Does your broker annoy you? While they can be normalized to a certain degree, there are some forex brokers acts that should become your concern.
We all know that forex brokers are one of the most supporting pillars in retail forex trading. They are the middlemen that connect retail traders to the market. Despite their crucial role, we also often find little things forex brokers do that annoy us. Below are 5 times forex brokers can be annoying, ranked from the least to the most serious case:
1. When They Spam
Alright, all of us have faced this one. Well, in most forex brokerage, the sales team has the responsibility to make the initial contact with the traders. So, if you do answers the call, it is safe to say that you will get a TON of similar calls. They will use 100% of their persuasion skill to ensure you create the live account and start trading. Sometimes they will also persuade you to invest more.
See Also: Exposing Forex Broker Secrets
If you are smart or lucky enough not to put in your phone number, then it will be your email instead. There will be tons and lots of newsletters, either once per day or even more than that. Of course, they must do this since they can't reach you over the phone to promote their sales. So, good luck with deleting all of those sales promotion emails.
2. When They Boost Promotions and Events
Forex brokers also tend to hype some events and use them to lure you to make a deposit. They sometimes use a lot of unthinkable bonuses to entice clients to deposit more money. Of course, there are regulations and requirements that manage this type of bonus. There are also terms and conditions that need to be followed by forex brokers when giving out benefits and bonuses. However, we cannot change the fact that, for the most part, many forex brokers continue to ignore the rules.
3. When They Don't Explain Much
This one is a special case. It can be both the broker and the trader's fault. Most of the time, a newbie would lose their initial deposit due to a number of reasons. What makes it worse is when they rant out in a forum, demanding an explanation without checking market factors or their own incapabilities of managing their emotions during the trades. On the other hand, it can be that the broker did not explain many things in detail. That's a misunderstanding that is usually hard to unfold.
4. When They Fiddle with Spreads
Unregulated brokers sometimes mess around with the spreads. They didn't just do this for minor currencies, but sometimes also in major currency trades. Forex brokers can use many reasons for doing this. They can blame the liquidity provider or a news release for unreasonably widening the spreads.
5. When They Delay Withdrawals
This one might be the worse. As a trader, it is within our right to withdraw our money and profits. However, the broker might have another agenda. Suspicious forex brokers will do any means to ensure you didn't withdraw your funds. If possible, they will convince you to invest more. The higher your funds in their platform, the better it is! They might say there is problem with your account or the verification process wasn't completed.
This can be a major red flag for us traders if we trade with unreputable or questionable forex brokers. Many of them use this scheme when their scam scheme almost complete. After all of the convoluted talk about the withdrawal process, they might just tinker with the trades and make you lose all the profit you have. That's why it is very important to check all the track records and reputations of each broker.
So what do you think about these five annoying things forex brokers usually do? Which one has happened to you? And how do you face it? Share your experience in the comment section! Also, it's never too late to learn how to deal with problematic brokers the right way.
May 31 2022
Everything that is mentioned in this post is spot on. These days, there are a lot of forex brokers whose track record isn't exactly stellar.
A good many of them may resort to this tactic when they are getting close to finishing their scam. Following all of the confusing discussion on the withdrawal process, they might just mess with your trades in order to cause you to lose all of the profit you have made.
Because of this, it is extremely vital to investigate the past performance of any broker and learn about their reputations.
Dec 8 2022
I absolutely hate it when the broker doesn't clearly explain what their trading condition is. I mean, I don't understand what's the point of hiding how much your commission for your 'tight spread' account that you didn't even care to explain. People decide which broker they want BECAUSE OF THE TRADING CONDITIONS. I have bad taste for broker that hide important stuff like this. I know I'm just rambling at this point, but the amount of this happens is alarmingly high.
Sep 18 2022
OMG! Point no 5 is obviously the real deal! I can't even explain how annoying it is when a broker withdrawal. What's the point of claiming 'Instant withdrawal' when in reality it took more than a week? I know I am not supposed to make trading as an 'emergency funds' but sometimes I just my money to arrive as fast as they could.
Apr 30 2022
SPAMMING! Gosh, I can't explain how much they keep trying to promote stuff to me. Chill guys, I'm already using your service. There is no need to be aggressive and send it to me every few hours. Despite this I still stay with my broker. They are the cheapest I can find with good quality and I like the familiarity.