«Tools are never enough»: Review of Stocks Wide27 / 10 / 22 Visitors: 47
Forex trading may seem something very complex but only unless you start trading yourself. There are lots of technical tools designed to make your trading easier, and they actually do. Whether it is hard to master them all, whether you need them all to start trading and can be Stocks Wide called the best broker for beginners in this regard? Please find answers to these and other questions in our review of Stocks Wide as of 2022.
The start stage is not complex at all, at least when you review Stocks Wide website. Terms and conditions, markets, classes of assets – these things are explained really simply and as thorough as it is possible. If you need further details on any particular issue – there is a whole section of educational materials at your disposal.
The details regarding account types is also quite clear. Deposit of just EUR100 gives you 9 major currencies, personal account manager, 3 insured deals and fixed/floating spreads. This is absolutely enough to start with. Even more, the starter kit contains Get Started section to review Stocks Wide trading platform, to learn about its features and to train to use them.
But then you finally start trading (after your account is registered and the Forex broker reviews it, of course). And then come all these tools to deal with. How do we know what is more and less useful, or whether 25 tools you get with Beginner account is enough? Should we use all of them or just some? We couldn’t help using this opportunity and asked Stocks Wide broker CTO Andreas Schmidt these and other questions. Hopefully it would be a useful addition to the review of Stocks Wide as of 2022.
Question: These 25 tools with Beginner account, how did you selected them? Are they all important? Do you have data on their usage – how many people use them all?
Andreas Schmidt: It was not the random selection, of course. After the thorough review of Stocks Wide tools, we sorted out the basic set, how we saw it, there were more tools in it initially. Then we tested them with the focus group, there was a testing stage. And you see the result of this testing – these 25 tools. Nothing extraordinary, just basics. And yes, there were users at the testing stages and there are clients of Forex broker Stocks Wide now who use them all. Tools are never enough, you know.
Q: They must be talking about the experienced traders with bigger volumes, aren’t they?
AS: Not really. You see, from the only beginning our goal was to become the best broker for low-cost trading. Deep pockets are welcome everywhere, but we are glad to see any client, that’s Forex broker Stocks Wide philosophy. If you check the investment reviews of Stocks Wide you won’t find anything regarding discrimination of smaller clients. We are trying to attract them and to keep them. And, regarding the figure you have mentioned – there are people with minimal deposits who use as many tools as possible and ask for more, seriously.
Q: And you give them more?
AS: Within the limits of their accounts, of course. Stocks Wide reviews the packages provided with certain account types, improves or adds something, but it is not happening every week, of course. We are working in two key directions – improving our platform and providing new possibilities to learn and to grow for our clients. And there is demand for that. When we at Stocks Wide review our key usage metrics we see it clearly. Our online webinars where our experts analyze market trends and their summaries of market highlights are very popular.
Q You mentioned invest reviews of Stocks Wide – what is the most typical complaint? And what is Stocks Wide reaction?
AS: I browse reviews about Stocks Wide, and issues mentioned by our users is the top priority of our department. The most typical issue as for me is breaches of accounts safety, that’s typical for the whole industry. Stocks Wide reviews its safety policies every quarter at least and pays enough attention to safety issues. But they appear on the side of a client as well, that’s the problem.
There are people who don’t understand, for example, why deals on the platform are executed immediately, but the funds withdrawal may take up to 2 days. But this is also explained by safety concerns. We must be completely sure that the funds are going to the client, and not to somebody else, who hijacked their account. We at Stocks Wide review everything, doublecheck any pattern or detail we found suspicious to make sure that everything is OK, and this may take some time.