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How to identify trusted broker reviews?

Avatar Yashu Gola 3 years ago

Trusted broker reviews are definitely worth the weight in gold. The main goal that broker reviews pursue is to deliver the honest and relevant information about various brokerages. The majority of such websites combine reviewing brokers with different affiliate programs. There is no problem at this point if this does not affect the transparency of the information given. However, distinguishing trusted reviews from biased ones can be a challenging task. Hence, we would like to provide some tips which may help you identify honest broker reviews.

First of all, reviews describe the broker from all angles, not avoiding the possible downsides. Genuine reviews tend to provide accurate information about the regulation, fees, commissions and unresolved issues. There is one feature that untrusted reviews have in common, i.e. the website displays a huge list of broker reviews. In such a way, the website expects the user to click on one of them. These reviews are mostly short and will not tell the whole truth. As the part of the affiliate scheme, dishonest broker reviews usually leave the link to the broker’s website or the web banner. Performing affiliate programs is okay, but the user should be informed about this in the special disclosure. This is what trusted reviews quite often do.

Secondly, the broker review websites must be open to the feedback. For this reason, there must always be the ability to leave the comment. If clients can share their trading experience in the comment section, this is actually a positive sign to read more brokers reviews here. However, it is important to notice whether the website is filtering the comments. In case the inconvenient comments are deleted by the moderators, then the website is not the trusted source of information about the brokerages. Essentially, you should not hesitate to avoid all the reviews posted there.

Another tip is to identify the presence of the broker promoters on the website. Trusted broker review sites try to get rid of the fake testimonials in the commentary. Therefore, you should check the forum or other broker reviews. If the “supporter” did not comment anywhere else, this at least looks suspicious. However, it is up to your own judgment.

When doing your search for the broker you should look for the scam broker reviews. If such content is present, this gives a hint that the review website is not acting from the side of the broker, but rather serves the traders primarily. Of course, there are exceptions for this. Similarly, the broker might not necessarily be the fraud, but still it raises the questions about its online reputation.

The Bottom Line

There are thousands of sites which specialize in providing latest broker reviews. To find the trusted ones, you have to thoroughly examine the review website. The way reviews are delivered to the user usually tell about the degree of the site independence and information accuracy.

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Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN...

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