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It’s Time To Change Your FX Broker – What Are Some Warning Signs You Should Be Looking For?

Sometimes when you choose your first forex broker, you make a bad decision. There is nothing wrong with that – most traders don’t find the best broker for their needs on the first try. But, what is a major mistake is staying with a broker who isn’t right for you. You need to always be looking for warning signs that you should be looking for a new broker. Here are some of the most common things you should be looking for.

Unstable Spreads

If your forex broker doesn’t offer you stable spreads, you need to run, not walk, in the other direction. Now, the spreads won’t be consistent all the times, and some variation is expected, but if the spread is 1 pip, and then during a major news release it goes up to 8 pips, something isn’t quite right. You need to ensure that your forex broker isn’t taking advantage of you, and that means they should be offering somewhat stable spreads.

A Platform That Keeps On Crashing

For some reason, some forex brokers platforms just don’t seem to work very well. Even during down hours, some platforms will crash and lag for no apparent reason. When you are making a trade that needs to be executed immediately and your platform freezes, you will want to pull your hair out! You need to use a forex broker that has a fully featured platform that actually works all the time and allows you to get in and out of positions with ease.

A Customer Support Team That Doesn’t Take You Seriously

Lastly, if you find yourself calling the customer support team and you find yourself on hold for half an hour, you need to find a new forex broker as soon as possible. In the world of forex, time is money, so why should you be wasting time sitting on the phone. What’s worse is that usually after you wait a while to actually talk to someone, they are rude and don’t help you with your problem. This is inexcusable. There are so many different high quality forex brokers around – there is no reason to stick with someone who doesn’t value your business.

If your broker exhibits any of the aforementioned behaviors on a consistent basis, it is probably time to start looking for a new one. If you see these and don’t make a change, you have no one to blame but yourself for the bad things that happen to you.

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