GlobalFXReviews: Brokers’ Best Friend, or a Waste of Time?
The 2020 pandemic has changed our world in more ways than we would like to admit. With many people losing jobs and many more forced to stay at home, people turned to the internet in search of new job opportunities. This is how many people for the first time discovered online trading as a viable career. This huge influx of new and inexperienced traders was unfortunately followed by an increase of scammer trying to replicate a legitimate brokerage and scam investors for a lot of money. This is why review sites starting gaining popularity in recent times. The majority of these websites are run by experienced traders who can easily spot an illegitimate business a mile away.
Some people might not be aware that brokerages can purchase fake reviews to enhance their image. Although the majority of brokerages do not manipulate their online reviews, all investors should be able to rely on this information when making important decisions. When brokerages influence their reviews, they paint a false picture which ultimately leaves a detrimental effect on both their business and their clients.
How to recolonize an honest reviewer?
Ideal forex broker review should be an unbiased overview of all features. The reader must be able to experience everything the broker has to offer both upfront and behind the scenes. If you notice a reviewer refuses to cover some feature, in most cases it is a clear attempt to hide some undesirable element. GlobalFXReviews does a great job because their reviews are broken down into easily digestible sections. By addressing all these aspects individually, experienced traders can easily extract the exact information they need. This creates an environment of transparency that is excellent news for everyone involved. Below is our coverage of all GlobalFXReviews segments.
This section presents a quick overview of all vital company information such as geographical, legal and technical data. With just a quick glance, you can get a rough picture of what a broker is really about, whether they are regulated, what type of payment methods they offer, types of assets and other. To many, this will be enough to decide whether they want to engage with a broker or not, but GlobalFXReviews offers a deeper coverage that is worth getting into.
Licencing and regulation are one of the most important signs of a company’s dedication to the safety and success of its clients. The basic idea behind this is to have a governing body that is in charge of regulating financial operations of brokers around the world. These watchdogs are there to protect traders’ funds by ensuring each brokerage adheres to strict policies. The most influential forex regulators are ASIC (Australia), CFTC (United States), CySec (Europe) and FCA (United Kingdom). GlobalFXReviews takes into consideration a brokers’ country of origin and they look up if they abide by any of the local regulators.
Arguably one of the most important features any brokerage can offer is a good trading platform. GlobalFXReviews does a great job in their reviews because they acknowledge the different experiences and preferences of novice traders and industry veterans. By addressing their individual needs, they paint a good picture which brokerage is better suited to what kind of trader. Additionally, they put great emphasis on how each platform is capable of executing trades without a hitch. This is what assured us that behind GlobalFXReviews stands a team of experienced traders because they know exactly what each trader truly appreciates.
There are many types of traders. This is all dependant on our needs, desires and ultimately our budgets. Not all brokerages address this, and this is why we appreciate a full rundown which ones are offering special account types for different types of traders. If the entry point is too steep, many traders will avoid a brokerage no matter how good other trading conditions are. With this detailed breakdown of all account tiers, traders can know exactly where they stand.
The best way to attract new inexperienced people is to offer them support at every step of the way. Education is one of the most important features for any brokerage. By providing great tools right out of the gate, many new traders can form a bond with their broker that can last through the rest of their career. Building a comprehensive library of visual and textual material is no easy task, but it speaks volumes on a brokerages’ dedication. GlobalFXReviews highlights what assets are on offer and further discusses its quality. They also differentiate brokers that offer life-time support trough weekly and monthly webinars and conferences.
Deposits and Withdrawals
This section is reserved for judging a brokerages’ ability to provide fair conditions for transferring funds from and to your account. While most are able to offer similar payment methods, each review takes into consideration how long it takes to get your withdrawal request approved. This has been a hotly contested issue in the trading community for a long time, and it is great to see it exposed like this. Now it is easier to spot shadier brokerages thanks to this part of the review.
While often overlooked, a customer support system truly is a backbone to every brokerage. GlobalFXReviews goes above and beyond and interacts with company representatives via all available communication channels to determine which one of them are actually usable. Each time, they evaluate two key things – politeness and competency of each channel. This provides valuable information on how a brokerage treats its clients in the inevitable situation when they need help or encounter an issue.
Is there bias?
At the time of writing, there are more than 60 reviews on GlobalFXReviews. All of them seem to follow a similar pattern, and we have concluded that there is no leaning towards a certain brokerages. This has enabled GlobalFXReviews to grow a reputation of a legitimate source of forex broker reviews. By not pushing people into certain direction, they are trusting the readers to make up their own mind based on the information that is presented in an easily digestible manner.
Making the final decision
We advise you to head to GlobalFXReviews and see the reviews for yourself. As long-time traders, we provided you with our honest insight, but in the end, you will have to be the one making the call. After reading our verdict, you should be capable to make smart decisions when selecting your next forex brokers.