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Have You Ever Reviewed Anything Related to Forex?

February 1, 2021 by

According to one of my old polls, two thirds of traders trust online reviews about Forex brokers and one third of traders don’t trust such reviews. Since that time, the overall trust in the industry and reviews has probably deteriorated significantly, but nevertheless, they likely remain an important factor for many traders when they consider opening a new trading account or purchasing some FX tool.

Traders! Lord Kitchener Wants You to Write Your Broker's Review!

I myself rely significantly on reviews by people I trust when it comes to spending money (and time too!) in the currency trading industry. So, the question of whether real people actually write such reviews feels very important.

Brokers. Reviewing brokers is probably one of the most important types of such feedback. Many brokers ask their traders to leave reviews on broker review websites (such as EarnForex.com for example). Some also pay bonuses for traders leaving reviews, which is a big no-no in my opinion. At the same time, scam companies often hire freelancers for posting positive reviews about them and negative reviews about their competitors. This skews the actual picture we, as traders, receive, denying us the quality assessment of a company we are interested in. Yet it is worthwhile for traders to study all available reviews of the company and apply common sense to weed out the questionable ones and pay attention to the genuine ones.

Apps. Although, I rarely use mobile apps for trading or analysis purposes, I am sure that lots of traders use such apps, including the paid ones. Here, the reviews are harder to come by unless you are dealing with some extraordinary app (like MT4 for mobile for example). I really hope users leave real reviews for such product on mobile app stores and forums.

Signals. I am pretty certain that trading signals (free or paid) is the most deceptive part of the FX industry when it comes to reviews. I think in all my 15 years as an FX traders, I’ve never encountered a single truthful review of Forex signals and read thousands of fake ones.

Indicators/EAs. Being myself a developer of indicators and expert advisors, albeit free ones, I am quite biased when discussing their reviews. However, the strange thing is, I rarely encounter reviews of indies or EAs, even of the paid ones, online. That is not counting the testimonials presented on sale pages (I’ve never believed those ones).

Books. This is the part of the Forex trading sphere which seems to be least affected by fraudulent reviews. Be it Amazon or Goodreads, it is oftentimes very easy to discern a good book from a useless fluff by reading reviews there. Forex trading books are also often reviewed by bloggers online (including our blog too!), so it is easy to find someone you trust and whose taste for FX literature matches yours and just follow their reviews.

Websites. Even informational and educational websites can be reviewed by traders. Such services as Trustpilot and myWOT let visitors share their opinion about any website, which could be helpful when deciding whether something is worth your time and if there is knowledge to gain there.

I do my best to review everything I use or work with in Forex. However, I often forget to do so, and sometimes, there isn’t an easy way to write an honest and detailed review that would convey an impartial point of view to the reader. And how about you?

How often do you review online something related to Forex?

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If you want to share why you review various Forex-related services or why you prefer not to review anything, please feel free to do so using the commentary form below.

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