Forex Account Hacking — Real Problem? (2024)

Traders onpopular Forex forums often ask questions concerning thesafety oftheForex trading accounts from hacking andother security-related issues, specifically about thesafety ofMetaTrader 4 and MetaTrader 5 live trading accounts. While there is a clearconnection between thesecurity policy ofthetrading platform andthesecurity ofthefunds inthetrading account, themore important thing is thesecurity policy ofthespecific Forex broker. There are four major types ofpotential problems inbrokers' security that can influence the security of your funds:

1. Login/password policy can allow unsafe combination oflogin andpassword.
2. Login/password policy can allow unlimited number incorrect entries without CAPTCHA testing.
3. Thebroker's servers can be insecure, resulting in data leaks or direct hacking.
4. Thebroker's employees can disclose traders' account data intentionally or as a result of social engineering.

It is always good tochoose aForex broker with astrict security policy, but no trader should forget about their own password security policy. Most ofthepassword are illegally retrieved through phishing e-mails, trojan viruses, andother fraudulent actions. It is recommended tohave up-to-date anti-virus software installed. Don't forget that thesafety ofyour money depends onyou too.

It is also worth mentioning that even if your MetaTrader (MT4 or MT5) account gets hacked, the worst thing that the hackers can do to it is ruining it with bad trades. They won't be able to withdraw funds from it.

If you have some interesting comments orquestions regarding thesecurity ofForex trading accounts, feel free toshare with other traders via ourForum.