Examples of good and bad reviews

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FPA Forums and Reviews Admin
Here are some examples of reviews that are well written and where the review is given the correct rating:

1 Star
"I opened a live account with this brokerage back 4 months ago with a starting balance of $5000. Everything seemed fine for the first 3 months, and my trading went well and was profitable. I had made over $3000 profit. Then I tried to withdraw $1000. I got an email from the Accounts Security Department that 2 large trades from 2 months earlier had been declared to be Illegal Pip Hunting and the profits were canceled. This cost me $1200. I called the brokerage to complain, but they said their terms of service allow them to cancel any trade they consider harmful to the brokerage. I then closed all of my positions and attempted to withdraw all of my money. They canceled another $1400 in profitable trades, some of them dating back to the first week my account was funded. I complained again by phone and they said they would look into it. Now they won't talk to me on the phone and do not respond to emails. I have all of my daily account statements and the two email messages from them saying which trades were canceled. Please help me."

This is a perfect scam complaint for the Scam Alerts folder or reviews. The broker has engaged in unethical and probably illegal behavior, and the reviewer has proof. If the broker still doesn't want to fix it, this would be a good beginning for an FPA Traders Court complaint.

If the reviewer had deleted all of his evidence, then this would only qualify for a 1 Star review and a Scam Alerts thread since there would be no proof.

1 Star
"I paid quite a bit for this custom indicator set and trading strategy that claimed my account would gain 40% per week. I set up a small subaccount with my broker and used it to trade nanolots. After 2 days, it was losing 70% of the time, and the winning trades weren't any bigger than the losing trades. I checked their website, but they had no contact phone number. I emailed their support and got no response at first. At that point, I started demo trading with it so see if the problem would continue, and it did. I kept emailing them and after 4 days they finally wrote back claiming that I must be using an older version of MetaTrader. I told them that I had the latest version and that their website said that my version was compatible with their indicators. After several more exchanges, I finally demanded my money back. It took a couple of requests, but they did honor their guarantee. I want to warn everyone to stay away from this product."

This is a great example of terrible performance, both of the product itself and of support for the product. The reviewer probably has plenty of evidence, but company did finally honor the guarantee. Therefor, they barely escaped qualifying for a Traders Court complaint.

2 Stars
"I bought this forex trading training video that claimed it would make me into a profitable trader within 30 days and that it had some amazing strategies. I went through it several times. Most of the information in it was available for free on the web. The amazing strategies all made little or no profit for the 3 weeks that I demo tested them. Customer support did respond to my emails, but they only said to watch the videos again and to keep trying the strategies. After 30 days I asked for a refund and did my money back promptly."

This is a good review. The product was carefully tested and found to not perform as well as advertised, and the support was also less than would be expected. Since the seller did refund the money without a problem, that makes this barely qualify as a 2 star rating instead of a 1 star rating.

No Rating
"One of the other reviewers claimed this brokerage was no good because it isn't registered with the NFA. Since this brokerage isn't based in the US, NFA registration is not required."

This review provides useful information that clarifies a point made in another review, but doesn't provide any information about the performance of the brokerage. No Rating would be the correct rating for a review like this.

And here are some reviews that just don't make the grade:

5 Stars
"I've used their demo account for 3 months now and am very impressed by it."

Demo performance isn't the same as live performance. To give a broker any rating based on their demo account performance (which is usually run on a different server than live accounts) would be meaningless.

4 Stars
"I really love this broker's MetaTrader platform."

This sort of post often comes from someone who just started trading forex and didn't do a lot of research. MetaTrader (aka MT4) is a very common trading platform used by many different brokerages. If you like MT4, then add that in as a plus when you review your broker's performance, but please don't base a whole review on it.

2 Stars
"I can't figure out how to install these indicators that I purchased."

This would need a lot more information. Did the reviewer check the website for instructions? Are the indicators even compatible with the reviewer's trading platform? Did the reviewer try to contact support at the company?

1 Star
"I've used this software for 2 days now and it lost me a lot of money."

No software and no signals service that we know of will give winning trades all the time. To rate it with so little long-term information is meaningless. It is usually a very good idea if you are testing new software, signals services, or strategies to use demo accounts or else very small amounts of money. Risking "a lot of money" on something you haven't tested carefully is generally a bad idea.

1 Star
"I've used this signals service for over a week now now and am losing money. I do not like it very much, and I say it is a scam."

This would not be nearly enough information to qualify for a scam complaint. No information is given to verify that the service was used correctly. What was the win/loss ratio? Did the reviewer ask for help or advice from the signals provider to try to improve the success percentage? Did the reviewer ask for a refund? If so, was a refund given? If someone opened a Scam Alerts thread using this text, the first replies would be asking for more details.

Without a lot more information, this would barely deserve approval as a 2 star review.

5 Stars
"I opened a live account with this brokerage last week and I'm up 20% already!"

This review has problems. If you are a great trader, you can probably make money even with a bad broker. Also, even a bad trader can have a great week. This review says nothing about how good the broker's service, data feed, spreads, and many other factors are. Other than extremely terrible brokerages, 1 week isn't enough time to give solid performance rating.

No Rating
"Does anyone know anything about this product?"

This might be a good question but it belongs inside the forums, not in the Forex Peace Army Reviews. The reviews are for experience with the company, not for tech support or information requests about a company.
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