You have just realized that online trading could bring you a lot of money without going to places to work 9 to 5 jobs. Well, it is true that you can make a lot of money through online trading, but only when you step in the right direction right from the beginning. The first step in the right direction is picking the right broker. Believe it or not, your trading career will end before it starts if you choose the wrong broker. But how do you pick the right broker? Do you have any metrics, indicators, signs, etc. that you can use to locate the best online broker?
Well, you can do that by reading an online broker review. But how do you know you are reading a reliable, helpful, and truly useful review? That’s what this guide is for. It will help you find out all that’s important in identifying the right broker review. Once you are done reading this guide, you should be able to pick a great broker, and start your trading career without any hiccups. So, let’s get to what’s important.
Understanding What Reviews Are For ★★★★★
The first thing that you have to understand is the purpose and meaning of online reviews. Why are they there? What is the purpose of their existence? Are they for you? How can they help you pick the right broker? There is a lot to learn about online reviews. Let’s understand the reason for online reviews to exist with three crucial factors.
· For Helping Prospects
The first reason for a review to exist is to help prospects find the right businesses. When you go online, you find a deluge of information as soon as you search something on Google or any other search engine. If you start the research process yourself, you will end up spending hours and hours without reaching a conclusion. In fact, you might spend weeks without ever being able to decide which online broker you should pick. So, rather than you doing all the hard work, you let online reviews help you. The experts who understand the online trading industry have already done the hard work on your behalf.
· For Saving You Time
Perhaps, you know what factors to look for to find the best broker online. However, with so many factors to consider and hundreds of online brokers, it can be quite a task to narrow down your search to only two or three brokers. You need to record a lot of information in one place to create the perfect comparison among the brokers. This can be time-consuming and you don’t have that if you are looking forward to making a decision as soon as possible. In that case, an online broker review can save you the time and hassle of finding the right broker. Within minutes, you will know which broker to pick and why.
· For Protecting You from Scams
When experts do their research, they find a lot helpful information for their readers. Instead of focusing only on the right brokers, they can also create a list of brokers who are nothing more than scams and frauds. It is a reality. You will usually find a complete list of fraudulent and scamming brokers online when you go on the reviewing websites. Keep in mind that online scams can deprive you of your hard-earned money. There is no limit to how much damage they can do to you financially. In some cases, they can steal your identity and cause irreversible damage.
Evaluating the Ease of Reviews ★★★★
This is yet another crucial factor that you have to understand before you call an online broker review trustable. The job of an online reviewer is to make things easy for their readers. The review that you are reading should not be like a book. There is no benefit in reading an online review that takes several hours to complete. Why? Well, if you can spend this much time on reading a review, why not spend the same time doing your own research? This way, you can find the best broker and you will know that you can trust this broker because of your personal research.
Here is how you can evaluate the ease of an online review so you know that you are reading the right one.
· The Language
The first thing to look at when you are reading an online review is the language used by the expert. An expert is not a true professional and helpful being if he/she relies on difficult and hard language to create its content. The expert has to understand who he/she is talking to through the review. In many cases, it is the first time traders who are reading these reviews so they can get some help with their trading decision. These guys do not even understand the basic trading language used on the websites of the online brokers, understand the jargon used by a reviewer is a whole another story.
When you are reading reviews, you will see that the expert is trying to make you understand everything so you know the value of each factor that is being viewed to review brokers. There is no way for an online reviewer to review a broker if he/she does not even understand the importance of the factors they are talking about. However, they have to convey this value of weighing each factor to you so you understand their importance as well. How can they do that? Well, the simple answer is, “By using simple language.”
· The Comparison Table
That’s the most important part of any online review these days. If you have seen a few, you must understand the importance of tables that simplify everything for you. That’s an important factor because on many occasions, you do not even have to read the full review if the comparison table is complete and elaborative. What information do you find in these tables? Everything that you need to know about a broker is there on the table. If your reviewer is the right person for the job, you will notice that you can narrow down the best brokers by just looking at the information table.
