InformedTrades
Register as a Member
    Why join? See our testimonials.

Register Front Page See Today's Posts Site
Map
Free Trading
Courses
Shop
Front Page > Forum Central (F1) > David's Corner > Free Trading Courses

 
Thread Tools Search this Thread Display Modes
Old 08-08-2008, 03:14 PM   #1 (permalink)
InformedTrades Founder
Community Host
 
David Waring's Avatar
 
Join Date: Nov 2007
Location: Miami, FL
Posts: 5,617

Thanks Stats
Thanks (Given): 0
Thanks (Received): 118

Choosing a Forex Broker Part V: Evaluating Customer Service


Previous Lesson

In my opinion Forex Capital Markets (FXCM) offers the most comprehensive services, and best trading experience in the forex industry.




Next Lesson - Full Forex Trading Course

In our last lesson we continued our discussion on factors to consider when choosing a forex broker, with a look at how to evaluate the trading technology and value added resources that a firm provides. In today's lesson we are going to wrapup our broker evaluation module, with a look at the final factor that I consider important when choosing a broker, customer service.

As we have discussed in previous lessons, the retail forex market is a relatively new market, which means that many traders who have experience trading other markets do not have much experience with forex. When you add to this the fact that much of the market has yet to be standardized, you can see the potential for many questions to arise that need to be answered, and the importance that a firm has an intelligent staff that is easily accessible to answer those questions.

With this in mind, the first thing that I recommend doing when evaluating the customer service of a broker you are considering, is calling and talking to one or two of the people there, and asking them to describe their offerings in some of the areas that I have covered in the last few lessons, as well as any other questions that you may have. This should give a trader a pretty good idea of the competency of the support staff and an indication of how they are going to perform when it really matters.

The second thing I would recommend, is getting an idea of what hours those support people are available, and by what methods that they can be contacted. Remember that the forex market is a 24 hour market, so a firm's support staffs ability to perform overnight as well as during your daytime is much more important here than in the equities and many futures markets. The four most common methods in which a broker's support staff can be contacted are:

1. Telephone

2. Email

3. Live Chat

4. Forums

The last thing that it is perhaps most important to consider here, is to make sure that a firms trading desk is reachable by telephone in the case of platform failure which occurs either on your end or theirs. While this is important in any market, it is especially so in the forex market, as platform stability issues are more common here because the technology is newer and mostly proprietary.

That's our lesson for today, and that finishes up our series on factors to consider when choosing a broker. In our next lesson we will begin a short module covering the firm that is in my opinion the leading firm in the forex market, FXCM.

As always if you have any questions or comments please leave them in the comments section below, and good luck with your trading!

__________________
InformedTrades University | Become a Patron of Our University


Disclaimer: Trading is risky and can result in substantial financial loss. As always my posts are simply one traders opinion and should not be taken as trading advice. I am not a financial adviser so everyone please do their own analysis and take responsibility for their own trades.
David Waring is offline   Reply With Quote
 
  




Help InformedTrades grow. Click +1 if you enjoyed this thread.

Register to Comment
Thread Tools Search this Thread
Search this Thread:

Advanced Site Search
Display Modes

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off



All times are GMT -5. The time now is 10:50 AM.


Creative Commons License

InformedTrades is dedicated to empowering traders with knowledge. Learn more about our mission statement, and our charity endeavors.

Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Search Engine Optimization by vBSEO 3.3.2
vBulletin Optimisation by vB Optimise (Reduced on this page: MySQL 10.00%).
vBCommerce I v2.0.0 Gold ©2010, PixelFX Studios
vBCredits v1.4 Copyright ©2007 - 2008, PixelFX Studios