Modern environment of the Forex market involves many web sites for discussing market news, trading strategies considerations and also there traders can share their opinion about brokerage companies of the global market. Now it is easy to find a description of any company or reviews about it, that left current or former customers. Such a wide diversity makes us think that not all of these reviews can be measured reliably. For example, that conditions of a company actually not so attractive and engaging and vice versa. In addition, these estimates could be put up by professional experts - journalists, copywriters, SEOs.
In the field of Forex trading false-positive reviews are closely intertwined with false-negative. The fact is that in the Internet it is very difficult to find strong evidence of a certain Forex company. Basically a lot of information about brokers is on forums, ratings, blogs, and other similar websites that could easily belong to a brokerage firm. So it turns out that on sites which are subjected to a certain broker, the information may be one, and on the independent website with real feedback - quite different. Of course, there are independent ratings, such as for example the well-known: myfxbook, forexfactory, forex peace army, dfid and others. As a rule, there every review is strictly moderated by employees of resources, there are not allowed a frank wrap of "reputation" for individual companies, as well as outright "watering slops" of a competitor.
However, the wide popularity of such resource has some disadvantages. One of them is the fact that there are too many visitors on the resource, who are in a hurry to share their thoughts. Therefore, it is very hard to moderate such websites and it is simply not enough time to analyze every review. I am bringing you to the fact that even well-known, reputable and respected websites dedicated to forex trading may have false-negative reviews about honest and professional Forex companies.
Let's take for example such known resource as FPA - ForexPeaceArmy. They have interesting system of sorting brokers, it is called the FX court. Based on feedback from traders the resource provides a verdict - whether or not this broker is scam. Their scam-list has already more than 100 brokers, and some of these companies are known worldwide. However, whether or not all the companies in this list are scammers?
I decided to check it out and work with these brokers. I will not name these brands to avoid any unnecessary discussions that are not related to the topic. To do this I chose six brokerage firms on following criteria: minimum spread for EURUSD (based on data from myfxbook), minimum deposit for a new trader (< $500), broker is fairly well-known in the Forex market. After opening the account I tested the speed of depositing to my trading account, almost every broker credited the funds instantly, the maximum delay was about 10 minutes. Then I launched all the terminals, which worked on one server and have instant access to the Internet. Average ping of companies was about 35 ms, maximum was 55 ms. Not bad, huh? Now, about execution and withdrawal: 4 of 6 companies have fulfilled the declared trading conditions (average order execution was about 1.5 seconds, the order opened and closed at market prices). The rest of two were trying to manipulate with my account, offered non-market quotes and delays for the entry and exit from the market. Thus their title of "scam" on the FPA is completely justified. 2 of 4 accounts were honestly lost by me without additional help, so I was not able to test withdrawing. It remains 2 accounts with profit. All money from these accounts I have withdrawn without any problems in 2-3 business days via Skrill and WebMoney.
So, what is the fruit? To understand what company is trustworthy, you need to work with it on their own. As the saying goes, it is better to try once than read a hundred times. However, if you are not able to check all the brokers that you like, then simply use multiple sources to gather information. This will help you to create the most complete picture to the account of Forex companies and get the right choice. I wish you a successful trading and reliable Forex partner for business.