Do we need a new and independent forex broker review site?

A.A.H

Newbie
8 0
So I've been thinking about this for a while now. It really stemmed from back when I was looking for a forex broker to start trading the markets. I remember the process to be very sloppy, quite confusing, and some times down right frustrating. I faced a number of problems:

1. Given the sheer number of forex brokers that existed along with all the different options (account types, bonuses, leverage, etc) that they offered it was difficult to even begin to determine whether I was looking at the right brokers. (Note: this was my thought process when I was just starting out)

2. Reviews of brokers were filled with both super positive and super negative comments. While some were obviously satisfied, others made it seem like it was the worst experience of their lives. This made the decision process even more difficult and time consuming.

3. The review websites were poorly designed. The information was scattered and the comments section filled with spam. It was just a bad user experience that made the legitimacy of the information that I was seeing questionable.

4. The large number of brokers reviewed on those sites didn't help either. It seemed like the websites were more into maximizing advertising opportunities (banners and pop ups) rather than presenting their readers with the best options available.

5. It was a struggle to find out if what I was reading about the brokers was even that important in the first place.

Now that I have traded the forex market for a while and had my experiences with forex brokers I realize that some things are just more universally important than others when looking for a forex broker.

So I wanted to ask you guys what you think about a new forex broker review site. The goal of the site would be to present only those brokers who have been known to provide the highest quality of service and have comprehensively done so over a decent period of time. A number of factors will be considered in this process. One such factor would be regulation.

I recognize that this is not simple problem to solve. However, I do think that the current process to find a good, reliable broker can be made much easier for current and future traders.

Its very difficult to gauge the state of retail forex market nowadays, so I don't even know if a website like this would be very useful for traders looking for a broker. Hence, I've turned to you guys. Please let me know what you think. I would greatly appreciate your feedback.
 

GeneFX

Junior member
11 0
I think an independent broker review site would be good, but I am not sure whether it would ever be anything more grand than a blog. I can't imagine anything like compare the market getting involved in the retail forex market however even if someone did set up a market place for Forex brokers to be compared there is no real guarantee that these people are impartial
 

gerryg

Established member
900 6
So I've been thinking about this for a while now. It really stemmed from back when I was looking for a forex broker to start trading the markets. I remember the process to be very sloppy, quite confusing, and some times down right frustrating. I faced a number of problems:

1. Given the sheer number of forex brokers that existed along with all the different options (account types, bonuses, leverage, etc) that they offered it was difficult to even begin to determine whether I was looking at the right brokers. (Note: this was my thought process when I was just starting out)

2. Reviews of brokers were filled with both super positive and super negative comments. While some were obviously satisfied, others made it seem like it was the worst experience of their lives. This made the decision process even more difficult and time consuming.

3. The review websites were poorly designed. The information was scattered and the comments section filled with spam. It was just a bad user experience that made the legitimacy of the information that I was seeing questionable.

4. The large number of brokers reviewed on those sites didn't help either. It seemed like the websites were more into maximizing advertising opportunities (banners and pop ups) rather than presenting their readers with the best options available.

5. It was a struggle to find out if what I was reading about the brokers was even that important in the first place.

Now that I have traded the forex market for a while and had my experiences with forex brokers I realize that some things are just more universally important than others when looking for a forex broker.

So I wanted to ask you guys what you think about a new forex broker review site. The goal of the site would be to present only those brokers who have been known to provide the highest quality of service and have comprehensively done so over a decent period of time. A number of factors will be considered in this process. One such factor would be regulation.

I recognize that this is not simple problem to solve. However, I do think that the current process to find a good, reliable broker can be made much easier for current and future traders.

Its very difficult to gauge the state of retail forex market nowadays, so I don't even know if a website like this would be very useful for traders looking for a broker. Hence, I've turned to you guys. Please let me know what you think. I would greatly appreciate your feedback.
Doubt you will be able to tell apart paid and genuine reviews, any review site now gives biased picture of any broker, paid with competitor reviews make the most..
 

