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Broker review discussions = waste of time the way it is now

Discussion in 'General Forex Talk' started by The Jackal, Aug 22, 2012.

  1. The Jackal

    The Jackal Private

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    Hello

    I would like to highlight the fact that FPA does a great job but between spammers, fake reviews, competitors acting as customers, etc, the whole thing becomes a jungle where not even an expert could get some unbiased and genuine information.

    My suggestion: I would trust more reviews posted by FPA staff, even better if each broker could be assessed by several people of the staff, rather than by unknown spammers. The current review system is in my honest opinion, totally useless. Please consider my idea.

    Thank you
     
  2. antonisk

    antonisk Private, 1st Class

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    Every review system is biased
    If you have FPA staff reviews what guaranties you that this reviews will not be biased due to advertising revenues and other incentives that brokers will give to any reviewer/website.
    User reviews on the other hand can be influenced by the spammers.
    In the FPA at the moment you have a blend of both staff member reviews and user reviews. I do believe that this blend works better because in a community forum you can identify/suspect who is the spammer and who is the real user.
    Forming a positive or a negative opinion for a broker depends on you. You need to see the reviews and review them. You need to visit other Forex forums and look at more reviews. If you see a lot of positive reviews from members with 1-2 or 3 posts then you can assume that they can be spammers but again it depends. If you see a member rating and raving about a specific broker left and right in the forums then yes you may consider his reviews bias/Spam or he may have found the perfect broker.
    You will not find the perfect broker but you can find a good Broker that will not end up on the scam fonder at the FPA by looking at the FPA brokers reviews.
     
  3. Pharaoh

    Pharaoh Colonel

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    Personally, I think the next step to improve the reviews would be to have the option to link them directly to forums accounts. Then you could see how long the reviewer has been in the FPA, see if they left reviews for anything else, etc.

    If you see something in a broker discussion thread that seems like it's from an employee pretending to be a happy client, report the post. The moderators have caught a lot of these, but there's always the chance that some were missed.
     
  4. The Jackal

    The Jackal Private

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    I am trying to find info about some brokers which I won't mention but I suspect they are bucketshops.

    After 2 hours browsing old threads, I'm more confused than ever.

    I repeat: I would trust more a list created by FPA staff. It's not that hard to do.
     
  5. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    A few years ago, Crown Forex was one of the best rated and most respected brokers. It was client reviews over withdrawal issues that lead to warning FPA members and issuing a scam finding. Then the company was liquidated by the Swiss authorities. It would have been a very bad thing if FPA staff had posted about what a good and trustworthy broker Crown Forex was just before the problems started.

    Other brokers have either been well rated or shown good signs of improvement before suddenly turning bad.

    A large percent of the FPA's staff can't open accounts at most brokers outside the USA because of Dodd-Frank regulations.

    I and my staff go to a lot of effort to moderate the reviews. Even with this, you need to learn how to evaluate them. No large company will make 100% of clients happy. Every large company will occasionally have an issue. A couple of complaints of a 1 week delay in withdrawals while others report no issues is not a problem. Complaints of withdrawals being delayed a month or more is bad. An increasing number of withdrawal issue complaints is bad.

    Use the search function on the FPA's homepage. Then you can see if there are a lot of complaints in Scam Alerts. Read those and see how many were resolved.


    Linking reviews to forums accounts is an option being explored. Under this plan, reviews from non-members would still be permitted, but would be given less weight in calculating the rating of a company.
     
  6. kamuta

    kamuta MQL45 Representative

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    Thanks Pharaoh - It will be great! Also I would like to see interviews and suggestions of forex masters about brokers they know...
    Now too many brokers born and die every month - it's become popular and cheap business...
     

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