Forex Account Hacking — a Real Problem?

A few days ago a trader from a popular Forex forum asked a question concerning the safety of the Forex trading accounts from hacking and other security-related issues, specifically about the safety of the MetaTrader 4 accounts. While there is a dependence between the security policy of the trading platform and the security of the funds in the trading account, the more important is the security policy of the specific Forex broker. There are four major types of the potential important problems in the brokers’ security:

1. Login/password policy can allow unsafe combination of login and password.
2. Login/password policy can allow unlimited number incorrect entries without CAPTCHA testing.
3. The servers of the broker can be insecure.
4. The personal of the broker can disclose traders’ account data out of some illegal reasons.

It’s always good to choose a Forex broker with a strict security policy, but no trader should forget about his own password security policy. Most of the password are illegally retrieved through phishing e-mails, trojan viruses and other fraudulent actions. It’s always good to have a good anti-virus software installed (I recommend Avira — it’s free, fast and can detect all the viruses). Remember, that the security of your money always depends on you too.