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.
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.
