How do you change your registered phone number on an online broker?
Opening a trading account is simple; the process can be completed in a matter of seconds. But after opening an account, your job doesn’t end. You need to keep your trading account safe and away from the reach of scammers.
Exercise all caution, so your trading portfolio and money stay safe. You cannot risk losing either of those things.
One way to keep your trading account safe is by changing the registered phone number to a new one. Keep reading to know how it’s done.
How to change the phone number?
No matter whether you have got a new phone number or you are changing the registered number due to security purposes, the process is simple. Changing the number only involves a couple of steps:
- First, you must log in to your registered broker’s website
- Then go to Settings and click on Mobile Number
- Following this, click on mobile to receive OTP so you can proceed
- Once you have the OTP, enter it
- Enter your new phone number. Your registered number will be changed in 24 hours
Best ways to protect your trading account
Changing a registered phone number is one way to keep your account safe. But there are more things you can do to maintain account safety:
- Always be cautious
- Keep your login information safe
- Use a strong password
- Maintain a record of your account statement
- Check the brokerage firm
- Never trade with brokers you have not heard of
- High-sales pitch tactics
Trade more than 3,000+ markets from 0.0 pips spread without commissions and professional platforms:
(Risk warning: 78.1% of retail CFD accounts lose money)
1. Always be cautious
If you have a trading account, you must remember it. Otherwise, you might fall prey to the risk of scams. If you no longer intend to use your account, ask the broker to close it. This way, you can prevent any unwanted access to your account.
2. Keep your login information safe
Try keeping your login information safe to maintain the security of your trading account. It’s advised to remember your login details instead of writing them down somewhere. Also, change your trading account password regularly so hackers cannot get access to your account.
3. Use a strong password
Avoid keeping easy passwords, as hackers can steal your information. Take the help of strong password generator websites or create a solid password of your own.
Do not use public Wi-Fi to access your trading account, as it poses a risk to your trading account. Always use a stable internet connection to keep your account safe.
4. Maintain a record of your account statement
Keep your trading account updated with your current mobile number and email address, so you receive all the SMS and OTP.
Compare the transactions on your trading account with your trading activity to make sure everything is under control. If you notice any abnormal activity on your trading account which hasn’t been performed by you, report it to the authority.
Trade more than 3,000+ markets from 0.0 pips spread without commissions and professional platforms:
(Risk warning: 78.1% of retail CFD accounts lose money)
5. Check the brokerage firm
The popularity of stock trading among people has increased, which has led to the rise of face trading brokers. That’s why it’s important to do thorough research before registering yourself with a trading broker. This way, you can protect yourself from losing money.
While researching the trading broker, check its market reputation, assets, credibility, performance, and read reviews. If you are satisfied with the broker, choose it; otherwise, look for another option.
It’s also important to ensure that your trading broker is not linked with any sort of proprietary trading. If the broker is engaged in any such activity, stop yourself from opening an account with it.
6. Never trade with brokers you have not heard of
As you know, new trading brokers regularly pop up in the market. But they also involve the risk of being an unreliable platform. That’s why you should refrain from choosing any broker that is new to the market.
A new trading broker might be good and offer the best features, but there is a chance that a trusted organization might not regulate it. If true, there will be a great risk to your money and trading portfolio.
7. High-sales pitch tactics
Trading brokerage firms offer enticing offers and bonuses to attract different traders. But if a broker is acting too pushy and forcing you to use its trading services, avoid it.
Such brokers are mostly scammers who make unrealistic commitments to lure traders. A trader asking for an immediate commitment or asking you to expedite payment is not reliable.
Conclusion about changing the phone number on an online broker
If you have got a new phone number, follow the steps mentioned in this post. Besides changing your registered number, you can do many more things to keep your trading account safe.
Trade more than 3,000+ markets from 0.0 pips spread without commissions and professional platforms:
(Risk warning: 78.1% of retail CFD accounts lose money)
Last Updated on June 17, 2023 by Andre Witzel
