Customer Service Top 10 List 2013
What’s the single most important thing to look for when you are selecting your first binary options broker? Is it the different trade types available or the number of assets? Maybe the ease of navigation on the website, or perhaps the resources and training materials available? Is it the size of the bonus? While you are likely to get caught up looking into all these trading and site features, it is easy to overlook what is ultimately the most important factor, and that is customer service.
Why is customer service so critical? Ultimately, it is because everything else the broker offers relies on it. A broker may offer the best terms and conditions, the highest bonus amount, the largest number of trade types, and the most assets to trade, but can still be a terrible broker. It all depends on the follow-through and trustworthiness of the company itself. And there are a lot of untrustworthy companies operating in this industry right now. Why? Probably in part because of the lack of regulation. Binary options are hugely popular around the globe, and yet there is scarcely any regulatory code to govern them. That makes it easy for scammers to take advantage of unwary traders.
This has led some people to believe that binary options trading is a scam. If you think about it, that makes no sense. Binary options trading is simply one type of trading. It is no more a scam than any other investment vehicle. Can you lose money trading? Of course. It is a game of chance as well as skill. And you can lose money if you choose a broker you can’t trust. That’s why we felt it so important to provide you with a list of brokers which seem to have better than average customer service.
Don’t be naive – there are scams out there – that’s why we’ve created The Blacklist for you to avoid!
What to Look For
What should you look for when you are searching for the best quality customer care? First off, you should be checking this out yourself. You can start out by using our list of brokers, but you should also get in touch with each of these brokers yourself before you make your choice. Your own judgment and experiences can provide you with the guidance you need to make your final choice and sign up with the right broker. You will also notice our list is currently not very long. This is for the simple and rather sad reason that the vast and overwhelming majority of binary options brokers do not offer good customer service. There are only a handful which meet our criteria. In a way, this simplifies your search though—at least you do not have to test out dozens and dozens of brokers the way we did.
Here is what you should check into when you are evaluating a binary options broker:
- What channels can you contact customer service through? Do they offer you telephone, email, a web form, live chat? If they offer telephone, do they have numbers for each country code (and more specifically, your own)? Do they offer you toll-free phone service, or do you have to pay to talk to someone? If you do, are you stuck paying long distance? Are there email addresses for different departments?
- How many days a week can you reach customer service? Do they claim to offer service 24/7? 24/6? 24/5? Or only during standard market hours?
- If you send an email with a question in, how long does it take for you to get an actual response? Don’t just gauge the answer to this by reading what it says on the site. Lots of brokers will promise a 24 hour turnaround on emails, but few will deliver. Many brokers will flat out ignore emails sent to them. Others will reply within several days or a week. A couple may actually answer you within 24-48 hours.
- If you use the live chat feature on the site, is there actually a human being there when promised? Does a robot answer instead? Or do you get put on indefinite hold? If you do get to talk to someone, what are they like? Are they polite, friendly, and transparent? How fast are they in answering your questions? Do they seem to know what they are talking about? Does the conversation flow like an ordinary conversation, or does it take a long time and a lot of effort to get an answer to a query? Does the customer service representative speak English, and speak it reasonably well?
- If you call customer service on the telephone, what kind of service do you get? Can you quickly get answers to your questions, or do they give you the run-around? Does the agent on the other end try to hard-sell you on opening an account and depositing money, or does he or she answer your questions in a pressure-free, helpful manner?
When we tested out the customer service teams of various binary options websites, we only found a few which we are able to recommend. Please note that we will add to this list over time when we find more brokers that meet our expectations and which we would feel confident recommending to traders.
1. Global Trader 365 – just visit their site and click on the ‘Live Help’ button. Known for quality customer service that is transparent, open and actually helpful. We really like the customer service at GlobalTrader365.com.
2. GOptions – this broker is surprising us on many fronts. From their very competitive returns to 24 hour withdrawals for verified accounts to having a quality set of customer service reps available who get the job done. Learn more about this exciting up and coming broker in our Goptions review.
3. TradeRush – customer service is fast, efficient and effective. They remain a quality customer support team.
4. 24option – while they no longer accept USA traders, the customer support team was always helpful and responded to emails within a timely fasion.
5. Banc De Binary – one of the largest and most established brokers got that way by having a top notch customer service team. While US traders are no longer allowed, and they even got sued by the CFTC, banc de binary offers traders phone support, email and chat.
6. StockPair – Just because stockpair is the last broker on our list does not mean that they are not high quality. They are and their customer support reps know what they are doing. If you want to trade stock pair binary options then you need an account at StockPair.com.
With these brokers, we received actual customer service. In other words, a human being was available to talk to us on the phone or on live chat, and that person was able to answer our questions without making excuses or taking a million years to look up information.
When you trade with a binary options company, it is vital to remember that you are investing your money. Why would you ever send your money away to a company which you cannot trust? And yet, every day, new binary options traders make this mistake. They not only lose the money they make trading, but also lose their deposits. Send your money to a company you feel you can actually trust. When you choose well, you will find that everything goes more smoothly, from depositing to trading to withdrawing. You deserve the very best customer service a company can offer you, and should accept nothing less. If you trade with a sub-par broker, you will never become a profitable trader, because your broker will not allow you to progress. But if you choose a broker with a record of excellence, you have a chance to do long-term profitable business trading binary options.
Photo Credits: Customer Service Think Tank hosted by Dell