In an increasingly globalized world, every company should try to build a good reputation and avoid at all costs to stumble in the discontent of the customer in order to avoid the spread (especially on the web) of a series of information on a global scale that would call into question the goodness of the brand name.
This consideration is even stronger for forex brokers often challenged for non-transparent practices of risk management and / or customer deposits, or for the absence of regulations coming from the place where the corporation has its own head office.
So, anyone who wants to work on the forex will have to start a little research on the web about the intermediary that is going to handle his money to see if the brand name enjoys a good reputation, what services are offered and what are the fees charged to its customers.
In recent months, in addition to the reviews found on many Internet sites addressed to forex brokers, the “social” aspect has become an added value. Forex brokers immediately increases its value if the broker can boast an account such as Facebook or Twitter; in this case, the potential client will be able to continuously monitor the level of service provided and the relationship with the customers themselves in the concrete reality by measuring the interpersonal skills of the society.
Another method that can be used to test the potential trading provider is to open a demo account and call the help desk to solve the inevitable problems that might occur when starting to work on the platform. The speed of response to the question, but also the quality of the response and the language in which this response (written or telephone ) is provided, surely make the difference by valuing or not a brand.
Transparency first of all. Transparency in the service, but also in costs. An increasingly appreciated element by the potential customers is definitively clarity on costs.
The largest item of cost in forex is represented by the bid-ask spread applied to the trade and then an updated summary table with all the spreads applied to each exchange rate is always appreciated.
It is fundamental to know whether there is a difference of spread between a mini account and a main account, but so is the methodology by which the margin is calculated. Based on this requirement, in fact, the customer will be obliged to keep a certain amount of money in his deposit to work on a certain type of operation with the chosen leverage; knowing how the broker determines this number is a source of transparency that is not always easy to find in the forex world.
Finally, the platform. We often get unpleasant surprises on demo accounts using the functionality that, after using the virtual account will no longer be active on the standard accounts as these will only be available against a fee.
In conclusion, every forex broker has different ways of enhancement of its brand name, but the best factor in the long run is being transparent on the highest number of factors.