You must not forget that people do not have too much time these days. Whether they are selecting an online broker or finding the best restaurant in their area, they want to make a decision as soon as possible. To make that decision, they need the reviews to be as concise as possible. A review can have thousands and thousands of words, because these words help an online broker review to be ranked higher in search engine results. However, for people who want to make a decision as soon as possible, they want concise forms of the information, and that’s why they find comparison tables so helpful.
For example, when looking for online brokers, the most important factors include: regulation, safety features, deposit methods, leverages, margin requirements, account types, minimum deposits, bonuses, etc. You will notice that the best online reviews contain all of this information visually inside the table. In short, you will know all of these factors about a broker within seconds of looking at the comparison table.
Getting Help from the Buying Guide ★★★★
The buying guide is probably the most helpful part of any online broker review. You cannot consider an online review complete unless it has a complete buying guide. Keep in mind that when a broker gives you the ratings of online brokers, you are relying on his/her information and evaluation. However, people who want to make their own decisions like the information to be available to them. They want to make their decisions based on the information they get and how they perceive everything. What an online reviewer finds annoying might not be so annoying for the trader. So, a buying guide helps the reader know which factors matter the most in picking the right broker.
Here is how you can be sure that the buying guide you are reading from the online reviewer is really meant to help you and will assist you in picking the right broker.
· It Is Specific
A buying guide is a guide – a written piece of content that is supposed to help you make a decision. For that reason, it has to be as concise and specific as possible. You cannot trust a buying guide that is full of fluff and useless information. You will be surprised to know that there are many online buying guides that are not helpful at all. Why aren’t they helpful? Well, because they are talking about stuff that you already know. On the other hand, a buying guide should bring to you the information that you do not have already. This way, it can help you discover the pointers that will help you pick the right broker.
Now, you will notice that the right buying is not full of filler language. Filler language is often used by online reviewers to increase the word count of their reviews. Why do they do that? The idea of increasing the number of words stems from the fact that Google gives a lot of weightage to long-form content. The more words you have in your content, the more Google will think of it as important. However, you do not find helpful information in the long-form content all the time. In many cases, it is full of filler language, which is there to serve no value and provide you with no information at all.
· It Explains Things
One of the most important things you can notice about the best online buying guides is that they will help you with the explanation of things. Now, you have to realize that you are reading an online broker review not only to identify the best broker, but also to identify the pointers that can help you pick the right broker on your own as well. A lot of things about the online trading world consist of jargon. For example, many online traders do not even understand what regulation really means. They do not understand the importance of segregated accounts, margin requirements, leverages, and much more.
So, when the online reviewer is talking about these things, many of the readers are not even able to understand what is being talked about. In other words, the reviewer loses the audience in the middle somewhere, and traders start looking for some other source of information that they can easily understand. If you are reading online reviews and find a buying guide within the review, read it. If you notice that everything is being simplified for you, then you can stick to this buying guide and reviewer for future reviews as well.
Identifying the Shills ★★★
You will be surprised to know that many online reviews are fake. Fake reviews are nothing new and they are spreading on the internet like cancer. As unfortunate as this may sound, you have to find a way to stay away from reviews that are fake and in no way meant to help you pick the right online broker. These reviews have been written to promote a particular online broker or to malign one. Your only job in this particular case is to identify a fake review and mute it forever i.e. take a vow to never return to that website ever. Let’s take a look at some factors that can help you find out that the broker review you are reading is nothing more than a fake review that’s misleading you into the wrong direction.
· The Non-stop Praising
That’s the first thing you will notice about an online review that’s fake and unhelpful in the truest sense. So, why does an online reviewer write a fake review? Because the reviewer is getting something return to write good things about the broker. So, this broker pays the online reviewer to write good things about its services and the reviewer has to obey because he/she is getting a lot of money to do that. However, you can notice that right from the language of the reviewer. You will see a lot of adjectives being thrown in the content as the reviewer talks about the services of the broker.
