If you’re looking to get into the business of trading forex seriously, it is important to have a broker to work with that you can trust. Reading online reviews is typically the first step traders take in order to evaluate what kind of services are available and where they should focus their search. Unfortunately, sorting through the huge amount of reviews can quickly get tiresome, especially considering the fact that not all statements are entirely authentic. Here are a few tips to help you separate the reviews you can trust from those that should be subject to scrutiny.
Closely examine the website itself
There are many websites out there that claim to specialize in forex broker reviews, and while some of them are certainly dedicated to providing real and reliable information, others exist as false promotional material. Although there is nothing unethical about promoting a service, it is important that it is done in good faith. You can typically glean some important information simply by taking a close look at the website. Is it set up to solely feature a long list of forex broker reviews? These sites should probably be approached with caution. You want to look for something that provides a comprehensive overview of the industry, including news and educational resources. When you simply see a hierarchical list, it likely means that the names at the top have paid to be there. Check out AM Broker Review and other listings to see how they stack up.
Let the links speak for themselves
One of the quickest and easiest ways to determine whether or not the broker in question has paid a reviewer to recommend them is through the link itself. An affiliate link will typically end with something like ‘landingID=3’, ‘affiliate=fxsite’ or ‘ref=fxsite.’ This lets you know that the review you’re reading was done on a paid basis, or rather that the reviewer received compensation from the broker to write about their services. Although this is not problematic in and of itself, it is important to be transparent about the fact that money exchanged hands. Hiding that rather critical detail is unethical. When readers are informed about the affiliation deal, they can proceed with caution and know to perhaps take the reviews in question with a grain of salt.
Look at whether or not the website encourages discussion
Openness and the option to comment are always a good sign. If the site you’re looking at provides an open comment section that is active and populated with a variety of short, supplemental reviews from other traders, you know you’ve likely found something that you can trust. It is also a positive sign if you see some discrepancy within the comments about a specific broker. Keep in mind that it is rare for anyone in a service position, regardless of how good they are at their job, to receive unanimously positive feedback. Try commenting for yourself, and see whether or not it appears or ends up passing through an endless cycle of moderation. Inspect the integrity of the comments that have been left. Do they sound like someone’s real, balanced opinion, or a carefully crafted PR statement?