Thanks to the advancement in technology, stock trading can not be executed instantly anywhere and at any time, right on your mobile phone. It is changing the game for smartphone users by providing easy access to stock trading platforms and allowing them to actively manage their portfolios. Hence, putting an end to being confined to the four walls while using a computer or laptop.
However, where the big question lies is are stock trading apps safe? Can you trust them with your investments? This many more is what this article seeks to address. Keep reading!
How do trading apps works?
Mobile devices like androids and iPhones are making life easier for investors and traders. It is allowing them to access trading platforms, analyze the market, carry out trade and make some gains with ease.
Therefore, whether you are in a far-away wonderland for vacation or you are on the move, all you need is an internet connection and your mobile phone to get those trades going. Hence, it goes without saying that it is simply the cheapest and easiest form of trading. As many people have gone mobile, we have seen a surge in brokerages developing apps to trade directly only with a tap on the phone.
However, with these advantages comes the rising concerns for security. We can’t ignore the facts that bad actors(hackers) are creeping into wall street. And trading on just any app might mean you are simply a step away from being a victim of their devices.
You don’t want your personal information to be leaked out nor your funds ending in the hacker’s pocket. That is cybersecurity is gaining more prominence than ever in a world where mobile trading is fast becoming the norm.
It is worth noting, however, that any reputable trading apps developers are also concerned as much as you are. They are working to ensure safe trading by putting in place protections to safeguard your information and finances.
They are armed with robust security through encrypted firewalls to ensure the security and safety of your trading. Therefore, it is important for anyone to perform due diligence and research on the safest trading platforms out there before making decisions.
Are trading apps safe?
Well, the answer is it depends. The creator of the investment apps and the source of the app play a major role in how safe it is. The good news is there are reputable companies who put your trading safety first and ensure you conduct any transaction without any hassle.
This means if you can trust eCommerce like amazon to place your orders for goods on mobile platforms. Then you don’t have to be afraid of the safety of credible companies for your investment trading.
Moreover, it’s a different thing to download a trading app developed by a reputable company, it’s another thing to download from a reputed source. If you are downloading from an unknown third party, you are putting yourself at risk of cybercrimes. instead, opt for a recognized third party like google pay and apple store.
How can you know which apps are safe to use?
To ensure safety, here are things to look out for while you are on a trading apps hunt:
Check out the app’s sources
Ensure the platform is regulated. This is one point that can never be overemphasized. The source of the trading apps can make a difference om an app that is highly secured and one that isn’t. There are trusted trading apps such as TD Ameritrade or Robinhood that have already make a name for themselves in terms of security.
These apps are backed with encryption and other security techniques that make them less vulnerable to attacks. Although, they have their own weaknesses, yet they are willing to jump i when they discover that something is amiss.
Carry out research on the app developer
Now you move on to carrying out research on the developer. Do your homework and google search to read online ratings and reviews. This will give you an insight as you read what other traders have got to say about the app. Moreover, check out their website, scrutinize the stock trading software, go through their security policies and look for other important details that can be of help.
Play your own part to ensure optimum safety
You also have a role to play when it comes to trading app security. After all, the last thing you want is to have any cyber attack occurring as a result of your own mistakes. Therefore,
- Use 2-factor authentication to login into the accounts
- Install a genuine antivirus
- Stay away from public wifi or networks
- Never disclose your login credentials to anyone
Have you ever used trading apps before? What are your experiences with it? What are the safest trading apps out there you can recommend?