In addition to that, you will see that the reviewer is not saying a single bad word about the broker. When there is an honest review, you will notice that the words coming from the reviewer are a mix of good things and bad things. When the reviewer says something good about the broker, he/she also talks about the weaknesses of the broker. You cannot say that a particular online broker is perfect and has no weak point. However, a paid reviewer makes things seem like that i.e. the broker is perfect and has no flaws in its services.
· The Non-stop Maligning
There are multiple ways online brokers can use online reviewers. They can either ask them to praise their services, or pay them to malign their competitor. You will be surprised to know that this particular practice is more common than you may realize. There are many online brokers that are constantly paying influencing and recognized online reviewers to write bad stuff about other brokers. However, just as you can recognize the praising words from a paid reviewer, you can recognize the unnecessary maligning as well.
You will notice that the reviewer is saying bad things about a particular broker without stopping. Every particular feature that the reviewer mentions, he/she mentions it only to malign the broker. You will notice this particular practice in many online Youtubers as well. These reviewing Youtubers are paid by companies to say bad things about their competitors, and you can see that malignant intent right from the way the review is articulated. The reviewer will say bad stuff about a feature which he admires in the phone that is from the brand he has been paid by.
This is what you will notice in a misleading online broker review. It will keep maligning a particular broker. In fact, you will notice that the reviewer is mentioning the broker who has paid the reviewer as an alternative.
· The Oddness
What does oddness mean? Well, you will notice this particular factor when you have read a lot reviews about a particular online broker. When you read a lot of online reviews, you see a particular pattern in them. You will see that they are saying similar stuff about an online broker. Yes, there will be a difference in their ratings. Some reviewers might rate a “broker A” four stars on the other hand, another reviewer might give the same broker five stars. However, this difference is extremely noticeable when you are reading a biased online review. You will notice that the ratings are completely different.
If all the online reviewers have rated a particular broker 1 star for its unworthy online brokerage services, the paid review will give it 5 stars. You might not believe it right now but spend some time online reading reviews, and you will see many reviews of this nature. They keep praising a particular online broker which the entire world is calling a poor broker. The broker is nothing like this particular paid review claims it to be. Stay away from such a broker review as much as possible.
Learning Trading ★★
This might not be the most important point, but it does apply in some cases. Sometimes, you will notice that the online reviewer providing you with all the reviews on online brokers is also a great source of information about trading. While you can learn trading from the broker who you decide to open your trading account with, there is nothing wrong with trying an online reviewer for learning about trading. Not all reviewers provide you with courses and education on online trading, but some do, and they can be greatly helpful for you. But there is something you have to know before you pay to learn from a reviewer.
· Only a Learned and Experienced Trader Matters
When it comes to learning trading from an online reviewer, you have to do a background check. You have to find out about the reviewer so you know who is telling you to do things. You have to find someone who is a thought leader in the niche they are talking about. If you are reading their reviews and opinions about particular broker, they have to be experienced with trading and the way financial markets work to provide you with all that information. Yes, in many cases, you will see that the bloggers who review online brokers are trained and experienced professionals who know the ins and outs of trading.
They can help you not only with education on trading, but also with predictions. Yes, they will provide you with their predictions about the assets, which they think will go up in value and help you make a lot of money. They have their own courses in which they can teach you what trading is all about and how you can make a lot of money trading.
It is important that you pay attention to the details mentioned above if you want to read an honest broker review and pick the right broker based on that. The online world can be extremely deceptive at times. What seems to be legit and trustable turns out to be nothing more than a fake website full of information that is supposed to mislead people. At the same time, you have to stop yourself from being impressed by difficult words and technical jargon. Trust people who use simple words to make you understand things. With all the information mentioned above, you should be able to identify the right broker, and learn a few basics about online reviews so you can read the right ones, and guide other traders in the right direction as well.