What are the characteristics of strong and reliable foreign exchange traders? Investing and trading on a good foreign exchange platform is essential to ensure trading safety. If these 10 situations occur on the foreign exchange platform, please choose to stay away from them decisively.

1. Delayed deposit and withdrawal

We have mentioned multiple times that the most important and sensitive issue for traders is the issue of funds, so we have listed this as the top cause of customer churn. Actually, it's easy to understand:

——When depositing funds: The trader is in a period of high mood and is eager to start trading soon. If the gold deposit process takes a long time at this point, the trader will immediately feel like being poured with a bucket of cold water, and their enthusiasm will soon disappear.

——When making a deposit: The deposit time of different brokers may vary due to funding channels or regulatory reviews, but the deposit time promised by brokers to customers should be stable. If you promote a quick withdrawal within 24-48 hours, but in reality it is delayed by a week, customers will immediately feel uneasy: Did you encounter fraud?!

2. Multiple platform and transaction issues

Upgrading trading platforms is highly recognized by customers. In addition, long-term maintenance of the platform, software and hardware bugs, inability to log in to trading accounts, and even DDoS or hacker attacks can cause a lot of trouble for customers. At such times, brokers can still achieve great understanding by communicating with clients in a timely manner.

However, if the trading platform itself has many problems, such as delayed quotes, slow transaction connections or execution speed, it is obvious that this broker has problems. Customers are not fools, they may consider that this broker may not prioritize infrastructure or may not be able to provide a stable and sufficient trading environment.

3. There are no longer detailed features that attract customers

The change in trading platform functions will undoubtedly cause some customers to leave. Especially when many foreign exchange traders only recognize a certain trading platform, especially when a certain function is needed, the change in the platform immediately loses its appeal to them.

Assuming a trader only chooses a broker to trade minor currency pairs and rare currency pairs, such as the Euro/Czech Krone, there is a high probability that the trader will leave when the broker no longer offers the currency pair for trading.

4. Increased spread or commission fees increase transaction costs

Fortunately, the competition in the foreign exchange market has always been fierce, with a large number of new brokers added every year, which enables the spread of foreign exchange transactions to be maintained at a very low level. Especially the spread between major currency pairs has been on a downward trend.

However, the spread conditions of some currency pairs with relatively low activity are not as good. Even a slight increase in spread can lead to increased costs for traders, especially those who are scalp stripping. If they find that the currency spread they are concerned about on other platforms is low, and the platform functions are similar, they may be more willing to switch platforms.

5. Increase the minimum transaction volume requirement

For the sake of long-term business development, some brokers may prefer customers with high transaction volumes, and therefore increase the minimum transaction volume requirements for customers.

However, for small retail traders, this requirement is not good. There are many customers trading with small accounts in the market, and they may not be able to meet the increased minimum trading volume requirements. One disadvantage of increasing the minimum trading volume for brokers is that traders cannot flexibly set positions, making it difficult to implement more cautious and conservative fund management strategies.

6. Discontinuating certain deposit and withdrawal channels, causing inconvenience to traders

The channels and methods for brokers to deposit and withdraw funds are very important, which affects how much commission and handling fees traders need to pay, as well as the speed and security of transactions. If brokers offer multiple convenient ways to deposit and withdraw funds, stopping one of them is not a big problem.

However, assuming that a broker has only two channels of deposit and withdrawal, but suddenly stops using one, the trader has only one choice left. Not all traders apply a fixed deposit and withdrawal channel, and this inconvenience can be imagined.

7. Sales and other personnel frequently harass and persuade customers to deposit money

When opening a real account with a broker, the trader must provide the broker with their contact information. Even registering a simulated account sometimes requires contact information. Some brokers will make full use of these contact methods, constantly urging these potential clients to deposit more money and engage in more transactions through phone or email. This is indeed annoying, but it is not the main reason why traders abandoned this brokerage firm.

8. Overwhelming fraud warnings on the internet

Foreign exchange trading carries high risks, and whether it is the problems of brokers or traders, it may often lead us to see negative comments against many brokers on the internet. These negative comments are sometimes true and legal, while others are fabricated by their competitors.

Whether true or false, many customers are bound to pay close attention to the comments of brokers. If there are a large number of fraud warnings, customers will naturally seek evidence to analyze and distinguish between true and false. If they believe that the cooperating broker is really problematic, they are likely to retrieve the funds and switch platforms.

9. Warned by regulatory authorities, unclear regulatory situation

Regulatory agencies such as the FCA, ASIC, and CySEC often warn companies conducting unauthorized business locally, although this does not necessarily mean that these companies are fraudulent (for example, a legitimate offshore broker soliciting clients in the United States does not pose a threat to non US clients), it is necessary to conduct in-depth investigations into the broker.

Whether the broker claims to hold a certain regulatory qualification but is warned by the regulatory agency as fabricated, or there is no regulation at all, it will make traders feel that their funds are not safe enough.

10. Inadequate customer support services

When a trader needs customer support, it indicates that a problem has already occurred, which may be due to obstacles encountered in trading, or information loss or unclear. In short, the issues that require customer service are usually those that traders hope to resolve as soon as possible. If customer service is not good, such as slow responses, perfunctory answers to questions, or ineffective solutions, it will disappoint traders. If this situation continues to occur, traders will choose to leave.