A good forex broker supports you at every step

The brokerages traders use have a large impact on their total trading experience. That goes for both practical things such as pricing, tool availability, and service structure, but also for the feeling of using the brokerage.

Everyone wants to feel like their broker is in their corner. Traders are already trying to work against the market, so having to work against the company that they are trading with would feel extremely frustrating. Nobody wants to feel like a company is squeezing every last penny out of them while doing the bare minimum.

However, unfortunately, that’s the experience a lot of traders have had. Poorly defined conditions, shoddy communication, withdrawal delays, and long processes can all make it feel like traders need to argue with someone just to get their own money. And in trading, which can be grueling itself, people simply don’t want to have to do that.

This article will aim to help traders avoid that. It will discuss some of the general qualities in brokers that traders would want to avoid, and how to choose a broker that will make that particular trader feel like they’ve got a trading ally.

Note: Read carefully

Oftentimes in the trading world, traders will feel discontent because of their own lack of research. A brokerage may not offer what they want, may have processes that they understand, or may simply do things differently than they are used to.

In cases where this creates a holdup in withdrawals or opening a trading account and thus missing a recent trading opportunity, this can make traders feel like the company they are with is trying to trick them. Commonly, this isn’t the case.

A lot of brokers simply don’t do things the same way other brokers do. This can create false expectations in traders who have already used a brokerage or two. It’s extremely important to research the services and processes that the broker has.

Beyond the actual trading services, this goes for things like the registration and KYC process, support procedures and outreach methods, and the deposit and withdrawal processes. It’s wise to pay special attention to withdrawal methods, fees, and processing times to avoid any unwelcome surprises.

Of course, sometimes the fault isn’t in the trader. Sometimes, brokers are intentionally vague to attract interest without providing solid services. This article will expand on that next.

Make sure the brokerage is secure

The first step for traders to ensure their cooperation with a broker goes well is to ensure it’s secure. If a broker has malicious intentions, it’s a matter of time before it shows and harms traders in a major way. Sniffing out dangerous brokers is often easier said than done, as less-than-honest companies are adept at sweet-talking and coming off better than they actually are.

As such, every time traders want to switch brokers, they need to do their due diligence. This is a process that may take hours and stretch across multiple days depending on the trader’s free time. This may sound daunting, but most traders don’t switch brokers that often.

However, going through this process means that a trader is less likely to have a poor experience and need to switch again soon. So in some ways, good due diligence saves time, since it delays the next time traders need to go through the process.

Additionally, some traders may not know how to go through this process properly. Let’s outline some steps that any trader can take to decrease the likelihood of going with an unsafe broker.

Is it trusted?

Verifying a broker’s  good reputation is a quick and easy way to gain some peace of mind. Usually, fair and transparent brokers put all their info of their website. The more information you find about their processes as well as the way they manage your private data, the more secure the broker should be.  

Is it too good?

Simply put, if something seems too good to be true, it usually is. A lot of malicious brokers make promises they can’t keep to get users to register and put down their first deposit. If a broker offers conditions that sound unreal to be true such as, for instance, 0 pips with no commissions on a low minimum deposit account, there’s likely something else going on.

Is it clear?

Another tactic malicious brokers employ is making appealing statements that don’t have any actual substance. For example, a broker may claim they have ultra-tight spreads, but not give an actual number. This may not mean the broker is a scam outright, but if they are hiding key details, it implies that the service is subpar.

What do others think?

Checking broker reviews and user impressions is another good way to verify a broker’s intentions. However, traders should make sure to actually read these, rather than just skimming or looking at the number ratings. This is because brokers can easily pay for good reviews or flood user review sites with positive impressions.

This is a bit more touchy, as it’s up to the trader to figure out whether the impressions are real or influenced by payments. However, it’s wise to check negative reviews to see if there are any credible accounts of the broker wronging traders and see if and how the broker responded to these claims.

Education and extra features

After a quick security checkup, a good way to check if a broker is in traders’ corners is to see how it helps them develop and experience the service. A solid educational setup is a good indication that the broker wants to nourish its user base and help individual traders go through the difficult process of learning how to trade.

The quality of the trading materials is indicative of how much the broker actually cares as well. Nowadays, providing educational materials has become an industry standard. As such, some brokers just create a basic library that’s not really useful, but it’s there to match that standard.

Practical materials that help traders navigate real situations, detailed courses, multimedial materials, and ones in multiple languages can tell traders that the broker put actual effort in, and that it’s really intent on helping them.

Don’t forget the support procedures

A solid support structure is integral to traders feeling like the broker is on their side. A lot can go wrong; technical issues, latency, process holdups, and more are common with brokerages. These issues are simply in the nature of online services, and are present even with the best brokerages that do everything in their power to prevent them.

A quick support team with long operating hours goes an extremely long way towards making it feel like a broker is working with a trader. Quick and effective communication and aptness in issue resolution a key qualities for modern brokers. A broker’s support should be ready to answer questions, familiar with the different devices, speak multiple languages, and above all, be clear and patient.

When the personnel in direct contact with customers are of a high quality, it not only makes the service feel more comfortable but also speeds up key processes like KYC and payments.

Remember, mistakes will always happen, the important thing is to have a brokerage that will deal with them in a mutually respectful and effective way.

Disclaimer:
This information is not considered investment advice or an investment recommendation, but instead a marketing communication.