Many of us before choosing a forex broker want to find out which company is the best, most reliable and popular. We all want to work only with the best and forex brokers are not an exception. We trust them our own money, so we must be 100% sure! Fortunately, now the internet is full of a variety of brokers reviews, rankings and ratings. With their help, you can get exhaustive information about the company, learn its pros and cons, get real customer feedback and, ultimately, understand whether it is worth working with this broker or not.
- Should I trust such websites?
- Are they really independent?
- And can you really choose the best forex broker using reviews and ratings?
We will answer all of these questions in this article.
CAN ONLINE BROKERS REVIEWS BE RELIABLE?
More no, than yes. Let’s explain. It has long been no secret that on most resources with forex brokers reviews, representatives of forex companies leave both positive and negative comments. Thus, they “bleach” their company and blacken their main competitors. But many do not know that for only $1000 (price of top websites), you get full freedom of action in the comments. What is $1000 for a bucket shop that needs to “whitewash” its reputation and hide all the negative? The answer is simple: one lost deposit of $1000. This point of marketing costs has almost every self-respecting market maker. So you really understand that you are trying to deceive even through comments, what to talk about trading then …
But for the sake of fairness it is worth noting that some brokers reviews are still useful in some case. If you go to the website and see that there is not a single positive feedback that everyone is pouring mud on this broker (especially if there are any evidences at all), then it is not worthwhile to get into such a scam.
- The company did not bother to take care of its reputation in the internet, and this is one of the most important things for any business. Based on this, tell me, will she be concerned about her reputation in cooperation with you? A rhetorical question!
- Whatever black PR is, if the company is really good, there will be several traders who is/was trading there and will write a positive feedback.
- The situation is opposite to the second point, if reviews about the company is exceptionally positive and everything is out of the blue with joy (especially when it comes to bonuses, competitions and other stuff), it’s worth considering, the broker may have paid and completely “cleaned” the reviews. Accordingly, not everything is so smooth in trading with this company. Yes, it does not add optimism, but very often it is true.
Ideally, reviews about a forex broker should be 80% positive, but not in style: “Oh God, they have such cool bonuses and demo competitions are just Wow!”. They should be essential: “Good execution, spread is not greatly widen, There are no requotes, solid license, support service is always on-line”. Like that. In any case, the most correct option is to use your own head! Fully check the broker with the points described in our previous article “15 Rules of Choosing the Best Forex Broker”. If the company meets all the points, you can start working with it safely and do not even look at the forex brokers rankings.
DO INDEPENDENT FOREX BROKERS RATINGS EXISTS?
As you have already understood from the answer to the first question – NO! Completely independent resources do not exist, because they all live out of advertising! It is is not limited by banners on the site. To get on the first place in the broker rating you need to pay from $2000 to $7000 (depending on the language). This is the price of a popular website for a month (!). For example, Earn Forex –https://www.earnforex.com/forex-advertising/
Who pays, that orders music!
And the administration of the site does not care that the first (second, third) place is occupied by bucket shops, which blatantly “merges” its customers! The main thing is timely payment!
Money does not smell!
Some websites put those companies on the top positions from which they receive the largest commission.
But still there is a positive moment in this. Really honest companies can not afford to spend such crazy money on ratings and reviews, respectively, you will not see them on the highest places of the top rated forex brokers. Basically there live rich market makers, which have enough money, given all the benefits of their business.
From this we can conclude: in 99% you should not work with brokers who occupy the top positions of the “independent” broker rating.
IS IT POSSIBLE TO CHOOSE A RELIABLE FOREX BROKER USING RATINGS AND REVIEWS?
No, unfortunately, even experienced traders find it hard to see an honest forex broker in the midst of advertising, PR and other tricks. You can use the tips described earlier in this article, but they will help you rather not to be scammed.
Think with your head, carefully check the broker, even if the “guru” analyst or some “super” teacher advise you some companies. Do not be fooled by advertising, all sorts of trading competitions, bonuses and so on!
In the next publication we will open a series of informative articles about the best forex brokers. You should know heroes in the face!:)
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If you do not know which broker to choose or doubt something, add me to Skype – vovkfx, I’ll gladly help you find the right one for you!
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