The internet has made our lives so much easier. Today, we can book tickets, shop, access banking services and finish numerous other tasks online. Trading stocks has also gotten easier due to the convenient access to financial markets online. You can now access the securities markets and start trading on-the-go, from your desktop, tablet or mobile. All you need is a demat account; you can open one with your bank or online with broking firms that provide the service.
As careful as you are about which stocks you trade in, you also need to be careful that the platform you transact on is safe and secure. There was a time when trading online may not have been safe but with advances in technology, it is considered the ideal choice. However, there are a few preventive measures you can take that will help you trade securely online. They are outlined as follows:
Personal information: Try and keep the important personal information you share online, to the bare minimum. Create passwords that are seemingly random and difficult to guess, but ones you can remember very easily. Keep changing them regularly. Take care not to use the same password across different sites. And most importantly, never store information related to your usernames and passwords on any computer.
Use a trusted browser: Make sure that the browser you are using to trade is a trusted browser such as Google Chrome or Firefox. Always check for the ‘https’ protocol in the URL to make sure the site is safe and secure. For example, Google Chrome warns its users by displaying a ‘not secure’ warning before opening an unsafe site. Do not trust websites which do not have an ‘s’ after the ‘http’ at the beginning of a URL. Also, ensure that the site you are using is encrypted to protect your information.
Check the web address: Scammers are very tech savvy these days. They very easily use fake websites to steal information to scam you of your hard-earned money. A lot of fraudulent sites known as phishing sites spoof real websites. The best way for you to safeguard yourself against a phishing scam is to be alert: check for proper spelling in the URL as scammers generally misspell a letter which may go unnoticed by you. It is always recommended that you type the site’s URL directly into the browser rather than clicking a link.
Install an antivirus: Malware and viruses have gotten more common than ever. For example, when a Trojan virus affects your computer it can track your online activity and steal all your sensitive information. Protect your computer from such attacks by installing a genuine, paid antivirus software and scan your computer regularly. An antivirus software also scans and provides trust scores for websites for a safe browsing experience.
Avoid public computers: Try and avoid using a common computer, especially for trading, if you can. Sites normally collect and save a little information known as a cache to give you a better experience. This information can be retrieved later. If you cannot avoid using a shared computer such as the ones in cyber cafes, make sure to log out from the site and computer once you are done. Mobile users should avoid using public wireless network signals to access their trading accounts.
With more than 25 years of experience in trading, Kotak Securities provides retail and institutional investors with a platform to trade stocks online. They have developed their own robust proprietary trading platform for safe and secure trading. Their broking app allows investors to access markets across different platforms so they can track their portfolio, view live prices and trade online. With more than 150 technology specialists working continuously to upgrade and speed up the platform, Kotak Securities’ services are among the best in the industry.
Trading online will always have its risks but you can be smart and profit by being alert and trading securely.
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