A.A.H

Newbie
8 0
I think an independent broker review site would be good, but I am not sure whether it would ever be anything more grand than a blog. I can't imagine anything like compare the market getting involved in the retail forex market however even if someone did set up a market place for Forex brokers to be compared there is no real guarantee that these people are impartial
Doubt you will be able to tell apart paid and genuine reviews, any review site now gives biased picture of any broker, paid with competitor reviews make the most..
You guys bring up some very interesting points. Credibility and bias seem to be the big concerns here. Also seems like starting another review site would be too narrow in its scope. It would just get mixed in with the already saturated "forex review site" space. It would not accomplish the goal of making the broker selection process simpler. Back to drawing board for me I guess :)

Do you guys remember how the broker selection process went for you? Any difficulties you experienced or something in particular that you found bothersome? Or something that you thought would have made picking a reliable broker easier.
 

gerryg

Established member
900 6
You guys bring up some very interesting points. Credibility and bias seem to be the big concerns here. Also seems like starting another review site would be too narrow in its scope. It would just get mixed in with the already saturated "forex review site" space. It would not accomplish the goal of making the broker selection process simpler. Back to drawing board for me I guess :)

Do you guys remember how the broker selection process went for you? Any difficulties you experienced or something in particular that you found bothersome? Or something that you thought would have made picking a reliable broker easier.
Absolutely correct. Sooner or later you'll be offered good $$$ from a broker to moderate reviews and I doubt you'll turn it down :)
Many brokers are relatively the same I tried many but now stay with Нotforex and FXCM they are hugest in the industry and quite wealthy, make sponsorship of some project etc.
If you want to make something worthy create the place for complaints. But still there can be paid complaints from competitor so I think its impossible to make a place with objectivity know-how..
 

forker

Senior member
2,688 500
The problem with broker review sites is the content isn't reliable. You will inevitably get competitors posting bad reviews and you will get reviews from individuals who trade at the wrong time (news) or have other issues like isp or pc. This independent review would need to filter all that out
 
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gerryg

Established member
900 6
The problem with broker review sites is the content isn't reliable. You will inevitably get competitors posting bad reviews and you will get reviews from individuals who trade at the wrong time (news) or have other issues like isp or pc. This independent review would need to filter all that out
But the point is to find "diamonds in all this sh@t" - genuine information from real traders and understand who was guilty broker or trader.But of course if you're inexperience in telling apart rookie beefs from grounded complaints then review website won't help you to advance not a jot in broker search :|
 

A.A.H

Newbie
8 0
But the point is to find "diamonds in all this sh@t" - genuine information from real traders and understand who was guilty broker or trader.But of course if you're inexperience in telling apart rookie beefs from grounded complaints then review website won't help you to advance not a jot in broker search :|
Excellent point. There is too much spam/misinformation out there. It's a problem that made me feel skeptical about forex in general when I started out. It also honestly made me feel a bit ashamed sometimes. Reading all this "scammy" information and then going on to tell my friends and family that I was doing this new thing felt unusual.

Anyway, I digress. I started working on a project a while ago to address this exact issue. Finding forex brokers, and often general forex information, is a difficult and sometimes demoralising process. Reviews can be "rigged" and often the information is just inaccurate. Reviews are either overly positive or overly negative. Often about the same broker.

Frustrated with the lack of a genuine online resource that gave an accurate representation, I decided to do something about it. This is the result:

http://booksandbrokers.com/

The site is designed to give traders an accurate representation of what the true consensus is on a particular forex resource.

If you guys could take a look at the site and let me know what your thoughts are I would really appreciate it. Here are some broker specific content that you could also look at:

http://booksandbrokers.com/fxcm-review/

http://booksandbrokers.com/etoro-review/

http://booksandbrokers.com/oanda-review/

Finally if you've read this far, I can't thank you enough. This is a project that is very close to my heart.
 

trade2bpro

Active member
159 1
We really need a site as you mentioned above and overall earnforex and fpa are two most trustful review sites I can refer for any brokers.
 

