Have you ever wondered about the safety of on the go trading? Many make stock, bond, options, commodities, and cryptocurrency purchases and sales every hour of the day via their smartphones, tablets, laptops, and even smart watches. These peripatetic market enthusiasts like to stay in the know, on the go, and aware of excellent opportunities. That often means buying a few shares of their favorite company when prices appear to be moving up, or taking advantage of an IPO (initial public offering) that breaks in the middle of the day. You can’t always expect to be at home, in front of your safe computer when important market news surfaces. In the age of online everything, people with brokerage accounts want the power to get started trading anytime, anywhere. But, what about the risks? Here’s a quick look at five of the easiest ways you can trade with confidence and peace of mind.
Save the Banking for Later
Buying and selling securities is one thing. Banking is another. Even if you’re a day trading maven, avoid the urge to transfer funds from a brokerage account to your main bank while you’re on a mobile device. Hackers and phishers love to target bank transactions because of the potentially huge rewards. So, save the depositing for later, after you’re home or at the office on a more secure machine. What about non-financial activity, like taking a day trading strategies for beginners course at a learning website in order to boost your portfolio? That’s not a problem. Phishing scams and hack networks want sensitive, not routine, data.
Don’t include sensitive data, like passwords, account numbers, or Social Security numbers in texts. Most of the major texting networks are not impervious to casual hacking or phishing. If you must convey that kind of information to someone, simply use your phone and place a call. What if your brokerage platform uses a text system for order placement? Those networks are typically very secure and not susceptible to the same dangers are normal, telephone-based texting.
Hotels, Train Stations, and Airports: Warning
If you don’t already know about the dangers of Wi-Fi in airports, rail stations, and hotels, now is the time to learn. Those three spots, and other places where you have access to large-scale public Wi-Fi, are notorious for data insecurity and are not places where you want to be conducting brokerage transactions via any of your devices.
When you’re not at your home or office, always use incognito mode for transactions. Plus, double-check that the browser shows “https”, which indicates that you are on a safe connection. Incognito mode is not a cure-all for the risks of mobile trading, but it’s better than nothing, available to everyone, and does offer an additional hurdle for would-be hackers, scammers, and information thieves by providing added security.
Beware of Prying Eyes
It’s almost too easy to conduct business via a small screen on a personal device. We’ve all seen people in coffee shops, cafes, movie theater lobbies, and elsewhere doing all sorts of business on their mobile devices. Unfortunately, too many of those folks are unaware of what’s going on around them. Prying eyes are everywhere, so be careful when you use your phone or watch to purchase shares of ABC company in between sips of espresso.