When using a forex broker, a single customer service experience is not enough to assess the all-round quality and scope of service. Instead, multiple phone calls, emails, and live chat interactions should be conducted to determine an overall rating of customer service.
Here at ForexBrokers.com, we follow the rigorous testing approach used by our sister site, StockBrokers.com, the most respected in the industry when it comes to trusted US stockbroker reviews.
During our assessment of 20 international forex brokers, phone support was weighted the heaviest, followed by email and live chat. In cases where a forex broker didn’t offer live chat, the weighting on phone and email increased proportionally (and vice versa for brokers that do not provide phone support but offer live chat and email).
Among the top five, Pepperstone took first place, followed very closely by XTB, IG, eToro, and Swissquote. In fact, the top five finishers ranked so closely that even one additional excellent customer service experience could have changed the overall ranking of a broker. This shows just how tight the competition is among top-rated forex brokers in providing quality customer service. Without a doubt, competition is great for customers.
XTB ranked highest for phone support with an incremental lead over Swissquote and Pepperstone, followed by CMC Markets and eToro. Reps answered all calls within one minute for all five firms (compared to 55% of all phone tests, where it took longer than one minute to reach a representative). Similarly, in live chat testing, eToro ranked first, with Pepperstone, Forex.com, FXPro, and Plus 500 coming in second through fifth, respectively.
Pepperstone finished in first place overall, thanks to its outstanding and consistent customer support via phone, email, and live-chat, which is provided 24 hours a day during the trading week. Pepperstone staff always demonstrated highly professional support, while maintaining an upbeat attitude to help resolve customer service inquiries quickly.
In second place, was XTB, whose staff was highly attentive, and balanced the quality and scope of its 24-hour customer service across live chat, phone, and email to provide a rich customer experience.
eToro placed right behind XTB, providing its customers robust and efficient live chat, as well as well-rounded email and phone support (and extras such as its customer service wall). Staff were enthusiastic, resourceful, and attentive, and helped to create a positive overall customer experience.
IG followed in fourth place with great quality of service across its 24-hour live chat, phone, and email support. IG staff often provided detailed explanations, accompanying links, and/or helpful information related to the inquiry (educational tidbits), attributes shared by all the best-in-class finishers.
Rounding off the top five brokers, Swissquote delivered a high level of quality service, with live chat operations available during local business hours and staff who were attentive and resourceful on phone and email. These qualities helped the broker gain the edge over its peers.