With just a couple of days left from the customer support challenge, it's Trading 212's turn to enter the game. We talked to Adam, who seemed to be a Chatty Cathy and gave us a lot of information – a bit too much even. Nonetheless, his willingness to explain everything and leave the customer happy is admirable.
Adam: Hello, my name is Adam. How can I assist you?
Hannah: Hi Adam. I want to start trading forex - I am not sure how this thing works and there's so much information online that I get lost. Can you maybe give me some pointers where to start from?
Adam: The most important information is on our website in the part called "Forex trading for beginners". Have you seen it yet by any chance? There are general information about the market, some information about the analysis of charts, some suggestions how to avoid common mistakes etc.
Hannah: Lots of info there, I'll need some time to go through it.
Hannah: If i start with $1000 and trade gold, how many trades can i open?
Adam: If you mean the number of transactions you can make - there is no limit. You can make as many operations a day as you only wish to (of course when market is open and you have free funds). If you meant the exact number of troy ounces you can buy, I can count this for you.
Hannah: Yeah, if its just one transaction, how much gold can i buy?
Adam: I will make the calculation for you and explain how I calculated it. Current "buy" price is 1381.56 USD so I will use this price for calculation. Because the leverage for Gold is 1:100, this means you can open position for 100000 USD with 1000 USD. In this case:
100 000 USD / 1381.56 = approx. 72 troy ounces - this is the maximum amount you would be able to buy in current price.
Adam: If you don't understand something from my explanations, feel free to ask and I will try to explain in a more detailed way.
Hannah: Wait - does that mean that you guys are giving me 100 times more money than I deposit? Is that a loan?
Adam: It can be called a loan, but you don't have to return it. In general - when we offer leverage at 1:100 level, this means that you have to have only 1% of the full amount to open position. Both your profit and loss are calculated from the higher amount, but you cannot go on debt. So your profit is unlimited, but your loss is limited only to the amount you have on your account.
Hannah: Oooh, I see. That's neat. So what happens when I buy the gold - do you guys deliver it to my home address?
Adam: No, we don't. You do not buy physical gold here, but you are trying to get a profit from the difference between opening price and closing price. So your profit comes from price movements, not from the actual ownership of the trading instrument.
Hannah: Bummer. I thought I was actually buying the gold.
Adam: You trade with real quotes, but you cannot get any physical good unfortunately. But there is also one very good point about it - if price goes down, you can also profit. I will explain it to you - it's called short position. Let's say you think that price of Gold will fall down, all you have to do is to click on "sell" instead of "buy" when you open position. Price falling down is equal to getting a profit, because you sold something you did not have (which is possible with Forex brokers) and then your goal is to buy it when it is cheaper. The difference is your profit.
Hannah: Good, good. So how long will it take me to get really, really rich?
Adam: It depends only on you. We cannot advice on your trades and there is no average time for getting a lot of profits, but we always recommend few months of training first. You can use our demo account for 2-3 months first, it's free and exactly the same as the real one. You can train some strategies, see how much you can profit withing some days etc. Do you know how to open this type of account?
Adam: It can be opened from here: [link] - all you need to provide is your valid e-mail and a password of your choice. And in few seconds you can start.
Hannah: Do I need to send you some documents? I talked to another broker earlier and they told me I have to send a credit card statement but I didn't want to do that because then they can see what I buy and it's kinda embarrassing...
Adam: Yes, you have to. The basic document we would require is your national ID card (as a scan or good quality picture). If you decided to pay by bank wire, we would also require a document being a confirmation you are an owner of this account. It can be some confirmation from the bank, your bank statement, a screenshot from your account - it needs to have your IBAN and data there. If you paid by card or PayPal - it is not required.
Hannah: So then when I make some money, you send it back to my PayPal account again, right? No checks in the mail?
Adam: In case you made a deposit via PayPal - then yes, it goes back to your PayPal account. The rule is that we send the money back to the same card or account you used for deposit, so if you chose a card - it will be sent back to your card. There is only an exception when you have profit above the amount you deposited by card. I will explain this to you.
If you deposited 1000 dollars by card and you want to withdraw 1500 dollars, we would send 1000 to your card and would ask for the details of your bank for the rest. You can also ask for withdrawal on PayPal account for the rest of your money or give the data for the same card (so IBAN, SWIFT/BIC etc. leading to your card's account).
Hannah: Wow, Adam - you're like an encyclopedia! Do you guys go to some special forex school to work this?
Adam: Thank you. If you are asking about any training courses for our clients, we do not have them at the moment at the moment. In case we have some trainings for international clients, we will include such information on the website.
Hannah: No, I was wondering if you went to some special school - how come you know so much?
Adam: We have to have the knowledge required to serve our clients at the highest level, that is why on our chat you can always get a good answer for your questions. I can only be happy you are satisfied from the way I am answering you. I can reassure you that we are trying our best to have a top class service.
Hannah: I have to say, I'm impressed . I went to college to study Art History and that's pretty useless - so hats down to you, sir! LOL. Then again, I married a rich guy so now I have plenty of money to blow on forex, haha.
Adam: Thank you so much again! I am trying my best as you can see. Is there anything else I can help you with regarding our trading platform?
Hannah: Nah, that's all - you probably have other annoying customers to deal with.
Hannah: Thanks for your help, Adam! Have a nice day!
Adam: You're very welcome. If you need any other support from our side, our English speaking service is available 24/5. Have a nice evening. Goodbye!
|Accuracy of the answers:
|Sense of humor:
Overall score: 22/25
Overall impression: I am pretty happy with Adam's explanations. He kept asking if I understand what he explained, and explained everything in a way that's clear enough even for dummies, yet didn't make me feel like one.
I would have appreciated it if he loosened up a bit and joked with some of silly things I said, but then again pretty much no one in this challenge rated high on humor so I am now beginning to think this is some sort of an industry standard.
More of the Forex Customer Support Challenge: