Saturday, June 1, 2013

Brokers Wiki Review

Everyone was on the search for a good forex broker at one point in their trading career, usually at the very beginning. The approach is usually very similar and the first stop tends to be the search engine of choice. Forex forums are also very high on the list and then there are broker review sites. In general common sense dictates that one should ignore what unknown individuals have to say about a specific broker.

The most popular broker review site must be Forex Peace Army. Plenty of new traders advice other new traders to check out FPA and find out more about their forex broker; FPA is full of review by traders or at least those who claim to be traders. This is comparable to one blind person giving directions to another blind person. You can imagine the results of that endeavor.

Furthermore, FPA is sponsored by forex brokers which creates a certain bias from the start. Imagine an alcoholic going to an AA meeting which is sponsored by brewers and spirit makers. It makes no sense and it is no secret that FPA has fumbled the task several times as it labeled legit forex brokers as scam because their ego was hurt since legit forex brokers did not bother to go into a lengthy online discussion in order to solve the issue. FPA is not the only terrible outlet online, your search engine will cough up plenty.

So are all broker review sites utter rubbish and completely useless?

No, of course not.  There are a few hidden gems which truly provide a good service to forex traders and one of them is Brokers Wiki.

Brokers Wiki does not take into consideration what traders claim, but have a more professional approach and uses experts to review and check out forex brokers. They have compiled an extensive database of different brokers across the financial industry.

The web-design is clean and navigating Brokers Wiki is very simple. The reviews are more in-depth than other broker review sites and Brokers Wiki has a search function which allows visitors to search for brokers based on the following aspects:
  • Type of Broker
  • Country
  • Broker’s Rating
  • Recommended For

In addition to broker reviews, Brokers Wiki also features a section with analysis of popular stocks which was an unexpected surprise as you can find much more information than simply broker reviews. In order to roundup their website they also offer a section called Stock Market Content Articles which offers more quality content for visitors.

Conclusion

The Last Bear believes that every trader needs to do their own due diligence first and take your time with this crucial step. There are no short-cuts and those who try to take them will end up on the wrong path which will cost them heavily. Having said that; Brokers Wiki is a nice resource to have in your arsenal as you evaluate potential brokers which you plan to enter a business relationship with. 

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