Forex broker reviews websites are quite popular but how can you differentiate a good one from a bad one? Our list of non-negotiable items when it comes to Forex information resources can be found below:. The Forex industry is a multi trillion dollar a year behemoth backed mainly by the interbank market and institutional finance companies. However, the retail side of the industry has been growing like wildfire over the last years as traders of all experience levels, try to forge out solid returns amongst the volume and volatility.
Often the first places retail traders visit during their research phase are Forex broker reviews websites. Forex broker reviews websites house all the important information about currency market operators and through a range of articles, comparison tables and customer testimonials, direct users to brokers that match their trading style and level of experience.
The Forex industry often has a stigma associated with it with many believing it to be full of shady operators. Unfortunately these scam artists can be found among Forex broker reviews websites too and it is highly important to distinguish between the best Forex broker review sites and the poorer ones. In the article below we go through some of the key features of top 3 rd party review websites.
One of the first pieces of advice seasoned Forex traders give newbies is to be diligent and avoid getting sucked in, especially by partial review websites. These websites often have some sort of affiliation with brokers that feature on their sites and even though there are no laws against this, it is important traders are made aware.
Always double and triple check information found on review sites with broker websites to ensure accuracy and objectivity. Being objective and impartial should always be the first feature you look out for in a Forex broker reviews website. Websites that remain unbiased quickly capture the trust of visitors and followers.
Affiliate relationships can often get in the way of objectivity. However, this need not always be the case with plenty of review sites alerting users to any agreement in place with promoted brokers through centrally placed banners and terms and conditions. The purest Forex broker reviews websites though, are those websites that are published BEFORE an agreement is put in place with promoted broker similar to this one. Compare Forex Brokers prides itself on the fact that all comparison tables were finalised objectively prior to any broker association was formed.
The next time you find yourself surfing a review website, contact the webmasters and ask them whether the same rings true for their website. There is nothing worse than spending hours wading through endless jargon. It is for this reason that Forex broker reviews websites need to get the balance right when presenting information about a particular company or platform.
Equally as problematic, too little or confusing information and people may go elsewhere when seeking advice about a broker. The quality of the information contained on Forex broker reviews websites also needs to be relevant to what people are looking for.
Clearly defining or explaining certain concepts and features that customers are likely to find difficult to grasp is always important. For instance, demonstrating how leverage actually works and showing this with an example will captivate readers and keep them stimulated and eager to continue researching the world of Forex.
It is often handy to compare one broker against another and list the features of one versus the other. Supplementing a Forex broker reviews website with user generated content such as testimonials, a grading or star system builds social proof and boosts confidence. People are always more eager to make a decision one way or another if others have made it before them.
Always take reviews with a grain of salt. The World Wide Web is a huge resource with so much good quality information. However, often in a bid to improve lead generation, companies in all industries not just Forex manipulate these to make their own company look look better. Again validate all information by referencing a raft of websites. This is perhaps the most important feature of a good quality Forex broker reviews website.
We already touched on the importance of websites having insightful and accurate information. Yet, all that good quality information is worthless if customers are bombarded or cant find the information they are looking for easily enough. Comparison tables are a fantastic way to spell things out clearly and the best Forex broker reviews sites really nail the user experience when they feature comparison charts such as those found on Compare Forex Brokers.
Always remember that comparison charts are prone to human error. FXStreet is one giant financial market resource where users can find all the market information they are looking for. The website houses everything needed to make the best decisions in the Forex market. FXStreet have been covering currency markets since the year Forex Peace Army essentially market themselves are a currency market guarding designed to help stop traders from getting scammed from shoddy Forex brokers.
The website houses a free trading forum and high level broker reviews. Similar to Forex Peace Army, Forex Fraud provides heaps of excellent articles, tips and courses for traders of all experience levels. It is important to conduct as much information as possible before selecting a Forex broker to manage your currency trades.
Review websites are a great place to start but its highly important you pick a reputable comparison website as there are plenty of scam Forex brokers out there. This website makes a habit of only comparing those brokers that are locally regulated to provide an added level of security and reliability. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.
Our list of non-negotiable items when it comes to Forex information resources can be found below: Objective Being objective and impartial should always be the first feature you look out for in a Forex broker reviews website.
Breadth of Information There is nothing worse than spending hours wading through endless jargon. Insightful The quality of the information contained on Forex broker reviews websites also needs to be relevant to what people are looking for.
Forex Peace Army Forex Peace Army essentially market themselves are a currency market guarding designed to help stop traders from getting scammed from shoddy Forex brokers. Forex Fraud Similar to Forex Peace Army, Forex Fraud provides heaps of excellent articles, tips and courses for traders of all experience levels. Conclusion It is important to conduct as much information as possible before selecting a Forex broker to manage your currency trades.More...