FX BROKERS
Platform and Customer Service, with 16% each. Voters in Asia considered Trade Execution and Platform equally high, with 29% of the votes each. Regulation was the third most important, with 14% of the vote. For Europe, the single most important broker characteristic was simple: Trading Platform, which garnered 50% of the European votes. Spreads came in a distant second with 17% of the votes. Africa demonstrated its own preferences as well. Customer Service was the single most important feature for Africa with 36% of the votes, followed by Spreads with 27%. Te “Other” category came in third, with
18% of the votes. Te Other category may include things such as, account size, leverage, etc. For Oceania, the number of votes was smaller than for the other continents, so there was less of a spectrum of answers. The top two categories were clear though: Trade Execution and Customer Service, with roughly 50% each. It never ceases to amaze me how making decisions is much easier after getting briefed with specific, reliable data. But even after reading something insightful, a nagging question from a former business professor surfaces: this information is great, so what? The relevance of this information to
traders is that it helps us understand what broker features are important to traders in our continent and in the world. It puts decision-making in context. Tis data also may validate or refute long-held beliefs of what traders consider most important when selecting a broker. Can brokers learn from this analysis? Clearly, the marketing department of brokers could learn a lot from this information. Here is enough analysis to establish a rough marketing plan that recognizes continental differences and establishes four broker features as the most important ones in the minds of English-speaking FX traders.
Javier H Paz
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