Do You Trust Broker Reviews?

by: Mohammad Hafiz
Gossip

Whether you choose a new laptop or a hotel for vacation, or just want to know if the movie is worth your attention – the first thing everyone does is browse the Internet looking for reviews. Each of us at least once visited the forums and review sites to inquire about what other users and visitors write.

Nowadays every product or service can be rated. You can find reviews about products and services on forums, special sites where users share their experience about a particular product, store, service. However, there are people who slander the companies or brands. It can be the user with multiple accounts or the group of users. Reviews are definitely worth trusting, but not all. It should be taken into account that the reviews may be made-to-order, both negative and positive.

While choosing something on the Internet, for example, a gadget, I always study technical characteristics at first. And only then I search for user’s feedback. I acted the same way when choosing a broker. I considered license, trading conditions, software offered by broker, support, reliability. And after check several resources, comparing reviews.

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About broker reviews: in more detail

Forex trading gets more popular year by year. In April 2016, daily turnover in FX global market reached 5.1 trillion. More and more brokers appear in the market. Novices are asked the only question, how to avoid scam and choose the right broker to trade with.

They look for answers on the Internet and receive rather ambiguous information. So do you really need to trust reviews about companies?

Where to find reviews?

Reviews can be found on various online resources dedicated to Forex: blogs, forums, review sites, social networks. But not all reviews are objective.

Negative comments can be written by companies seeking to blow the competitor’s reputation. Companies hire people who leave negative and groundless comments about the activities of the company and place them on the thematic resources.

Newcomers, who blow their money due to the inexperience, also can left biased reviews about Forex brokers. They often blame for it their brokers. They go to the Forex review sites, write a comment how they got ripped off, and value the broker at a low rate.

Positive reviews can also be biased. Brokers often give positive feedbacks themselves improving their reputation in such way. Such comments, as a rule, are easily recognizable.

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How to distinguish real comments from made-to-order ones

The review is made-to-order if:

  1. The author uses cliches in his post “I’m really impressed with their service. Finally, I have found an excellent broker. Recommend it to everyone” or “They stole my money! Don’t trust them”, “My broker scammed me!”. You can contact the author of the review. If it is a competitor, you are unlikely to get the answer. If it is a trader who has really faced the problem, you will receive important information. A sign of a true and an objective post is account numbers, screenshots of transactions and withdrawals etc.
  2. The group of the same users is talking to each other, asking questions and sometimes leaving rave reviews at the broker`s thread. One writes a post on how he is excited with broker’s service, and others comment this post enthusiastically. Look where else the user writes posts. If he writes only at the broker`s thread, it is not difficult to guess why he is here.
  3. The user has only a few messages on the forum. Find out more about the profile of the user who left the review. The best way to check whether a feedback is true or fake is to look when the account was created as well as how many messages are on the account. If the author has written less than 10 messages, the review is likely to be a fake.
  4. The review is written perfectly and looks like an essay. Such a review should make you suspicious. Let’s face it. Internet users do not care about the quality of the text, do not pay attention to the correct spelling of words. No one puts commas, dashes, semicolons where it is necessary. Furthermore, forumers often use slang and abbreviations.

Reviews should be used as an additional component of forming opinion about the broker. They are just subjective opinion of each individual user. Don’t rely on reviews while forming your opinion about trading on Forex and choosing a broker.

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3 Comment

  1. never trusted brokers , espesially these who tell me to buy something and call my cell phone
    it was big work but i found broker that is not cheating me, after trying with other 3 brokers
    better i met some articles before, like this one, to avoid mistakes

  2. Ooooh I dont think you may suspect every broker in marketmaking. i chose one and almost a year it’s okay and I withdraw ok too
    but it took me a couple of days to decide… it was not a very easy task to find one among many

    1. I am really happy for you that you have found the good and trusted one!

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