Why do most financial sites do a poor job when reviewing FX brokers?
We all know that many financial websites do a terrible job when it comes to reviewing Forex brokers. Heck, a quick trip to the good lord Google will reveal countless complaints from disgruntled traders who have been burnt by unscrupulous brokers that were recommended by supposedly reputable financial websites. So why is this the case, and what can be done to improve this ridiculous situation?
The first, and probably the most obvious reason why financial websites do a piss poor job of reviewing Forex brokers is that loads of these sites are actually getting paid by the brokers themselves to promote their services. This means that more often than not the reviews on these websites are biased and far from being an accurate reflection of the broker’s true offerings. In other words, the website is more interested in making money from the broker’s referral fees than in providing an honest and objective review.
Money talks and BS walks; and when the shady brokers come knocking with their large bags of cash, many websites will close their eyes and start walking. In fact, this practice is so commonplace that it makes it very difficult for anyone to jump onto a search engine and find a trustworthy recommendation.
While conducting research for their Local Consumer Review Survey 2022, BrightLocal found that 82% of consumers have read a fake review in the last year. While this number is quite high overall, I think that when looking at those who are browsing financial sites that have reviews on them, this number might be much higher.
What else might be causing these shortcomings?
Another obvious reason why financial websites do a less than stellar job of reviewing Forex brokers is that they often lack the expertise and knowledge to accurately assess the quality of a broker’s services. A large number of these websites are run by amateur traders or content writers who have little or no experience in the Forex market and are by no means qualified to evaluate the complex offerings of a broker. Anyone who has spent a good deal of time trying to make a killing in FX will tell you that things are a lot more complex than they seem. From finding a trading strategy that actually works to understanding the intricacies of trading fees and commissions that are charged, no one who doesn’t have a good grasp of the industry with at least a year or two of trading experience could possibly write a worthwhile review. As a result, their reviews are often superficial and fail to provide a complete and accurate picture.
While paid content and poor reviews might be the main reasons why most financial websites fall short of the mark when reviewing FX brokers, many are also unwilling to take a critical look at the Forex brokers they review. The reason is simple, many of these websites rely on brokers for their revenue and are reluctant to risk alienating them by publishing negative or controversial reviews. This creates a situation in which many of the reviews on these websites are overly positive and fail to adequately warn traders about the potential risks and pitfalls of dealing with a particular broker. By downplaying the problems and only focusing on the “positive” aspects, consumers get led into making poor decisions.
The problems are clear, but what can consumers do to try and make sure they are able to find the most truthful and reliable information possible?
So, what to do?
Introducing investfox, the newest player on the block in the world of investment reviews. As the problem of poor quality FX review became more apparent, this new tech startup came to the table in 2022 and is shaking things up. Through an innovative approach that strives toward a commitment to transparency and honesty, investfox is set to take Forex reviewing to a whole new level. As you can see, Forex broker reviews by investfox experts are quite lengthy yet easy to read, and are pleasant to an eye on both desktop and mobile devices.
But what sets investfox apart from the competition? For starters, their team of experts has extensive knowledge in a variety of sectors, including Forex, stocks, bonds, and cryptocurrencies, along with a whole host of other investable assets. This means that their reviews are well-informed and thorough, giving you the confidence you need to make informed investment decisions without wondering if the person reviewing the broker has a clue what they are talking about.
With these expert reviews comes a state-of-the-art filter system, where you can easily find the perfect broker to suit your needs. This should be a common feature on almost any review site but is often missed. So investfox developed a filter that allows you to find a broker that perfectly matches your needs. Looking for a broker that offers MT4? Just select MT4 from the list and the results will automatically update to show only brokers that fit the bill.
The same rings true for licenses, platforms, instruments, funding methods, leverage, and rating. You can simply select the things you want from a Forex broker and the list will update automatically.
It doesn’t just stop there. investfox also offers a platform for user feedback, allowing you to see what real people have to say about a particular investment company, and giving you the chance to say your say. Getting input from the community as a whole is as important as getting an accurate expert review. By having both, people are able to draw a clear conclusion based not only on what they hear from a financial site, but also on what people who have used the site have to say about it. This brings an important level of moderation.
There are many other things that make this new fintech startup stand out, like a well-stocked education area, a comparison section that allows you to weigh up brokers against each other, and multi-language support with a growing list of new languages being added.
Despite the challenges, there are a few financial websites that do a good job of reviewing Forex brokers and investfox is one of them. The reason these sites are able to deliver good results is that they are run by experienced traders who have a deep understanding of the Forex market and are not afraid to speak their minds when it comes to evaluating the quality of a broker’s offering. They typically provide in-depth and comprehensive reviews that take into account a wide range of factors, including the broker’s trading platforms, customer service, fees and commissions, and regulatory compliance, and present all this information in an unbiased way.
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