading account.

Get a Free VPS

Tip #5: Use VPN in Public Places

Hackers know where and when to attack. And they know how to attack all devices, including laptops and mobile devices. For instance, they use a technique known as war driving, a very common hacking method in which hackers drive in different areas in search of open Wi-Fi networks.

If you access your Switch Markets account using a publicly accessible Wi-Fi network, you need to secure your account from potential attacks. To do so, ensure that you:

• Use a VPN service, and enable it when using your account in a public Wi-Fi network.
• Always log out properly after using your account.

Tip #6: Inform Us About a Lost or Stolen Device

If your device has been lost or stolen, inform us immediately so our security team can block the stolen device and protect your account information. Once you inform us, we will immediately take all the actions to protect your trading account and ensure your funds are safe. 

Tip #7: Know Our Email

Emails are always sent to our clients from support@switchmarkets.com. If you receive an email from Switch Markets with another email address, please ignore the email and notify us immediately by opening a ticket or contacting one of our representatives via our live chat service.

Let Us Worry About Security for You

We understand that adding security tools may not be at the top of your to-do list. However, our goal is to enhance security and ensure your safety when you are connected to Switch Markets' trading systems.

That is why you can always contact our security experts, who will help you get the security and privacy tools needed to ensure you are safe from hacking and phishing attacks.

If you have any questions, please don't hesitate to contact our support team members. We're available around the clock and always happy to help.

We wish you a safe trading experience, Switch Markets security team.