5 Smart Tips for Overcoming Troubled Forex Brokers – Spot72.com

5 Smart Tips for Overcoming Troubled Forex Brokers – Spot72.com
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Every forex trader certainly wants his trading activities to always run smoothly without problems. Unfortunately, this is not possible because the market we are in is full of uncertainties. So, if the market is risky, it’s only natural that problems with forex brokers often occur. As an agency that connects traders to the forex market, adequate brokerage facilities depend on the stability of the market itself.

When there is a big moment that breaks the calm of the market, often forex brokers have problems with trading order execution and platform performance. This was possible due to market speculation that spread after the previous big event, triggering an unusual flow of trading orders.

So if in such a situation the forex broker has problems with trading orders, traders should understand this as a result of extreme volatility changes in the forex market. But unfortunately, not all traders understand this.

There are those who simply take it as a sign of fraud before checking the facts that are running on the market. If that’s how you evaluate a forex broker with problems, then don’t be surprised if you have trouble finding a broker that fits your standards.

Before acting rashly, you should understand that problems with forex brokers can be overcome with some smart tips. Wouldn’t it be embarrassing if you already accuse “ABC” of being a problematic forex broker, but after checking it turns out that you are the one who doesn’t fully understand the situation? To prevent things like that from happening, here’s a guide to dealing with forex brokers having problems along with 6 smart tips.

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5 Smart Tips for Overcoming Troubled Forex Brokers

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1. Know What the Problem Is

There are various polemics that can arise from problematic forex brokers. Some of them are:

  • Execution of trading orders is often interrupted
  • Stop loss and pending trading orders do not match the level ordered (slippage)
  • The trading order cannot be fulfilled at the requested level (requote)
  • The spread suddenly widened
  • Difficulty withdrawing

If the forex broker has a problem at no. 1-4, then the most likely cause is volatility due to big impact fundamental news. Meanwhile, the problem with withdrawals is actually quite complicated, because it involves directly withdrawing funds from the trading account to the client’s account. So if a forex broker has a problem with this, traders are more sensitive and tend to easily add accusations.

Some of the obstacles surrounding withdrawals are delays in the withdrawal system, transaction settlements take a long time (more than the estimate stated in the initial info), and withdrawals are hampered due to inadequate broker decisions.

2. Make sure you are in the correct corridor

After knowing the problem you are experiencing, then you need to evaluate it first. For issues related to trading orders, you should pay attention to the frequency and when they occur. Forex brokers have problems that can be considered reasonable if incidents related to trading orders only occur before, during, or after a fundamental event that has a big impact. The frequency of such moments is not frequent, bearing in mind that NFP data released every month does not always trigger big movements.

In addition, problems can sometimes occur due to broker-specific provisions regarding scalping, hedging strategies, and the like. For example, broker ABC does not allow scalping positions that last less than 5 minutes. If there are traders who violate this decision, then the profit will be annulled.

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Those who neglect to pay attention to terms and conditions like that often don’t accept it and are quick to accuse the forex broker of having a problem. In fact, their complaints will be easily refuted because the problem occurred due to the traders’ own mistakes. Remember, by opening an account with a broker, you also agree to all the terms and conditions of the broker.

3. Ask the Broker

If you have evaluated the situation and find that nothing should go wrong, you can ask the broker; is it true that the forex broker is actually in trouble, or are you who don’t understand the situation in sufficient detail. Please contact the client facility via the communication platform provided by the broker. Usually, live chat is the most recommended because it can provide fast responses.

For the sake of smooth communication, it’s a good idea to prepare evidence that can support your position later. For example, attach a screenshot of a picture stating that the requote issue runs when the market is quiet, or info stating that you have completed all withdrawal decisions.

At this step, the problems you experience from the forex broker should have been resolved. A good broker will always respond to client questions and be ready to help until the problem is resolved.

However, there are also brokers whose client service is unsatisfactory. Oftentimes, the answers given simply repeat previous information, without really adding insight or the best solution. Forex brokers have problems without quality services that need to be watched out for further. If frequent execution issues are alert alert 1, then an unresponsive and informative client service could activate alert status 2 at the forex broker having that problem.

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4. Don’t be lazy to find information

This step is carried out only if you are not satisfied enough from the broker. Searching for information can be done by browsing to other sites that can provide information objectively. You can also compare your broker’s situation with the policies of other brokers.

This method can help you understand the standard of a forex broker having problems with it better. Questions like “is it normal for my broker to increase margins until a week after the US election?” or “why can’t withdrawals be made without verification?” can be answered by expanding your research area.

5. Don’t Hesitate to Share

Still not quite satisfied with search results for info on various sites? If yes, then you can apply these smart tips; move more actively in various broker testimonial forums. Here, you can ask other traders who are in the same boat. You can also write about experiences at forex brokers having problems to provoke discussion.

After all, there is no better teacher than experience. Exchanging stories with fellow traders will provide a very useful insight into a problematic forex broker. You can understand your broker’s reputation in the eyes of other traders, what level of problems are still considered reasonable, and what actions are recommended by most traders when a forex broker is in trouble.

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