Why Are All Brokers Afraid of Forex Brokers Reviews?
In recent years or precisely decade, the Forex market has become more and more popular. The more people want to try their luck and gain some profits, and the more Forex brokers are trying to get them on board, offering their services. The competition is fierce.
The internet is literally flooded with Forex trading platforms. The ads are popping up from every nook and cranny of the web. When you are coming to the market for the first time, as a newbie, you might be completely confused and having a lot of questions. The lack of knowledge and confusion is your weakness, and dishonest people such as scammers will try to take advantage of it. And that’s the point where the Forex broker reviews come in handy to every rookie trader. They are informative and expose the experience of other traders with the specific broker. As such, they take the role of severe judges. That’s why there are always brokers who will shiver from thought to be exposed in a bad light.
Reputation is Everything
Forex brokers get a shady reputation for many reasons such as restriction of cashouts, delaying payouts without any reason, manipulation of trading results, ignoring stop losses, chart manipulation, and many many more. When this happens to you, you must report the scammer so that the other fellow traders don’t get in the same disadvantageous situation.
When you are choosing the broker to trust your money to what you should first look at is its reputation. But what comprises the reputation of a forex broker? Well, many things are related to reputation. First of all, the forex broker must have a license from the financial regulatory bodies. These institutions are monitoring the market and updating their lists of regulated/unregulated brokers every couple of months. Sometimes even happens that the broker that owned the license yesterday, the next day loses it for trespassing the trading rules by implementing churning techniques, or because of the lack of transparency when it comes to fees and commissions and so on.
The things that Every Good Review Must have Covered
There are specific criteria put in place to rate a forex broker and many factors to look for. Mind that the choice of a good platform for trading a well as the broker is the first step toward your success, and you shouldn’t take it for granted. You should be careful when choosing a good forex broker for yourself. Even if all these things sound too obvious, too many people jump at the first offer and regret very soon they didn’t take precautionary steps to avoid many headaches and adversities.
The things that every good review must cover:
- Contact details
- The minimum deposit to start the trading
- The maximum leverage
- Is the scalping allowed by the platform?
- Assets offered for trade
- Fees, commissions and bonuses
- What investment opportunities
- The possibility of practising in a demo
- The efficiency of customer support
Forex Broker Review – Remedy and Poison
On the one hand, Forex broker reviews will certainly help those players on the market that aim to do the business fairly. Maintaining the business at the highest level is not easy at all. There are so many criteria to be fulfilled that broker reviews sometimes can help the broker to improve their service. For instance, maybe the overall service of the broker is excellent. But when it comes to the client’s support, it’s inefficient and unavailable. The review must expose that problem to make the broker pay attention to it and do something to make its client support better. On the other hand, if the broker is a pure scammer, the objective and scrutinous reviews are there to take them back into their holes to never see them back.