What Is Your Experience with Forex Broker Customer Support?
January 30, 2017 by Andriy Moraru
According to our 2015 poll, a half of traders consider poor customer support service a valid reason for transferring to another broker. Our recent research of 241 brokers has shown that a quarter of online Forex companies fail to provide adequate support service. Apparently, such situation cannot exist for a long period, and traders should have some heart-breaking stories to tell us about their experience with their broker’s support.
Although the job of a customer assistant is considered to be a low-skill one. In Forex industry, it is far from truth. Only those companies that hire experienced support workers and provide high-level in-house training can boast a service able to solve traders’ issues and do it in a timely manner. Unfortunately, there are no regulatory guidance mandating a good level of customer assistance. Instead, some companies prefer to invest in so-called personal managers, whose only real purpose is coaxing traders to deposit more funds and to trade more lots. Of course, poor customer support may also be a result of the company’s fast growth when this area of brokerage service gets neglected due to its perceived low value to the company.
Sometimes, it is not a support worker’s fault, but the poor management to blame…
My own impression of the industry’s level of customer support service is based on experience with multiple brokers. Mostly, the interaction is OK — they are not very fast, and the answers are not as to-the-point as one could wish, but the majority of brokers I held account with could do their job explaining things and answering to queries. A small minority offered a much different experience with simple questions or problems taking weeks to get a response to. However, the most frustration was caused by the wit-tilting tournaments some of the support representatives resorted to instead of dealing with the request or answering a question. And how about your experience?
If you want to share some details of your interaction with the customer support service of your Forex broker, please feel free to do so using the the commentary form below.