How To Trade Safely on MetaTrader &TradingView

Forex trading platforms have transitioned from what they used to be, with platforms such as MetaTrader and TradingView offering traders a user-centric trading experience. As trading opportunities increased, so did security challenges on trading platforms, making it a concern for users and brokers. In the face of a security failure, personal details and funds could fall into unauthorized hands, which might cause dire consequences.

In this article, we will be looking at the security challenges traders might have to navigate and the security setup provided by MetaTrader and TradingView to provide secure and trustworthy trading platforms.

Types of trading security risks

Here are some potential security risks forex trading accounts may likely face.

#1 – Password attacks

This is one of the most frequently used techniques by hackers due to the prevalence of passworded accounts. All computer devices and trading accounts use passwords, and cracking a password can expose a trader’s account and devices to information theft and other illicit activities.

Attackers use several techniques to break through passwords, two of the most common being dictionary and brute-force attacks. With the dictionary attack, attackers study the trader’s nationality and locality and try out the most common password combinations in the area. They could also use brute-force attacks, where the attacker uses automated password tracking tools to generate passwords with clues from traders’ names, pets, and social media activities.

#2 – Phishing attacks

In phishing attacks, the attackers disguise themselves as reputable organizations or individuals to source information from traders. For example, a forex trading account holder may receive a phishing SMS or email from a source bearing the name of their trading platform, seeking personal details like a password or intellectual property.

Some of these messages may appear as an attempt to protect the trader’s account. In some cases, traders receive phishing emails as a business email compromise where a popular executive from the trading firm is being masqueraded as the sender.

#3 – URL poisoning

This is a popular method attackers use to access users’ information on a site by changing some variables on a URL. If a platform doesn’t have a system that verifies user entry, an attacker could alter some link variables to access a user’s details.

For example, if a query string linking to an account created by the attacker appears as https://forinstance.co/account?user_id=23, the attacker can alter the user variable to https://forinstance.co/account?user_id=012 to gain access to the corresponding account that uses this link.

Besides these attack formats, forex trading accounts can receive security threats like SQL injection, DDoS, and ransomware attacks. Trading platforms such as TradingView and MetaTrader have prioritized protecting users and have come up with security features in that regard. Let’s explore these security features.

Security features in MetaTrader and TradingView

MetaTrader Security Features

MetaTrader 4 and 5 have incorporated features that protect the confidential nature of traders’ information and transactions. These features include:

The presence of 128-bit SSL ensures data protection during transmission between MetaTrader’s server and the client’s device.
The platform allows users to set up multiple authentication login layers for more security. If you are using the mobile app, you can set up this feature under the security settings option.
The platform uses stringent control measures to limit the level of actions permissible for users. Only authorized users can assess certain features.
The platform also uses frequent security updates and system patches to block out any vulnerabilities.

TradingView Security Features

Being one of the most preferred platforms for brokers and traders, TradingView takes safety and user protection seriously. Here are some security features on the platform:

TradingView uses cloud security and encryption to protect data transmission, which earned it an A+ score on the SSL test review.
Frequent security audits are often carried out to ensure a safe platform. Security experts and freelance ethical hackers perform these audits to identify possible vulnerabilities.
Content-Security-Policy blocks scripts exported from untrustworthy sources, reducing the chances of unnoticed hacker activity on the platform.
TradingView has a two-step verification login feature to help traders keep their trading accounts secure.

Practice Safer Trading

Despite robust security features on Meta Trader and TradingView, brokers and traders must apply safe trading practices to guarantee maximum security. These practices include:

Identifying Security Threats

Protective measures designed by platforms can be bypassed if one fails to identify potential attacks from phishing emails or clone website links. Also, downloading software from unverified sources can expose you to malware attacks. To protect your funds, you should also verify the broker’s license to avoid scams.

Setting Up Strong Personal Security

A common mistake that exposes several forex trading accounts is using easy passwords. Codemotion mentions that most password breaches happen as a result of easy-to-guess passwords such as password, qwerty, 123456, and 123123, among others. It is advisable to use unique passwords with a mixture of letters, numbers, and symbols.

Multi-factor authentication allows you to create additional security beyond the initial password phase. Beyond the trading platform, you should protect your network and devices from unauthorized access.

Use Secure API and Automation Bots

Traders often use APIs and trading bots to execute automated strategies; however, as some APIs are third-party, this may lead to security vulnerabilities. It is best to limit API permissions and store the API keys via encryption. You should also monitor your account activities for trades or login attempts that are not from you.

In addition to these security measures, you may want to regularly update your trading software or your device’s operating software for security updates in newer software versions. You can also consider using hardware security devices or software to boost the safety of your trading device.

Trade with Confidence

Safe trading on MetaTrader and TradingView can be achieved by combining built-in security features on these platforms with strong personal security setups. These personal security setups include two-factor authentication, strong passwords, a secure API, and vigilance against malicious links or messages.

Safe trading is not only about protecting your details and funds but also about giving you the needed confidence and mental tranquility to enjoy trading activities.

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Carla Schroder

Carla Schroder is a self-taught Linux and Windows sysadmin who laid hands on her first computer around her 37th birthday. Her first PC was a Macintosh LC II. Next came an IBM clone--a 386SX running MS-DOS 5 and Windows 3.1 with a 14-inch color display--which was adequate for many pleasant hours of Doom play. Then around 1997 she discovered Red Hat 5.0 and had a whole new world to explore.

Somewhere along the way she found herself doing freelance consulting for small businesses and home users, supporting both Linux and Windows users and integrating Linux and Windows on the LAN, primarily Linux servers and Windows clients. She is the author of the Linux Cookbook, Linux Networking Cookbook, and the Linux Cookbook 2nd Edition for O'Reilly, and has written hundreds of Linux howtos for various publications, .

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