Broker, Expert trader, Compliance officer, support officer and Account Manager explained
This has been emphasised on all through. To be a successful trader, one must imperatively be conversant with the very details of the trading sphere. It is not only knowledge of the necessary tactics and strategies that will ensure profitability but, the basics of trading or Binary options, though they might seem insignificant, are conducive to success too.
Often, beginners, in the urge of doubling their money, brush aside these basic etiquettes and jump to trading platforms, thus making unconscientious investments. These abrupt acts carry regretful repercussions. Investors should understand that trading should be taken as one’s work, most oftenly part-time, and so, all the rules and departments related to the work and the workplace should be thoroughly known to them. People freshly initiated to the trading venture, often post questions in relation to these basic rules and options. Surprisingly, even long-time traders come up with such queries quite a time. The net abounds with people looking for a credible meaning of a broker, an expert trader, a compliance officer, a support officer, an account manager, amongst others. This blog post is meant to give all readers an insight on the fundamental limbs of a trading platform and to elaborate on their respective functions and significance.
The term ‘Broker’ is definitely not alien to people, yet, its implications vary in relation to the function of the individual or the body which holds that title. In the binary options world, the term broker makes allusion to a body that provides scope to traders to invest in various proposed assets through its trading platform made available to subscribed traders. A binary options broker requires users of its provided services, to fund their accounts with varying amounts in relation with the user’s account types. A broker also has the responsibility to assure smooth trading by providing various facilities such as user-friendly software and tools and ensure that trading is done is the greatest simplicity and serenity. Unlike in yester decades where trading was an exclusivity of the higher classes, the internet has now allowed trading at all levels with brokers available online.
The Compliance Officer
As the name itself suggests, a compliance officer is an employee who is meant to assure that the specific company he/she works for, stays compliant with its outside regulatory requirements and internal policies. It is generally expected from compliance officers to potentially put at disposal, objective views of a company’s policies. Also, a compliance officer has the responsibility to assure that a specific company is not acting in breach of laws and regulations and so, he/she has the ability to design, amend and update the company’s internal policies and also assure that internal auditing is functioning properly. In binary options, the role of a compliance officer is not really different. These officers make sure that all verificatory, demographic and confidential information received from clients are correct and accurate and do not carry any fraudulent and risky features. It is the responsibility of the compliance officer to also make sure that all information about clients are safely guarded and dealt with in complete confidentiality and honesty.
The Account Manager
An account manager is basically responsible to manage specific customer’s accounts and to provide support and technical assistance in the customer's day to day transactions and operations in relation to trades effectuated. The account manager is also there to respond to any customer’s queries related to his/her account, funds and effectuated transactions. They are also intended to take care of whether clients are getting the right products and services at the right time. In short, they are there simply to meet the daily needs of clients and professionally guide them through their difficulties thus making it easier for them to trade with confidence and serenity.
The Expert Trader
The expert trader is someone who is here to materialise clients’ aspirations and expectations. Basically, the expert trader is expected to know the very details of his/her customer(s). As, such he/she is fully conversant with the clients’ expectations from trading and to what ends one is trading or willing to trade. In line with customers’ aspirations and their willingness to comply with the expert trader, the latter generally expertly advises them in terms of investments and strategies that should be adopted to achieve desired objectives. To be more explicit, the expert traders provide optimised expert trading suggestions to fit the requirements of all clients. Also, upon authorisation from the clients, an expert trader can trade on their behalf.
The Support Officer
The support officer is the first interlocutor that a client falls upon while anticipating to be attended on specific queries. Normally, all queries of any nature whatsoever, are first of all tackled by support officers who, then, if necessary, connect clients to relevant secondary interlocutors as account managers amongst others. In simpler terms, a support officer is meant to provide support on every single issue, as far as possible.
Better be safe
Simple information like these may seem insignificant to many. However, the inability to get a grasp on these resources and making proper use of them, definitely entails unanticipated losses. Thus, intelligent traders would definitely take the good initiative and try ponder upon the relevance of being fully informed before setting off on the trading journey.