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/ Market Analysis / News & Analysis / Forex Broker Reputation, Why this is important
/ Market Analysis / News & Analysis / Forex Broker Reputation, Why this is important
Feb 02, 2021

Forex Broker Reputation, Why this is important

by Ben Clay
Illustration

That’s me, Ben Clay, Partnerships Manager of Blueberry Markets.

 

11 years ago, I entered the Forex industry and if you can imagine how different it was before, add online reviews as one of the things that are not common at all. 

 

In my experience, before using any product, I usually check online what people say about them before finally making a purchase decision. Now, forex traders back then do not have that option. No comparisons and no information available online but from the brokers themselves or word of mouth. The only qualifications for a Forex broker would be ‘tight’ spreads and your gut telling you that they are trustworthy.

 

Luckily, things have drastically changed since then.

 

Today, traders have the luxury of being able to find any information they want on basically any broker in the world. You can find out who owns the firm, how long they have been in operation, what the owner’s favourite colour is (well, maybe not that much detail, but you see my point). Do your research — it’s the key here!

 

However, I am still constantly perplexed by some of the stories I am told by my clients at times. I am still hearing horror stories of clients not getting money back from their broker, their broker telling them they cannot withdraw their OWN funds until they have traded certain volumes, or even the broker simply not getting back to the client full stop.

 

How can this still happen in this day and age?!

 

Well, unfortunately, there are still so many brokers operating without proper regulation, who have the ability to offer perks that attract new traders, such as; leverage up to 1:2000 (think about that for a second, that is the leverage of 0.05% margin needed of the notional value of the contract).

 

They also offer 100% deposit bonuses, or no deposit bonuses (meaning, you can simply sign up with this broker and they will give you money to trade with, in the hopes you will then deposit some of your own funds).

 

Brokers are able to do this because they simply do not care about any of the ramifications. They do not care if a client who has never traded before, signs up and blows their account in an instance. They do not care if you wish to withdraw your funds, they do not care if you wish to complain about a price you were stopped out at that doesn’t exist in any interbank market. In short, they only care how big your fund is in your trading account.

 

Why do they not care?

 

They do not care, because they are not regulated. They have no one to face up to, no compliance to follow. If you wish to complain about a broker that is not regulated, then who do you go to? Unfortunately, there is no one to complain to. Your funds are gone and you’re never seeing them again.

 

Dawn of the reputation era

 

Nowadays, brokers are ONLY competing on reputation. Basically, all brokers are offering the same spreads, execution etc.. you get it. A broker’s online reputation is the best way for clients to work out if they are safe or not.

 

Do your research! Why in this day and age, would you not do your research?

 

There are so many amazing review sites out there these days. Don’t put your funds with a broker where you have any inkling that you might not see those funds again, just so you can get a 100% deposit bonus. The risk is not worth the reward.

 

When I started at Blueberry Markets, we were focusing on customer service, as we realized that, while there are still a lot of good brokers out there, the common sentiment we were hearing, is that clients are not being heard by their brokers. So we set out to change this, simply by putting ourselves in our client’s shoes.

 

What do you want as a client?

 

Well, you want to be heard. You want to know that if something goes wrong (and believe me, things will go wrong) that you can speak to an actual human being, that someone will hear your frustrations. Not only that, your frustrations will be heard and rectified. You want to be able to trust your broker.

 

I personally read every review written about Blueberry, positive or negative and true or false (unfortunately, we do get some false negative comments, but that is part and parcel of being the best at what we do). I have no issues with clients writing negative reviews, as long as it is the truth, that is what forums are there for. I see it as a point that needs to be improved in our process or me as the face my clients see (or speak to).

 

It is my job to make sure that every client that trades with Blueberry, not only feels safe but feels that we are here for them if need be. I am a trader myself, so it’s easy to put myself in a trader’s shoes. I truly believe this is why we have been so successful and seen the incredible growth we have, to become one of the highest-rated brokers in the world, without spending a cent on marketing in the first place.

 

So please, before you choose your broker, do your research, read the reviews, negative and positive. Make a calculated decision and choose a broker that will help you reach your Forex goals, not hinder your goals. Do yourself a favour and go check out Blueberry Markets 🙂

 

If you are curious about how we do things differently, you can check our no-risk 30-day demo account with a free $50,000 fund. 

 

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