What should traders expect from their forex brokers?Forex brokers are the custodians of the trading funds of their customers. However, as the demand for forex trading services has increased, so also the competition for these customers among forex brokers has increased. In order to attract new customers, many broking firms have gone beyond the traditional role of just being custodians of trading capital.
What Traders Should Expect from their Forex Broker
1) These days it is customary for traders to expect an allowance for the use of expert advisors on their trading platforms. This is largely the case with brokers who offer the MetaTrader 4 client terminal, but less so on other platforms. Such expert advisor use should be unconditional.
2) Traders should also be able to receive technical analyzes on their trading platforms. Some brokers have implemented this, which is a good sign. It makes simple business sense for a broker to provide a trader with tools to enable him make money trading forex and in the process, remain in the system longer to be able to generate trading spreads.
3) Traders should also expect to receive news feeds in their trading platforms. These news feeds cannot compare with the premium versions provided by Bloomberg and Reuters, but news feeds can surely make a world of difference to a trader’s forex venture.
4) Traders should be able to receive online customer support in the form of Live Chat services. It is only natural that when people have issues with anything concerning their money, they want to get it taken care of as quickly as possible.
The era of sending emails and waiting days for replies is truly over, and any broker that does not have a Live Chat customer support for at least 18 hours in a trading day is truly going to lose out in the competitive marketplace.
5) Traders expect to be given competitive spreads for the popularly traded currencies.
6) Traders expect funding and withdrawal requests to be attended to in a timely manner. Visit online forums to see the views of traders concerning withdrawals. Many traders simply hate to have to wait days to cash out profits. This is why many brokers have introduced a variety of funding and withdrawal options to allow for the fastest possible processing times.
7) Traders also expect to use forex trading platforms that are user-friendly. A trader should be able to channel his energy and thinking faculties to the business of trading forex instead of using some of that just trying to navigate and use a trading platform.
8) A new innovation that traders should expect from their brokers is the account opening and funding bonuses. This is not free money, but is just a way to help the trader achieve more with less. Usually, a trader is required to generate the equivalent of the trading bonus in spreads. The actual amount and calculations involved will differ from broker to broker.
These are some of the value-added services that traders can expect from their brokers. This list is not exhaustive, but is something that traders can use as a form of broker evaluation before deciding on which broker to go for.
Article source: etoro.com
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