Online Investing – Trading Platforms & Safety Tips
Investing is now as easy as ordering pizza. But with great convenience comes great responsibility. Let's look at platforms and safety.
Types of Brokers
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Safety Tips for Online Investing 🛡️
Online fraud is rising. Protect your wealth vault.
1. Two-Factor Authentication (2FA)
- Mandatory: Enable TOTP (Google Authenticator) or Biometric login.
- Why: Even if someone steals your password, they can't login without your phone.
2. Don't Share OTPs
- Rule: Your broker/SEBI will NEVER ask for OTP over call.
- Scam: "Sir, KYC pending, give OTP." -> Account hacked.
3. PoA (Power of Attorney) vs DDPI
- Earlier, brokers asked for PoA to sell shares.
- Now, utilize DDPI (Demat Debit and Pledge Instruction) or E-DIS (TPIN verification) to sell. It's safer as you authorize every sell transaction.
4. Check Contract Notes
- You receive a "Contract Note" via email after every trade.
- Check it: Verify if the trade you did matches the email. Unauthorized trading by brokers is rare but possible.
Psychological Safety
Online apps are "Gamified". Flashing lights and confetti make trading addicting.
- Tip: Turn off notifications. Don't check price every 5 minutes.
- Discipline: Treat it like a bank, not a casino.
Case Study: The "Remote Access" Scam
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Summary
- Platform: Choose Discount brokers for low cost, Full-service for advice.
- Security: Enable 2FA / Biometric.
- Vigilance: Check SMS/Email alerts for all transactions.
- E-DIS: Use TPIN for selling to ensure control.
Quiz Time! 🎯
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Next Chapter: Portfolio Tracking! 📊