This article looks at the different aspects of customer service when choosing Singapore forex brokers.
Due to the exorbitant quantity of forex brokers, it can be very difficult to choose a suitable one for your trading needs. There are various points to consider when choosing an ideal broker, with one of the most important being the brokerage’s customer support service. It is vital that your forex broker offer you high quality support as this will affect the effectiveness of your trading. Below are the different aspects of the support services which must be tested before choosing your broker.
The live chat support service
One of the most unique features of the foreign exchange market is that it operates on a 24 hour trading timeframe from Monday to Friday. This means that all traders, large and small, are able to trade at any time – day and night. Forex brokers are required to help traders make decisions on trades, and ideal Singapore forex brokers will be available at all forex trading hours.
The most efficient means of communicating with a broker is via live chat. This is due to all foreign exchange trading being conducted online. The ease of live chat should be considered and tested when perusing forex brokers to determine if the brokerage is worthwhile. The best way to test this support service is via a ‘test’ chat. If the broker shows a delay in response or is unable to answer specific questions, then you should consider looking elsewhere. Some questions one may ask include the broker’s spreads, leverage levels, company details and whether or not the brokerage is regulated.
The consideration of languages
Many traders take for granted that a brokerage’s information is presented in their home language. However, it may be worthwhile to discover whether or not the broker offers support services in various languages. They must also specify the languages spoken by their support staff in a clear list on the website.
Singapore forex brokers and funding methods
The most common options through which a forex trader can deposit funds into their trading account are via credit card or online payment. However, some forex brokers will accept bank wire transfers. These methods are usually quick and allow the forex trader to begin using a trading account in a short period of time. It is important to note that brokers’ will personal details before opening these accounts, and if a trader is using a company account name there will be a delay in the time between payment and account opening.
The withdrawal of capital for a trading account can be completed in various ways; however, this varies from broker to broker. The most common method is via direct debit to the bank account or online account (PayPal) on record. However, one may also request payment via cheque, credit card or bank wire transfer.
It is important to examine whether or not this information is available online. If the broker present this information on their website, and cannot answer the questions about funding sufficiently, you should consider looking elsewhere.