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Broker needs to do better, much better

  • Post #1
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  • First Post: Apr 7, 2020 1:59pm Apr 7, 2020 1:59pm
  •  CashBox
  • Joined Jun 2007 | Status: Member | 875 Posts
Over 2 weeks ago we did an application on forex.com, owned by Gain Capital.
There was no email stating they received the app with next step instructions, just an acknowledgement on the website right after filing the app.
ALL other brokers we've worked with have emailed a 'hey, we've received the app and here's what happens next', plus how to set up a back office account link.
Ten days later they email and ask for certain information like the others require, but they don't say how to get it to them.
When we replied to their email it says they'll get back to us in FOUR to FIVE business days.
Ok, so now we're starting to think, hmm, so if something bad happens to a trade and we need customer service it will be FOUR to FIVE business days?
We want NOTHING to do with that.
There is no way to set up a back office account that we've found. No instructions on how to do so. No link. No nothing.
It seems they think they're the only game in the US, but they're not. We just wanted to diversify brokers in case of any broker issues due to the virus affects on the economy.
We did try their chat. Here's how that went: "Um, I don't know. Contact support."
So, this is a big NO for Gain Capital's forex.com right now.
The broker needs to totally revamp and automate their application emails. It's a very simple one time process that they can set up literally in a couple days. They need to catch up to the real world of brokers and not have the 'you're stuck with zero choices' attitude because there are other choices that are much much better in the on-boarding process/speed.
They also need to get the back office set up, well, set up. If people have to wait what will end up being a month to get an application approved and get an account set up on your back office and start trading then they're going to go elsewhere really fast.
And, please, no excuses about how busy you've been during the virus. We did the exact same process elsewhere and were up and running in 3 days.
There are NO EXCUSE for how you're doing things Gain/Forex.com
In fact, you should give up the forex.com web address as you are NOT deserving of it at this time. Fix it. Earn it. Provide some streamlined service.
  • Post #2
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  • May 3, 2020 11:35pm May 3, 2020 11:35pm
  •  thegrimreape
  • Joined Feb 2019 | Status: Statistics is my repertoire | 215 Posts
True. Sometimes brokers acted like a total scumbag because they knew they'd either the entire market share at hand or were being closed to monopolized the market by themselves. They thought the clients had nowhere to go to and that they were the final pit stop for everyone. I was pissed at Gain Capital for awhile now, as I went through back and forth with their client service representatives for almost 5-6 weeks hunting for my 34520$ withdrawals. That is when I called it off and went all the way in with Oanda since then.
 
 
  • Post #3
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  • May 8, 2020 9:57am May 8, 2020 9:57am
  •  acertablet
  • | Joined Apr 2020 | Status: Member | 7 Posts
broker for US client here
Inserted Code
https://www.tdameritrade.com/
https://www.gaincapital.com/index.shtml
https://www.ig.com/us/forex
 
 
  • Post #4
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  • May 18, 2020 6:59am May 18, 2020 6:59am
  •  Butterscotch
  • | Additional Username | Joined Mar 2016 | 578 Posts
Brokers ought to perform better as the one hiring a broker to have full faith that his broker service will lead him towards the profit by the investment made in forex market.
 
 
  • Post #5
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  • Last Post: May 20, 2020 3:44am May 20, 2020 3:44am
  •  Deepak.Dubey
  • | Additional Username | Joined Apr 2020 | 370 Posts
While choosing a broker one must take into account factors such as regulation, fees and spread, trading platforms, charting and analysis options which is why picking the right broker is no easy task, but it is important to get it right.
 
 
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