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Pick a Secure Online Forex Broker for Trading

Estimated Reading Time: 4 minutes

Ali Qamar

Updated:


Technology is evolving and showing no signs of stopping any time soon. Interestingly, it has led to an improvement in how things are being handled, especially in the financial sector.

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For instance, it has made the long-perceived impossible forex trading very easy to now almost anyone interested.

However, as celebrations continue about the positive impact of technology, the same technique still has its demerits. It has led to an increased number of cybersecurity threats across almost all online firms.

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4 Providers that match your filters

Payment methods

Trading platforms

Regulated by

Support

Min.Deposit

$ 1

Leverage max

1

Currency Pairs

1+

Classification

1or more

Mobile App

1or more
Recommended

Rating

Total cost

$ 0 Commission 3.5

Mobile App
10/10

Min.Deposit

$100

Spread min.

Variables pips

Leverage max

100

Currency Pairs

40

Trading platforms

Demo
Webtrader
Mt4
MT5

Funding Methods

Bank Transfer Credit Card Giropay Neteller Paypal Sepa Transfer Skrill

Regulated by

FCA

What you can trade

Forex

Indices

Actions

Cryptocurrencies

Raw Materials

Average spread

EUR/GBP

-

EUR/USD

-

EUR/JPY

0.3

EUR/CHF

0.2

GBP/USD

0.0

GBP/JPY

0.1

GBP/CHF

0.3

USD/JPY

0.0

USD/CHF

0.2

CHF/JPY

0.3

Additional Fee

Continuous rate

Variables

Conversión

Variables pips

Regulation

Yes

FCA

No

CYSEC

No

ASIC

No

CFTC

No

NFA

No

BAFIN

No

CMA

No

SCB

No

DFSA

No

CBFSAI

No

BVIFSC

No

FSCA

No

FSA

No

FFAJ

No

ADGM

No

FRSA

71% of retail investor accounts lose money when trading CFDs with this provider.

Rating

Total cost

$ 0 Commission 0

Mobile App
10/10

Min.Deposit

$100

Spread min.

- pips

Leverage max

400

Currency Pairs

50

Trading platforms

Demo
Webtrader
Mt4
MT5
Avasocial
Ava Options

Funding Methods

Bank Transfer Credit Card Neteller Skrill

Regulated by

CYSECASICCBFSAIBVIFSCFSCAFSAFFAJADGMFRSA

What you can trade

Forex

Indices

Actions

Cryptocurrencies

Raw Materials

Etfs

Average spread

EUR/GBP

1

EUR/USD

0.9

EUR/JPY

1

EUR/CHF

1

GBP/USD

1

GBP/JPY

1

GBP/CHF

1

USD/JPY

1

USD/CHF

1

CHF/JPY

1

Additional Fee

Continuous rate

-

Conversión

- pips

Regulation

No

FCA

Yes

CYSEC

Yes

ASIC

No

CFTC

No

NFA

No

BAFIN

No

CMA

No

SCB

No

DFSA

Yes

CBFSAI

Yes

BVIFSC

Yes

FSCA

Yes

FSA

Yes

FFAJ

Yes

ADGM

Yes

FRSA

71% of retail investor accounts lose money when trading CFDs with this provider.

Rating

Total cost

$ 0 Commission 6.00

Mobile App
7/10

Min.Deposit

$10

Spread min.

- pips

Leverage max

10

Currency Pairs

60

Trading platforms

Demo
Webtrader
Mt4

Funding Methods

Credit Card

What you can trade

Forex

Indices

Cryptocurrencies

Average spread

EUR/GBP

1

EUR/USD

1

EUR/JPY

1

EUR/CHF

1

GBP/USD

1

GBP/JPY

1

GBP/CHF

1

USD/JPY

1

USD/CHF

1

CHF/JPY

1

Additional Fee

Continuous rate

-

Conversión

- pips

Regulation

No

FCA

No

CYSEC

No

ASIC

No

CFTC

No

NFA

No

BAFIN

No

CMA

No

SCB

No

DFSA

No

CBFSAI

No

BVIFSC

No

FSCA

No

FSA

No

FFAJ

No

ADGM

No

FRSA

Your capital is at risk.

