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The quality of customer support service should be one of the main factors for trader retention. Potential customers rarely assess this side of a broker before opening an account but often have to use it later for problem solving. According to one of our earlier polls, half of retail traders consider poor quality of customer support service a valid reason to change their brokerage company.
Our study encompasses the test and analysis of the customer support service of 241 online brokers. The methodology included contacting the brokers via online chat, web form, or email. We recorded all responses and analyzed them according to the relevancy, honesty, and detail level of the provided answers. We also analyzed the response speed and the potential reasons for the lack of response or its inadequate quality.
The three questions that we have used in our survey are the following:
- Can I lose more than I have in my trading account? Do you provide negative balance protection?
- In a case of bankruptcy of the company, is my capital protected and how?
- Does the company benefit from my loss making trades?
The results show that while the majority of brokers provide good customer support service, a significant share of the industry participants have a lot of space for improvement. The infographic below presents the condensed results and conclusions of our study: