Is time ripe for a forex brokers anti defamation league ~ free download forex trading demo software
Take time to read forex traders’ reviews about brokers they have traded with and even the remotest inclination you had in opening a live forex trading account will fade away. Imagine there was a forum where married couples gave reviews about their partners and the institution of marriage. Who would ever gather the courage to marry after going through such a site? Not with the huge number of tumultuous relationships and divorce around the world almost equaling the number of marriages for the same duration. The institution of marriage is a bag of mixed experiences- so is the relationship between traders and online forex brokers. Because of differences in our styles of trading, one forex broker can never satisfy every trader.You will never open a live forex trading account if you lay much emphasis on trader’s reviews. So long as a forex broker is regulated by a renowned entity such as FSA of London I will encourage you to give it a try. The minimum threshold is that the forex broker must be regulated. The simplicity of the broker’s trading platform, the execution speed and all antecedent charges can only come clear when you begin trading live. The ease of withdrawing money can only be clear when you make a request to withdraw and will also depend on your preferred method of withdrawal. You can open a small funded account just to see how these things work out. If the broker’s score is above average then you can add more funds. You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars.
Back to our subject of the forex brokers anti defamation league. My main reason as to why I never lay much emphasis on all those reviews is because of how they are lumped together without considering the background of all those traders. If only the moderators of those review sites took time to categorize the reviewers a clear picture would come out. Questions abound for any trader keen on finding an honest assessment. Questions like, is the review by a news trader, is it from a technical analysis trader, and how long has the reviewer traded forex online? The answers to all these questions will assist any trader with where to place the review in terms of being genuine or not.
A lot of the negative reviews are easy to believe because most forex brokers never take time to reply to them. A lie that is not rebutted will most likely stand in a court of law. Some brokers will say that it is not in their purview to proclaim their professionalism when it is self evident yet at the end of the day most traders stress that these brokers are market makers and can never act fairly. That means that they are always trading against the trader. Can the brokers maintain their professional role as service providers knowing very well that a working trade on the part of the trader is a loss on their end? It is often said that no publicity is bad publicity; but no forex broker can ever grow on negative publicity. That saying is limited to the political world. In the business world a simple mistake is all that an organization may need to trigger its downfall and that is why all online forex brokers will need to find a solution to this fast rising situation.
Negative reviews are of course a result of many factors that more often range from the number of traders a broker has and the relationship between forex brokerage entities. As more and more retail forex brokers enter the already saturated market of forex brokerage business, competition for clients keeps getting tougher. Retail forex brokers in particular find it hard to deal with this unavoidable competition and ultimately get engaged in unscrupulous dealings like offering double quotes, platform freeze and unimaginable spread. Slippage is another source of major complaints among forex traders and it is often a wonder why slippage has never been to the advantage of the trader.
The great competition among forex brokers has also seen the rise of negative reviews being sponsored by fellow brokers to tame their competitors. Often, the brokers that have suffered most in this internal rivalry have been the old big forex entities commanding hundreds of thousands of traders in the trading of forex online. I do not want to imply that this big forex brokers are never wrong, for they have a habit of taking their clients for granted as a result of the huge number of traders registering with them. But go through most of the reviews and you’ll be surprised to discover that most of them are by people who have never traded the markets in the first place. Small retail forex brokers have found that it is often through this negative forex reviews that they can fight their well funded counterparts who dwarf them when it comes to constant offers such as seminars and bonuses for their customers and attract traders to their enclaves.
Does it not therefore seem that the time is ripe for a forex brokers anti defamation league? First to ensure that only genuine traders complaints ever get published on those review sites and secondly, to impose sanctions on forex brokers engaged in proxy wars against fellow brokers for the only reason that their competitors command a huge following within the forex industry. The forex brokers anti defamation league could also act as an industry police, alerting prospective traders of any scams within the industry. Above all it will encourage forex brokers to begin acting as their brother’s keepers and stop these negative campaigns against fellow competitors.
If this is not achieved, I foresee a period when most of the now large forex brokerage entities will have a hard time convincing new traders that they are not as bad as the reviews make them to be. A lie told a dozen times begins sounding like the truth. Some forex brokers have been real scammers. Others have only had to pay the price of attracting more first time traders unaware of how forex operates. As the number of negative reviews keep adding up in most online forums, more and more prospective traders keep moving elsewhere. It’s my hope that in the next decade we won’t be saying that these forex brokers had it coming. ------------------------------
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