When choosing an online broker for trading or investing, fund security is perhaps the foremost concern. There are numerous online brokerage firms and trading apps available, but not all of them have the same level of security.
Hence, it is important to be able to identify an online broker that conforms to security standards and will ensure that your funds remain safe against cyber-attacks. One such online broker is Buffets Finance, and this review will cover all the security measures that this platform has taken to make sure that clients can focus on their trading with satisfaction and peace of mind.
Buffets Finance – Security Features And Measures:
Licensed by the FCA:
No broker can operate legally without being licensed and regulated by a regulatory authority. For online brokerage firms operating in the UK, this regulatory body is the FCA.
Being regulated means that Buffets Finance abides by all the rules and requirements set out by the FCA. In addition, the trading platform also submits periodic reports to the FCA, detailing all its activities and operations.
If you want a confirmation of this licensing, you can simply visit the FCA website and see if Buffets Finance is present on its list of licensed online brokers.
Two-Factor Authentication (2FA):
A 2FA approach involves adding an extra layer of security. For instance, upon entering your account password, you will receive an SMS on your mobile, confirming if it is indeed, you who is trying to sign in to the account. Unless you provide this verification, the login attempt will not be successful.
Without 2FA, the only thing that a cybercriminal needs in order to get access to your account is your password. If the cybercriminal manages to get your password, they can literally use your account like a normal user, which means that they will be able to sell off any financial instruments that you own, and transfer the proceeds to their own accounts. This is particularly possible if your chosen online broker does not have a foolproof method of verifying account withdrawals.
Not only does Buffets Finance offer 2FA, but it also rejects any weak or vulnerable passwords during the password-creation stage. In other words, users are compelled to create strong passwords, involving combinations of uppercase and lower-case letters; numbers; and special characters and symbols.
No online trader wants to stay stuck to their computer the entire day in case they miss any important activity. There are times when you will need to move away from your screens and those are the times during which notifications become vital.
Buffets Finance allows you to activate notifications for any trading activity or update, such as when a position opens or closes, as well as for take profit, stop-loss, margin calls, and announcements.
These notifications through SMS and/or emails, which means that you do not have to worry about missing something important just because you were not in front of your screen.
In addition, Buffets Finance also provides login alerts. This means that every time you log in, you will get an email notification mentioning the date and time of the login. You will also get a similar report whenever you change your password. The purpose behind providing such reports is to establish an audit trail that you can follow in case you suspect that someone else might be trying to gain access to your account.
Automatic Immobilization of Accounts:
Buffets Finance will automatically immobilize your account after several failed login attempts. This means that, after a wrong ID or password is entered a certain number of times, the account will temporarily be deactivated.
This way, any hacker trying their luck by putting in different account IDs and passwords, will be stopped in their tracks, as will anyone trying to force an attack on your account. To get your account activated, you will have to enter the OTP (One Time Password) sent to your phone. Alternatively, you could also reach out to Buffets Finance’s customer service department and remove the account immobilization.
Buffets Finance lets its clients download and access their account statements in various formats, including PDF, Adobe Reader, and MS Excel. Also, instead of restricting the date from which you can access your account history, Buffets Finance lets customers view their entire history right from the date that they created their account until the present day.
This will allow you to keep track of all account activities (especially fund outflows), and make sure that you authorized each transaction.
To sum up, Buffets Finance understands that security is often the main reason that people are hesitant to sign up for an online brokerage firm. To put the people at ease, the platform has taken a number of security measures, the most crucial of which were discussed in this review.