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The Forex Customer Support Challenge:

May 13 2013

A company's customer support team can tell you a lot about the company's culture and attitude towards its customers. And while this is valid for any company and/or service out there, it is particularly important for the ones that handle customer money – like banks or forex brokers for example. Customers need to feel secure – I would never trust my money to a firm that is not easily accessible; it might be my obsessive personality talking here but I need to know that all my questions and concerns would be addressed right away – and I suppose everyone wants to have this same sense of security. 


The Challenge: Find the Best Forex Customer Support

Discussing brokers' customer service, we came up with the idea of the so called Customer Service Challenge. In it we will be talking to customer care teams to 15 brokers selected at random, and we will then rate these conversation to figure out which broker offers the best customer support. 
The mechanics will be simple: every day for three weeks we'll talk to a customer support rep and we will then rate the conversation based on the following criteria: 
- Response time;
- Accuracy of the answers;
- Personal attitude;
- Patience;
- Sense of humor.
At the end of each week, we will be naming one weekly winner, and we'll pick the ultimate champion out of the three weekly winners. As simple as that. 
Of course, when asking our questions, we will be playing dumb – just to raise the challenge bar and spice things up a bit. For the purpose of fair play we will ask all brokers the same questions (whenever possible) and will publish our entire conversations with them – check our the first one below. 

The Customer Support Challenge:

Here is our conversation with We talked to Tommy: 
You are now chatting with 'Tommy'
Tommy: Hello Hannah, and welcome to UK. May I have your User ID (Account Number) or email address to better assist you?
Hannah: I don't have an account yet. I've never traded forex before and I want to try out your platform but I have some questions first (sorry if some of them are a bit silly). Can you please tell me what is slippage and how can I make money with it?
Tommy: I will use the example of the EUR/USD since it is the most commonly traded currency pair. For each currency pair, you may either buy or sell. If you buy the EUR/USD, you are essentially buying EUR and selling USD. You would do this because you believe that the value of the EUR will increase in relation to the value of the USD. If you sell the EUR/USD, you are essentially selling EUR and buying USD. You would do this because you believe that the value of the EUR will decrease in relation to the value of the USD.  If the market goes in the direction you believe it will, you will typically earn money. If the market goes in the opposite direction you believe it will, you will typically lose money. Slippage is if you get filled at a worse rate than what you specify. It is rare but is possible on stop loss orders.
Hannah: So I can't make money with the slippage but instead I lose money? That sucks. Do you have a lot of slippage?
Tommy: With limit orders, we actually price improve 70% of trades.
Tommy: Therefore, it works both ways.
Hannah: So I can make money off slippage after all, good to know.
Hannah: Another question: if I open a trade and then close the trading software by mistake, what will happen to my trade? I often close things by mistakes and I'm worried I can lose money like this...
Tommy: If you open the trade and then close the platform, the trade will remain open, subject to market fluctuations.  When you re-open it, the trade will still be there.
Hannah: Ooh, that's good. Cool.
Hannah: If I deposit $500, how many trades can I open? I want to trade gold.
Tommy: XAU/USD has a default leverage of 100:1.  Please note, increased leverage means increased risk. With 100:1 leverage, you will have a margin requirement of roughly $142.89 per lot.
Hannah: Uhm... what's leverage?
Tommy: Margin is essentially collateral for a position. It allows traders to take on leveraged positions with a fraction of the money necessary to fund the entire trade. For individual forex traders, leverage typically ranges from .5% to 2%, giving investors a high degree of leverage. It’s important to remember that increasing leverage increases risk.
Hannah: Ok, got it.
Hannah: Last question. I don't like it that it's called Metatrader 4, four is a very unlucky number for me. Is there a way to rename it to Metatrader 7? I think it will bring me bad luck to have a 4 in my trading software.
Tommy: No, it cannot be renamed.
Tommy: I am sorry.
Hannah: Bummer. Can I at least make it orange? A cheerful color could balance things up a bit...
Tommy: If you right click on the chart and select Properties, you can change the chart colors.
Hannah: Ok... I'll try to make it work for me.
Hannah: Thank you for your help, Tommy. Have a nice day!
Tommy: You're welcome.

The Sentence


Response time: 
Accuracy of the answers:
Personal attitude: 
Sense of humor:


Overall score: 16/25

Overall impression: Tommy was a bit slow responding, which made me think I was not the only person he was talking to. His answers were accurate and gave me enough information, yet he failed to make me feel as if I can rely on his attention 100%. 
The thing that disappointed me the most was that Tommy wasn't funny. I get it – these guys are probably swamped with work and there's probably strict control over what they say – but c'mon, showing some sense of humor can't do any harm. 
On the plus side, at the end of the conversation asked me to rate it and leave feedback. To me this says that the broker really monitors their customer care reps in order to (possibly) improve their services so kudos for that.




More of the Forex Customer Support Challenge: 



TAGS: forex broker  customer service  customer service challenge  best customer support 

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