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Forex Account Hacking — Real Problem?

Traders on popular Forex forums often ask questions concerning the safety of the Forex trading accounts from hacking and other security-related issues, specifically about the safety of MetaTrader 4 and MetaTrader 5 live trading accounts. While there is a clear connection between the security policy of the trading platform and the security of the funds in the trading account, the more important thing is the security policy of the specific Forex broker. There are four major types of potential problems in brokers' security that can influence the security of your funds:

  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 broker's servers can be insecure, resulting in data leaks or direct hacking.
  4. The broker's employees can disclose traders' account data intentionally or as a result of social engineering.

It is always good to choose a Forex broker with a strict security policy, but no trader should forget about their own password security policy. Most of the password are illegally retrieved through phishing e-mails, trojan viruses, and other fraudulent actions. It is recommended to have up-to-date anti-virus software installed. Don't forget that the safety of your money depends on you 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 or questions regarding the security of Forex trading accounts, feel free to share with other traders via our Forum.

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