Forex trading can be risky, but it doesn’t have to be. There are many things you can do to make your forex trading more secure and reliable. At the same time, you’ll also want to take steps to keep your costs minimal because even if you’re getting started for free, there are still costs involved. Whether you’re using a demo account or real money, you need to protect your identity when trading Forex.
This is especially true if someone else has access to your computer at any time, such as the parents of a teenager who is thinking about opening a Forex account in their home. In this article, we will explain how to make Forex trading more secure and reliable with a Virtual Private Server (VPS).
What is a VPS and why do you need one?
A Virtual Private Server (VPS) is a virtualized server that is rented by the hour. The main advantage of using this is you only pay for what you use. You don’t need to spend thousands of dollars on a dedicated server that you won’t be using to its full capacity. This can be especially helpful for the occasional trader.
If you’re just getting started with Forex trading, it makes sense to start with a demo account. But even a demo account can pose a security risk since your login information is stored on the Forex provider’s servers. Because you don’t own the server, you’re at the mercy of the host in terms of things like uptime and bandwidth. You can’t fully control your environment and might not be able to install the software you need to ensure your trading platform is operating within acceptable parameters.
Forex VPS is a computer that you rent. You can install whatever operating system and software you need, and you are the sole administrator. You have full control over the server and can access it from anywhere.
Steps to Installing a VPS in your trading platform
The first step to securing your trading platform is to install a VPS. This can be done using in one of the following two ways:
- Hire a managed service provider (MSP). This type of provider will manage the VPS, but you’ll have limited access to the server.
- Install your own VPS. This is the best option if you have the technical know-how and time to set everything up. You can try our VPS for forex trading.
Now that you have your VPS in place, it’s time to secure the trading platform you’ll be using. Here are the steps you should take to make your platform more secure and reliable.
2-Factor Authentication
Factor Authentication (2FA) is a security method that requires two pieces of information to log in. Typically, the first piece of information is your username and the second is a verification code that is generated by an app or sent to your mobile phone.
The most common 2FA method is to use an app such as Google Authenticator. The app generates a unique, one-time verification code every 30 seconds. You can scan the code with your phone to log in to your trading platform. 2FA is not foolproof, but it’s a smart way to add an extra layer of security to your trading platform. It’s better to be safe than sorry!
Secure your platform with a firewall
A firewall is essentially a network security system that monitors incoming and outgoing network traffic. It is designed to detect and block unauthorized network traffic from entering or leaving a network. When you’re trading Forex, a firewall is a must for your trading platform. It will allow you to block all incoming connections, such as DDoS attacks.
Without a firewall, your trading platform can be compromised when someone tries to access it remotely. You can install a firewall on your VPS and configure it to block all incoming traffic. If you need to log into your trading platform remotely, you can create a whitelist. This will allow only the IP addresses you specify to access your trading platform.
Conclusion
Forex trading can be an exciting way to make money, but it can also be risky if you don’t take measures to protect your trading platform. A Virtual Private Server is the best way to make your trading platform more secure and reliable. You can reduce the risk of someone stealing your login information by installing a VPS and securing your trading platform with a firewall.