A novice trader who does not understand deeply the essence of trading conditions, at least due to the lack of practical experience and knowledge of terminology, choosing a broker prefers ratings and forums. Not knowing which broker to choose, the trader turns to more experienced Forex participants, in his opinion. This is what brokers use, using various methods to manipulate the minds of non-professionals. We told about ratings in the last article, this review will focus on real-world examples of manipulation in Forex traders forums.
Forex traders forums as a tool for unfair competition of brokers
The task of the broker is to attract a trader at any cost, intercepting him at the same time or blackening his competitor’s reputation. For this, the forum creates the appearance of dialogue. The broker selects the appropriate topic so that the messages correspond to the topic, after which it creates the appearance of correspondence between 3-4 participants of the topic. The essence of the correspondence may be reduced to complaints against a competitor or, on the contrary, to advertising a particular broker. One “trader” writes criticism, the second confirms it.
Pay attention to the registration dates of the users of the Forex traders forum and the date of writing messages. Unfortunately, not all traders pay attention to this, concentrating on the essence of the correspondence itself. Forum owners see that accounts have the same IP (unless the broker is not specifically encrypted), but they do nothing.
Now pay attention to the following screenshots:
The text is the same, but the dates are different. Reviews are taken from different sites, because the only partial verification of a review is anti-plagiarism. The real trader leaves the same review at the same time, and not with a gap of several weeks or months, as in this case.
And another interesting screen that shows how brokers can work:
Theoretically, if someone wrote a negative review about a broker, then why shouldn’t a competitor seize the opportunity of self-promotion? It seems logical, but who knows whether the competitor is the author and the first review.
And if the above examples are just an attempt to mislead the trader, then there are more brutal ways to compete. Below is a screen from Yandex, where on the first page one of the brokers has discredited another. For a long time, this contextual advertising in the top did not last, but caused a lot of questions. Agree, the first thought arises that the advertisement was ordered by AMarkets itself, but maybe this is an attempt to substitute it?
And here is another interesting screen:
The publication date immediately catches the eye. The last message on the Forex traders forum is dated December 30, 2015, after which two messages appear after 3 months one after another with a gap of 2 minutes. Obviously, they were written by one person. Well, the goal is clear – to discredit the broker.
Conclusion. Neither ratings nor Forex traders forums can be a decisive factor influencing the choice of a broker. Learn to approach everything critically and not to make hasty conclusions. Check the information in different sources, ask questions to the authors of messages and do not be afraid to take risks: the best adviser is only you. And the number of errors decreases only with experience.