Bad Reviews Everywhere Confuse to Choose Broker

Hi mates. I really wanted to open this topic because I am very confused. I try to choose a forex broker which is reliable however for every broker I read the same bad reviews always. How can I decide a broker I don’t know. I just want trust from a broker. Could you help me please?

Hi MT,

I can confuse you a little even more :slight_smile: I give some information about those bad reviews. In many cases the bad reviews occur not because the broker is bad, but the losing trader does make the broker responsible for his losses and does not take the responsibility for poor trading. So obviously these reviews do not have much value. Also, the competitors of brokers (aka other brokers) make bad reviews about the other brokers and good reviews about themselves to create competitive advantage.

Isn´t this enough to get confused? NO! So to make it better, some brokers pay big money for known websites out there (a monthly fee) to delete bad posts about them. Many would not think about that. Well, that is how this industry works. This means, if you do not see a bad review about someone, it still does not mean they are good, it can also mean they just pay money for the website to delete bad posts.

On deciding what is optimal for you, you have to know what kind of trader you are, what is your strategy based on, what are the important aspect etc. No one can tell you the answer for those questions for you, only yourself and giving you advice without that knowledge would just be st.pid.

One more thing, many people think a regulated broker cannot be a bad broker. Well, I would question that statement.

Have a great journey!

Thank you so much for your great answer.
Kind regards.

Are the brokers regulated in your country in any official capacity? Because if they are, you can always check whether the organization responsible for this regulation has issued any warnings or notices about the broker you wish to work with. Like, for example, the Australian ASIC warning against a fake branch of a legitimate broker. Usually the information coming from such official regulatory organs is the most reliable.