With the growing popularity of advanced online trading platforms, it’s no surprise that online trading and online trading apps like moneycontrol are becoming more popular by the day. It’s simple, convenient, and transparent—you can handle transactions with just a click. From managing your trading and demat accounts, you have full control and access from the comfort of your home or office. But, while online trading makes things easier, it does come with its own set of risks. Since everything happens over the internet, it’s important to be aware of some crucial safety precautions. Here are a few you should keep in mind while using online trading platforms.
1. Be cautious about where you are accessing the app:
One of the cardinal rules of safety when it comes to online trading platforms is to be careful where you access your demat account app. If you are using the app, be careful while you are entering your password to ensure that nobody is looking at your screen; moreover, don’t access it when you are using an unknown wifi. This could give a hacker a chance to steal your data. If you choose to access your account on the web, never access it on a device you are unfamiliar with, even if it is a relative. Ensure that the device you are using has an anti-virus and an anti-spyware program and it is up to date. If the browser asks you if they can save the password, say no.
2. Never forget to close your session when you are off the desk:
When trading on your PC, if you happen to get up from the PC for some work, always ensure to log out, especially if you are out in public when you are accessing it. Although most trading accounts will log you out if your system is left open for a few minutes, it is better not to take a risk and log out yourself. Also, ensure that you clear your cache at the end of the day. This means you will have to re-enter your username and password each time, but in the end, it keeps your trading account safe.
3. Keep your password safe:
When it comes to using any online facility related to money, such as net banking and online trading with apps like TradingView, always ensure to keep your password safe and secure. It may seem like something very basic, but it is the most efficient way to protect your money. But, more importantly, you should change your password on a regular basis and make it as complex as possible. Do not use your birthday or your pet’s name as your password; it’s a dead giveaway, and your account can get easily hacked. Apart from this, ensure that nobody has access to your password. Please don’t write it down on some piece of paper and pin it to your wall; keep it in a place only you have access to it. Or even better, don’t note it down anywhere, remember it, and never share it with anyone.
4. Request for 2-factor authentication for your trading account:
When you go through the demat account opening process and set up your trading account, ensure you add 2-factor authentication to your trading account. Choosing to add 2-factor authentication to your trading platform adds an extra layer of security, making it more secure. Alternatively, your passcode can be authenticated through an OTP that you will receive on your registered mobile number. Although this makes it more difficult for you to log in, it also makes it more difficult for a hacker to chip into your account.
In conclusion, by following these safety precautions, you can ensure your online trading experience remains secure, giving you peace of mind as you closely monitor the movement of the candlestick chart.
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