Forex is a word you have probably heard in one context or another over the past few years. This was not the case ten years ago, Forex was something that was exclusive to the major financial institutions and was not something in which a “regular” person can partake.
All that changed with the introduction of what is known as the retail Forex market. This new market enabled individual traders to partake in Forex trading the same way they do so on the Stock Market as well as others. There is only small difference. The Forex market is a 3 trillion dollars a day arena, and is significantly larger than any other financial market.
It was not long once this retail market began until there were new players trying to capitalize on its potential. With the recent introduction of the online Forex retail market, this phenomenon is even greater, and a whole lot scarier…
Why scarier? Good question. The online Forex world has a bad name, it is often compared to gambling and other semi-legit markets, and besides the actual trading that one can compare to gambling, the similarities do not stop there.
Forex is a huge market, and with its size and potential comes risks of scams. There are many online brokers or service providers that make promises they cannot possibly keep. These include promises of tremendous and immediate wealth.
There is one way, and one way only to avoid falling into these traps. As a Forex trader, you owe it to yourself to read reviews of Forex brokers. Read what people are saying; check a broker’s track record before opening an account. This is something many people neglect, and it is by far the most important step in your entire Forex trading career.
However, even reading Forex reviews is not so simple. You need to make sure the author of the review has no vested interest in promoting the broker at hand. How can you do this? Well, same way you would verify the reliability of a broker, it is worth examining and researching the reviewer as well. Is the site legit? Do they offer other services? Are they an objective site? Does the online community respect this reviewer as a professional? Make use of Google and see what people are saying about the broker and the reviewer you choose.