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Forex Account Hacking — a Real Problem?

April 19, 2010 (Last updated on May 3, 2010) by

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.

Fortunately enough, I don’t know many cases of the Forex account hacking and I’ve never been a victim of such crime, despite the fact that I’ve held an account with a lot of different brokers. And how about you?

Have your Forex trading account ever been hacked?

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Update: If you answered that your account has been hacked, please, specify the broker in the commentary. I believe it would be helpful to many traders. You can also write something about the details that would help others to prevent losing their accounts in the future. Thanks.

If you have some interesting comments or questions regarding the security of the Forex trading accounts, please, feel free to reply using the form below.

6 Responses to “Forex Account Hacking — a Real Problem?”

  1. Josephina

    I have been trading with FXleader.com , for now I real don’t know whats happening , they told me that I am loosing my money because my account is hijecked I need help in this case.

    Reply

    Andriy Moraru Reply:

    You should probably ask their support service to block your trading account ASAP.

    Reply

  2. Melvin Gary

    Tuesday March 10th 2020, my kot4x account was hacked and $140 was lost as a result of someone trading on my account

    Reply

    Andriy Moraru Reply:

    Sorry to hear that! Why would someone do such thing? They cannot even withdraw anything that way! Perhaps, you could try contacting the broker’s support service about this issue to revert the trades?

    Reply

  3. Fawzia Mahmoud

    I want help actually hacking into a forex account that the manager wants to dupe me of my hard earned money..

    Reply

    Andriy Moraru Reply:

    Unfortunately, hacking into a trading account won’t help you to recover the funds because someone on the broker’s end has to initiate the actual bank transfer for you to receive your money.

    Reply

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