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The Forex Customer Support Challenge: OANDA

May 28 2013
By
Forexbrokerz.com

OANDA is one of the most technologically advanced brokers and I wouldn't be surprised if they used robots for their customer support needs – the person (or is it a person?) I talked to sounded suspiciously robot-like. 

 
I did get answers to my questions but they were all dull, generic and dry; what's more, on a couple of occasions Simon took what I said too literally but then again, it's possible he's just a very, very boring person. Here's what happened.  
 
 
You are now chatting with 'Simon'

Simon: Thank you for choosing OANDA. How may I help you?

Hannah: Hi Simon, how are you today?

Simon: Great, how about you Hannah?

Hannah: I'm good too, thank you!
Hannah: I want to start trading forex and I read a little bit about it but there's just too much information; can you maybe give me some pointers where to start from?

Simon: Sure, I can certainly help you with that.
Simon: Have you opened an account at OANDA?

Hannah: No, not yet. Should I start there?

Simon: You can start with a Demo account (practice) first, and then once you are comfortable doing trades, you can then open a live account.

Hannah: Do I have to invest any money on a demo account?

Simon: No, you do not have to invest money on a demo account. You can create practice money when you completed the account opening process.
Simon: We also provide some tools that you can use for analyzing the forex market

Hannah: What kind of tools?

Simon: Please see: [link to OANDA's analysis lab]
Simon: It includes real time news, historical charts, position ratio (so you know what people are trading), economic indicators.
Simon: And lots of other tools that you can use.
Simon: If you are into Technical Analysis, you can visit: [link]
Simon: For different kind of technical indicators

Hannah: OMG, all this is Chinese to me - do you have any educational resources for dummies? I'm afraid I'm gonna need something less complicated...

Simon: Are you seeing Chinese characters?

Hannah: No, that's not what I meant - it's as complicated as the Chinese language, LOL. Sorry if I was culturally insensitive, I didn't mean to be...

Simon: Unfortunately we do not have any educational resources. But you can try this: [link]
Simon: I see, sorry I got it wrong.

Hannah: That's ok :)

Simon: The last link I provided is a simple learning section, you might want to take a look.
Simon: It might help you understand forex

Hannah: Yep, I just opened it, and I think that would be a better starting point. Once I'm ready to start trading with actual money, how much do i need?

Simon: Yes, it is not too complicated once you get use to it.
Simon: You just need some practice, that's all.
Simon: We have no set limit for the account balance. So you can trade with any amount.

Hannah: So I can deposit 5 bucks and trade with it?

Simon: Yes, you are correct.

Hannah: Awesome. This way I can start learning with some real money. Do you think that investing real money helps you learn? I mean, it will maybe make me more disciplined...

Simon: It is really your personal preference. Because I am not able to advise you on the method of learning.

Hannah: Ok. One more question: I read a few reviews about forex brokers, and some of them mentioned "slippage". Can you tell me what's that?

Simon: Sure, what it means is that. When you place an order, the order takes time to reach to our server through internet.
Simon: Sometimes it is the computer, sometimes it may be the internet itself.
Simon: The order may be delayed due to those two factors and cause the price to triggered at a price which is different from your original set price.

Hannah: Oh, ok. I get it. Is there a lot of slippage with you guys?

Simon: Our server is located near east coast of the united state.
Simon: The speed is pretty fast, so I would not say there is a lot of slippage. But it does happen and it is normal for all forex trading companies.

Hannah: I see. Thanks for your help, Simon, have a nice day!

Simon: You are very welcome
Simon: Please contact us at any time if you have any other questions.
Simon: Have a nice day too ~
 
 
 

The Sentence

 
Response time:
Accuracy of the answers: 
Personal attitude: 
Patience:
Sense of humor:
 
Overall score: 13/25
 
Overall impression: As I said, I wasn't sure if Simon was a real person or a bot. One thing is for sure, though: he (it?) completely disregarded the fact that I was an absolute beginner and may not be familiar with terms like technical analysis,  historical charts, or position ratio – and to me that means he wasn't paying enough attention to what was going on in the conversation. 
 
Simon didn't try to relate to me, and he really didn't care if I would open a live account or not – maybe it's not his job to care about these things, or it could be that OANDA is a big enough broker and doesn't fight for each and every customer. The fact of the matter is that as a prospective customer I didn't feel special, and I wasn't amused either. 
 
 
More of the Forex Customer Support Challenge: 
SkyFX
 
 
TAGS: forex broker  customer service  customer service challenge  best customer support 

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