NVP

Legendary member
37,463 1,961
but define independent ...........that's the problem

most of the stuff out there is not independent ....in fact most are frighteningly bias to the right commission or favour from vendors and other related partners

all this rubbish where new systems and vendors are audited and tested cracks me up ........its all a load of nonsence ..........everyone is out to make a buck - remember that

N
 

NVP

Legendary member
37,463 1,961
just trust the thing between your ears ..........you'll need it for trading anyway

take it slow and research and absorb everything ..gradually you will research and trade a little and the mist will start to clear .........believe nothing , believe no one , prove everything to yourself in terms of testing and evaluation over time

that's it ..............sure ive been lucky and worked with a lot of traders and mentors over the last 16 years in my forex life for example ..........but most of it was solo efforts and independent analysis and research ......

N
 

NVP

Legendary member
37,463 1,961
You guys bring up some very interesting points. Credibility and bias seem to be the big concerns here. Also seems like starting another review site would be too narrow in its scope. It would just get mixed in with the already saturated "forex review site" space. It would not accomplish the goal of making the broker selection process simpler. Back to drawing board for me I guess :)

Do you guys remember how the broker selection process went for you? Any difficulties you experienced or something in particular that you found bothersome? Or something that you thought would have made picking a reliable broker easier.
just go for a bigger uk based and more reliable broker and try it ........if you don't like them tell them to fix things .....if they don't go somewhere else ............trial and error

I cant believe how polite most traders are with brokers .......you re their customer ......they need you to make money .....

I was born into a bookmaking family and we took a lot of abuse all the time ...............so don't be afraid to tell a broker what you think and what you want .........they are not untouchable :LOL:

N
 

ijak

Junior member
27 0
So I've been thinking about this for a while now. It really stemmed from back when I was looking for a forex broker to start trading the markets. I remember the process to be very sloppy, quite confusing, and some times down right frustrating. I faced a number of problems:

1. Given the sheer number of forex brokers that existed along with all the different options (account types, bonuses, leverage, etc) that they offered it was difficult to even begin to determine whether I was looking at the right brokers. (Note: this was my thought process when I was just starting out)

2. Reviews of brokers were filled with both super positive and super negative comments. While some were obviously satisfied, others made it seem like it was the worst experience of their lives. This made the decision process even more difficult and time consuming.

3. The review websites were poorly designed. The information was scattered and the comments section filled with spam. It was just a bad user experience that made the legitimacy of the information that I was seeing questionable.

4. The large number of brokers reviewed on those sites didn't help either. It seemed like the websites were more into maximizing advertising opportunities (banners and pop ups) rather than presenting their readers with the best options available.

5. It was a struggle to find out if what I was reading about the brokers was even that important in the first place.

Now that I have traded the forex market for a while and had my experiences with forex brokers I realize that some things are just more universally important than others when looking for a forex broker.

So I wanted to ask you guys what you think about a new forex broker review site. The goal of the site would be to present only those brokers who have been known to provide the highest quality of service and have comprehensively done so over a decent period of time. A number of factors will be considered in this process. One such factor would be regulation.

I recognize that this is not simple problem to solve. However, I do think that the current process to find a good, reliable broker can be made much easier for current and future traders.

Its very difficult to gauge the state of retail forex market nowadays, so I don't even know if a website like this would be very useful for traders looking for a broker. Hence, I've turned to you guys. Please let me know what you think. I would greatly appreciate your feedback.
there is many broker review sites out there pop out everyday.
our job are to find the realiable one.
for review sites, i use forums, FPA,EarnForex, and BrokerArena
 

trade2bpro

Active member
159 1
Indeed, however, for new trader or non-experience trader, they need a good review site to have a first view with any brokers that follow me, a good independent review site is really necessary.
 
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