Today you will find many Forex brokers out there and it can be very overwhelming. As a newcomer you simply want beginner advice but the problem is so many websites and companies alike will capitalize on key words simply to get their website a higher ranking. This means that when you are legitimately searching for viable information on something like “beginner advice” or “tips for investors” you will end up shuffled toward the highest ranking website and not necessarily the best websites. Some of the brokers out there will pay more money simply to try and scam people using keywords just like this. More importantly, many of them use some of the same boilerplate. It is not uncommon for new companies entering the market to pay a freelancer online to “write” new information but in so doing provide them with the links to three top websites with whom they wish to compete. The reason they do this is because they essentially want the freelancer to copy this information without it being marked as copied information by Google. So, you end up with four or five websites that have almost the exact same design, the same boilerplate content, and the same empty promises.
It is for this reason that we have provided broker reviews. We conduct forex reviews to assess each broker based on our criteria. We are Forex experts not Forex trading companies. Being that we are not a trading company we have no vested interest except in providing information you can read with a grain of salt when making your determination. There have been so many stories of people being scammed or taken advantage of but the problem is not all of the stories exist in the same sphere.
Finding the Complaints
When people file a complaint, especially about something like a scam, they have to file it with a specific governing body. That governing body could be located in a different country. The information is not readily accessible. It could be part of the files easily accessed when you click on the company name through the governing bodies website, but if you simply conduct a search for that company name it might not show up. We do not expect newcomers to understand where complaints like this would be file nor do we expect newcomers to be able to find it easily. After all, it is not the first thing that many people search for when they are evaluating different brokers. So we take it upon ourselves to review the different complaints where they may or may not be filed, and find what is out there so that it can be compiled in a single location allowing newcomers like yourself to better access it.
We know what content is considered boilerplate. We have scoured so many websites that we know exactly which websites are copying the layout, the structure, the menu options, even the tax of another website. While you might not get three or four brokers from the same country who have exactly the same content, you might find three or four separate brokers from three separate countries who are copying the original broker. We know what to look for. You might not given that you are new to the industry. Even someone who is an experienced trader might not know what to look for. That said, we take information from different reviews both positive and negative, feedback from people who worked with the Forex brokers in the past, and we tried to uncover the entire picture. Naturally things can be heavily one-sided when you look only at a single negative review or a single positive review. That is why we take it upon ourselves to look over every outlet, every review site, every forum to find a similar thread, to uncover which scams pop up regularly and for which brokers.
Costs and Profits
We assess each broker based on our own criteria. We look over general comparisons such as what types of memberships they offer. We do this to figure out not only what memberships they offer but what their cost is. For different brokers the cost for signing up at various levels changes. Some companies provide different bonuses. We investigate the terms and conditions, look over the fine print for these bonuses. This is something that not everyone does. Many scam based articles and reviews have been written specifically about not a scam necessarily but the deception that comes with having important information shoved away in the small print of the terms and conditions. So we look over these terms and conditions, we find that small print, those things that would otherwise catch you without realizing it. This helps people to be aware of what exactly they are getting themselves into when they sign up with a specific broker.
Beyond this we evaluate where they operate, whether they are regulated, what authorities they answer to, what educational resources they provide to help newcomers better get a grip on the industry. We look over what news is published about the individual brokers, what currencies they offer, where they tend to operate, and if there have been any fines or other negative ramifications associated with their business operations.
All this helps us to provide a comprehensive picture of each broker to help you gain the most out of your trading investments.