Issue with broker reviews. FPA members, share your views and vote!

If a broker review only praises a good employee and gives no details about trading...

  • The FPA should delete the review since it is not helpful

    Votes: 99 88.4%
  • The FPA should approve the review

    Votes: 13 11.6%

  • Total voters
    112
  • Poll closed .

Dragonslipper

Corporal
Messages
81
A review should consists of a few things automatically. When the broker receives a complaint, how do they deal with it? Is the problem resolved to the customer's satisfaction. How long does it take for the broker to acknowledge a complaint and resolve it? Do people have trouble withdrawing their money, how long does it take from the first withdrawal request to a deposit in your bank account? How easy is their website/trading platform to manage? Are their support techs knowledgeable and able to resolve problems quickly and efficiently. Does their website give you information that is easy to understand and that you are able to use? Does the broker provide a list of their Owners, Managers and employees upfront and their contact information?
 

mparama

Private, 1st Class
Messages
62
I think that cooperative and kind staff should only implement the rating o half stars. The rest shoud be based on the other things that makes a broker a "good broker".
 

tyakemi

Private, 1st Class
Messages
37
Tricky ....
Depends on the number and quality of reviews really. If there is little to go on about the broker - then sometimes who your deal with, support you get, and the "face" of the broker can be the deciding factor. On the other hand - if there are a lot of reviews that help quantify the actual broker - then particular individual feedback becomes less important and is overshadowed by the whole tone of all the reviews.
 

tyakemi

Private, 1st Class
Messages
37
a scorecard with set categories - that is easy to complete is the way forward I think
 

buzzsaw

Private
Messages
1
I believe there should be a quality assessment based upon a set of attributes. The reviews could then be stratified. There might be a few simple questions to answer with a yes/no that could help as well. A complex topic where you don't want to be seen as selectively screening or restraining the free flow of information.
 

mcintosh49

Recruit
Messages
3
Hello everyone,

There's been a growing issue in the reviews. Like most issues, it started small. One or two brokers got a few reviews of this type, so there wasn't any need to make a decision. The number of brokers and reviews involved keeps growing.
etc etc

How about rating the review on a scale of 0-3 say, subjective, but that way nothing is lost.
 

Tryingtrader

Sergeant
Messages
177
I agree with F***X, that any legitimate reviewer should be require to experience the full cycle before leaving a glowing, above average review.
Serving staff do not cook the food but could cook the books.
Being regulated by a statute authority is a primary requirement, which increases your chances that there will be a recourse option should you experience any wrong doing.
It's always nice to speak with someone pleasant on the phone or chat but if you can't withdraw your money ..... it's meaningless.
 

meal4wildcats

Private, 1st Class
Messages
45
Some scam brokers have had very friendly account managers, who did all they could to get the clients to deposit. When the time came to withdraw, those account managers stopped being helpful.
Or disappeared all together, in to thin air!
No; I wouldn't trust such reviews. I strongly believe that any extraordinary nicety from brokerage so called account manager is just a gimmick to make one bite the fishing hook.
So i say you are right. If one doesn't know the quality of the food, then the waiter goodness is of no help to other would be diners.
 

oscarra

2nd Lieutenant
Messages
1,180
Judicial and regulators reviews as investigations are certainly more instructive to read, turns out even with main brokerages the waiters or account managers are not certified to provide services at all, to many misleading and fake information’s…… managers names ( very little are true)

The other most needed review would of course be the brokers financial’s, just to make sure not ending up on a cannibal island’s 500 bug’s broker's dinner menu :D
 

bigdolly

Sergeant Major
Messages
968
Judicial and regulators reviews as investigations are certainly more instructive to read, turns out even with main brokerages the waiters or account managers are not certified to provide services at all, to many misleading and fake information’s…… managers names ( very little are true)

The other most needed review would of course be the brokers financial’s, just to make sure not ending up on a cannibal island’s 500 bug’s broker's dinner menu :D
Glad that EU introduced ESMA rules, now the brokers which I trade with made necessary changes and now fully comply with new rules. Another sign of confidence in them!
 
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