Retail Forex and Stock Brokerages are far more common than they used to be. More than 10 million trading accounts were opened in 2020 and this huge demand for retail trading accounts is resulting in more and more companies offering these services to the retail sector. The sector feels congested with many brokers offering very similar products at very similar costs, therefore how do you decide who to open your trading account with?
We recently found ourselves in the same predicament, we wanted a new brokerage after a bad experience with our previous broker, after waiting for days to speak to someone, the person who we eventually spoke to, and by no fault of their own (due to a lack of training), didn’t have the necessary knowledge to help with our problem.
So we were a bit stuck with what to do. Do we stay with this broker who clearly is inept at dealing with our queries and take days to respond, or do we look elsewhere and then run into a similar problem with a different broker? This was until we came across a brokerage that we found to be different from the others, by instead of focussing on opening as many accounts as possible their focus is on quality customer service.
The Labuan based, LFSA regulated brokerage, YLDFX offers a bespoke brokerage service with a dedicated individual broker to liaise with via phone and email. That’s right, we got a personal email and phone number that we could directly contact to deal with any query, deposit or withdrawal request. They don’t pass you round the houses, you are provided a dedicated account manager (AM) from day 1. The only time you will speak to someone different is if your AM is off on holiday. My AM also has a financial trading background, so was able to help with my complex questions and knew exactly what I was talking about.
YLDFX have also just added a range of new instruments to their platform offering all customers access to FX, Crypto and UK Stocks with highly competitive spreads rivaling and beating many of the big names in the space. They told me they are also adding European and US equities as well as one of few brokerages that will have the Volatility Index (VIX) available to trade from 0.01 lots in the coming weeks.
The fact they are registered and regulated in Labuan, gives them the advantage of being outside the ESMA restrictions meaning they are both regulated and able offer clients up to 100:1 leverage.
YLD FX caught our attention from a number of reviews regarding the customer service and we were happy to find that the reviews were indeed accurate of the company. We spoke with our YLD FX Account Manager, Ben Jukes, for his thoughts on the space and why they are different to the other brokerages out there. “We focus on providing a boutique style service to our clients. Any client that has a live or demo account has direct access to one our account managers with a direct phone number and email. This allows the account manager the ability to get to know a trader over the course of their trading journey. I have clients who have been trading for a number of years and have 6 figure accounts and others who are trading for the first time with £200. All clients will receive the same level of service and dedication. We focus on providing clients what they want and listen to clients requests. This has seen us look to introduce commission based accounts to reduce spread for traders who like to scalp the markets. We also see the brokerage space has become highly automated and very hands off in recent years with many people never speaking to a real person at the brokerage and limited to a generic email inbox or live chat. We are proud to say that our clients have a dedicated number to contact who can resolve any client issues or queries as we feel that if you are going to trade your money being able to speak to a real person is key.”
We found the experience with YLD FX very pleasant and refreshing. The broker offers a refreshing change to the current market and is one we will be keeping an eye on in the coming years to see how it evolves in the brokering space.