When we buy a product from a retail outlet we have certain expectations, we demand a high level of customer service and we expect to be provided with the necessary after-sales support. Yet many of us don’t demand these same basic standards when it is services, rather than products, that we are buying. This is especially true with brokers.
It is perhaps a symptom of the way that we view the industry that we seem reluctant to hold brokers to the same standards. We see brokers as being knowledgeable professionals with a skill set that we do not possess, and consequently we are often reluctant to challenge them.
The Importance of a Friendly Broker
All businesses ultimately need to make money, but the most successful businesses are those which know how to balance their need to turn a profit with the need to keep customers happy. For the small amount of extra time, effort, and money required to keep customers happy, their continued loyalty and all that brings with it is well worth the cost. Working with a friendly, client-centric broker ensures that they will do all they can to alleviate or eliminate any perceived power imbalance that might exist between them and you due to their specialist skill set. You want your broker to be transparent and to be someone who you feel comfortable entrusting with financial decisions. Working with a friendly broker ensures this.
Beware Bad Brokers
Unfortunately, there are some unscrupulous brokers out there. These chameleon-like brokers present themselves differently according to their audience but are rarely as they seem. As we have seen with bitcoin over the past few weeks, some brokers will adjust their spreads to take advantage of market volatility and it’s their traders whose bottom lines will suffer. Others will prohibit certain instruments depending on market conditions and this will limit trader’s options and strategies.
Usually, brokers who engage in even more unscrupulous behaviour will fall afoul of the law and thankfully this is easy to report and deal with. The best way to avoid these traders is simply to do your research beforehand.
easyMarkets was founded in 2001 with the intention of making Forex trading more accessible and easier for the everyday person. Prior to its arrival, Forex trading was the domain of institutional level individuals and those with access to significant funds. Their founder sought to democratise the trading of foreign currency, something he did professionally at his current job, they became one of the first brokers to accept credit cards as a funding source, a major step in making Forex trading accessible. It also began offering its customers negative balance protection.
easyMarkets continues to innovate today, making Forex trading accessible, while protecting its more inexperienced customers. They offer customers fixed spreads and have never altered their behaviour, or shut their doors, in response to market volatility. Easy Markets also offers 24/7 customer support, with a live person available to speak to at all times.
Since 2001, easyMarkets has remained a consistently strong player in the Forex markets and continues to deliver an excellent and unique service.