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What is the importance of protecting Forex Trader’s data?

Forex trading is a multi-national phenomenon. There are billions of traders across the world, who are doing forex trading today, and this number is constantly growing. More, the technology is constantly evolving and every day, countless fishing, spamming and spying software come into the system to steal the data. Now you can understand when there are so many threats to the trading data and traders’ data; how important it is to protect them.
Unfortunately, many trading platforms turn a blind eye to the security aspect, which in-turn leads to traders leaving them. Data protection is important, now more than ever.

How to protect my data as a forex trader?

First and foremost, select a reliable forex trading platform, that can ensure the security of your data. Select a forex broker who ensures that your data is safe, through a series of regulations, tools and safeguards. You need to know a few things …

  • 1. What all data is collected by your forex broker?
  • 2. For how long the data will be stored with the forex broker?
  • 3. With whom that data will be shared by the forex broker?
  • 4. What steps the forex trader has taken to protect your data?
  • 5. Whose liability it will be, if there is a breach in the security?

Ask these questions before joining a forex trading platform and you will know what to do next!!

What forex brokers can do to protect the traders’ data?

One thing is sure, the data is the new gold. So, there will be attempts to steal the data of the traders registered on your platform. And installing data security features on your forex trading portal, is important for the traders. It gives them the confidence to do trading with you. So, as a forex broker, you need to take certain steps in order to ensure the safety of your clients.

1. Authentication

The traders use their Log-in IDs and passwords to access their account on your portal. It is better to have a two-factor authentication to add an extra layer of security on your forex trading platform. Authentication is very important to ensure that the correct person is signing into your portal. You can also ask for verification from the registered mobile of the trader to make sure nobody else is accessing the information.

2. GDPR Regulations

Many countries have implemented General Data Protection Regulations, in order to protect the data of their citizens. These GDPRs are necessary in today’s world and following them is definitely good for your platform and the traders using it. GDPR contains procedures that protect the personal information of the users and prevent inappropriate disclosure to third parties. They allow the use of traders’ information for specific use only. So, if your platform follows the GDPR of respective countries, it adds a new level of trust among the traders.

3. Broking Regulations

To be a forex broker, you need to obtain certain licenses and permissions from the different governments. These regulations allow you to be a forex broker only after due diligence regarding capital requirements, record-keeping and ethical practises.

You can research on these regulations on your own or you can ask a forex trading platform developer for further clarity on that.

  • Australian Securities and Investments Commission (ASIC) for Australia
  • Financial Services Authority (FSA) for United Kingdom
  • Financial Services Board (FSB) for South Africa
  • Cyprus Securities and Exchange Commission (CySEC) for Cyprus
  • Federal Financial Markets Service (FFMS) for Russia
  • Swiss Federal Banking Commission (SFBC) for Switzerland

If you need assistance regarding company formation, regulations of different countries and obtaining forex licenses; you can contact Sigmate Informatics anytime on info@sigmateinformatics.com.

Forex trading is a huge international arena and it attracts so many different regulations from different countries. So, it is important to know about them and comply to them for creating a seamless forex trading platform. Sigmate Informatics offers you comprehensive solutions for creating your own forex trading platform. Starting from company formation and license obtaining to Web & App Development and Digital Marketing, Sigmate Informatics can help you take over the forex trading industry! Go on, the world of forex trading is waiting for you. Click here to contact Sigmate Informatics, now!

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