Rating

Total cost

$ 0 Commission 0.1

Mobile App
10/10

Min.Deposit

$50

Spread min.

- pips

Leverage max

500

Currency Pairs

40

Trading platforms

Demo
Webtrader
Mt4
STP/DMA
MT5

Funding Methods

Bank Transfer Credit Card Neteller Skrill

What you can trade

Forex

Indices

Actions

Raw Materials

Average spread

EUR/GBP

-

EUR/USD

-

EUR/JPY

-

EUR/CHF

-

GBP/USD

-

GBP/JPY

-

GBP/CHF

-

USD/JPY

-

USD/CHF

-

CHF/JPY

-

Additional Fee

Continuous rate

-

Conversión

- pips

Regulation

No

FCA

No

CYSEC

No

ASIC

No

CFTC

No

NFA

No

BAFIN

No

CMA

No

SCB

No

DFSA

No

CBFSAI

No

BVIFSC

No

FSCA

No

FSA

No

FFAJ

No

ADGM

No

FRSA

71% of retail investor accounts lose money when trading CFDs with this provider.

Secure Forex Broker The impacts of the threats are even more apparent in the forex industry, which conducts over $5 trillion of trades per day.

Therefore, it’s a no brainer for every trader looking up to the forex market to ensure that they trade with a secure forex broker.

No Taking of Risks

As the finance industry keeps growing, every firm is looking for extra alternatives to stay ahead of the competitors.

Importantly, they all seek to ensure that their customers are satisfied and that they feel secure.

A firm needs to tighten its security as well as digital privacy for the customers to protect them from cybersecurity risks.

Therefore, in general, every firm has to be proactive in preventing cybercrime.

Cybercriminals usually target those firms holding the most sensitive data. The financial market is one such firm with a lot of information about the trader as well as their hard-earned money.

With such digital channels, the risks are massive, and there’s no room for forex brokers to take chances for risks.

The Top Security Threats

Firms protecting themselves from cybercriminals should be a priority. Cybercriminals will always look for minor channels to get their hands on and do some severe damage.

Therefore, firms should ensure that they close all channels for common mistakes such as unencrypted data.

Data that is unencrypted is the simple and easy way of accessing data by criminals once it’s stolen.

Also, another way for cybercriminals to cause damage is through unprotected third-party services.

Therefore, when connecting services, it should be a priority for firms to make security very tight.

Moreover, unsecured mobile banking can provide an opportunity for hackers. Less sophisticated security channels should be encrypted for the customers’ safety.

In forex, most brokers tend to focus more on improving the customer experience with less emphasis on security.

A broker to trade with has to have equal emphasis to security against cybersecurity risks as with improving the customer experience.

 

Data Protection

Secure Forex Broker Data protection is as well essential when dealing with online firms.

For instance, the firms have a mountain to climb of industry regulations concerning data protection as well as privacy. The result is that it increases regulatory compliance costs as well as risks.

Apparently, HYCM seems to tick every box when it comes to cybercrimes and compliance issues. Their trading platform meets the required security standards of international finance as well as banking institutions.

Specifically, HYCM has a state-of-the-art technology that handles crucial areas such as data protection, user authorization, and network communication.

All the data communication within clients is encrypted. Therefore, a trader can count on a broker of such a caliber who takes security and data protection seriously.

 

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Our Rating

  • Minimum deposit of just 250 USD to get lifetime access to all the VIP channels
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71% of retail investor accounts lose money when trading CFDs with this provider.

 

Conclusion

Making money in the forex market can be such an easy task, but apart from losing money by executing the wrong trades, you can badly lose your money through hackers. Besides, your sensitive data also needs protection.

All the protection may be out of your hands, but still, at the end of the day, you’ll be accountable for your mistakes. Therefore, always ensure that you trade with a secure forex broker.

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