5 Ways to Identify Fake Forex Broker Reviews
Many newbie traders got into trading because of one good/excellent review they read about a Forex broker. In short, the writer of that review knew how to point out the advantages and disadvantages of trading in general, as well as of a particular broker. However, many new traders also find out – rather soon – that the review they read was fake and the platform that they are now trading on – and probably committed to as well – is far from what they expected.
This is because, sadly, the internet is full of fake Forex broker reviews that want to trap traders into using a certain platform. Because of this, we’re going to show you 5 Ways to Identify Fake Forex Broker Reviews and, ultimately, select a proper trading platform!
Take a Good Look at the Website
If the first information that is displayed for you when you access a site of reviews for Forex brokers are the reviews – sometimes not in a particular order -, then you should already start doubting the truth that they’ll soon tell you.
The main page of a broker review website shouldn’t display reviews – that simply shows that they’re just trying to make money via affiliate links.
When reading a review, it is worth checking the page link as well. If it displays information like affiliate=”fxsite”, then this is an affiliate link. There’s nothing wrong with a website admitting that it gets paid for referral links – in fact, it’s worse if they try to hide this.
On top of that, websites that deal a lot with affiliation should also display a disclosure about it somewhere on their website. The more transparent they are with their reviews, the better.
Opinions and Comments
Obviously, almost any kind of review page should allow you to share your opinion and/or your feedback. After all, this is the second-best way through which you can find a good trading platform – feedback and comments.
For example, this review on Tradeview comes with comments from users of that particular broker, letting you know that it is not a fake review.
Negative Reviews or Comments
Naturally, when looking at reviews of certain things – not only Forex brokers – it is recommended to check the negative things as well. As such, you can search for a particular broker on a search engine and also add the bad particle.
This will let you know if there are people who have had a bad experience with this broker, allowing you to properly prepare for it if you still choose to trade on their platform.
Forum Members’ Activity
Another great way to identify proper Forex brokers is to check what the members of trading forums/websites post and comment under reviews.
In short, you can rely on the words of an active forum member who is actively sharing their opinion on multiple brokers. On the other hand, you should be careful of those who promote a single Forex broker and haven’t been around on the website/forum for a long time.
5 Ways to Identify Fake Forex Broker Reviews – The Bottom Line
As you can see, identifying fake reviews is as easy as finding out which product is better for you – namely, you have to make a comparison of what their reviews show, as well as check opinions that are being shared about them.
As such, after you carefully inspect the website the review is on, you can move on to their forum and take a closer look, as well as on other websites that share a review on the same Forex broker.