When a new trader joins the community, it can often feel somewhat overwhelming. They can, for example, find themselves in a position of high enthusiasm but low knowledge, and need to go through a learning process before they make that all-important first deposit. However, the most overwhelming part of the process for a new trader is often actually picking a broker: with so many different brokers in such a saturated market, it can quickly turn into a nightmare to find the right one for you. With that in mind, this blog post will share some top tips for brokers to ensure that they stand out in what is a crowded field.
Get good reviews
As this ForexTB broker review from We Compare Brokers reveals, traders often turn to Google to help them get information about what brokers can offer. Review sites are far from the be all and end all in this regard, but they’re one tool among many for traders to use to get their information. If a broker has no reviews at all, it’s not necessarily a bad apple — but it may, on the balance of risk, be worth avoiding. As a broker, then, providing lots of features and good service will pay dividends as it will hopefully lead to better reviews and more customers further down the line.
Ensure the admin is seamless
It may seem like a boring one, but it’s essential to be sure that the administration process on offer is seamless. This starts with investing properly in the infrastructure of your site and making sure that the deposit and withdrawal stages aren’t laborious or prone to breaking down. This happening once or twice is often enough to put a trader off forever. But it also involves offering as wide a range of deposit and withdrawal methods as possible too. That way, traders who have specific payment needs will feel comfortable coming to you — and sticking with you too.
A range of asset classes
On the face of it, offering a variety of asset classes might seem like a strange thing for a broker to prioritize. After all: most traders have just one or two items that they want to trade, and some brokers appear to think that it’s better to be a specialist and cater to these groups than to be a generalist. However, traders can move between asset classes in a speedier way than you first think. They may, for example, find that their success with a traditional asset class gives them the confidence to experiment with something newer like crypto. If their broker can offer all these services “in-house”, so to speak, it will make the whole process much easier.
Ultimately, it’s up to the broker to make a great offer to new traders. Traders have the luxury of choice in this market — but by offering several asset classes, good admin and top reviews, you might just be able to secure your own slice of the market.