Broker ratings vote results
Broker ratings Discussion
Sep 19, 2009 at 04:24
1,189 Views
1 Replies
Member Since Aug 20, 2009
266 posts
Sep 19, 2009 at 04:24
(edited Sep 19, 2009 at 04:34)
Hi there,
Just been browsing the broker section.........good idea, but based on several review sites, I think there are a couple of things that you need to do to maintain integrity.
Here are some things I would like to see :-
1. More aspects being rated such as quality of fills ie slippage/requotes/speed of execution;
2. An assesment of honesty. As an example, FXCM proclaim that typical spread on the EURGBP is 2.4 pips, but when I charted their spreads over 24 hours, they are more like 3.3. This is dishonest IMHO;
3. Minimum and maximum scoring should only be allowed by people that have live traded accounts with the broker in question;
4. The minimum score should come with a detailed explanation plus the old account details, so that you can verify(presumably this will be a closed account);
5. If some-one scores a broker with maximum, then surely they are still running the account and can display their results here, adding to the credibility of their rating.
I am still astounded by some of the idiotic things I have seen on review sites......one guy actually claimed his broker was a scam because they did not offer the EURGBP! The joke was that they did....this guy just didn't know how to bring it up on his trading platform! Even more amazing, was the fact that the review site just left the comments there which really taints the picture for me. I know the guy was uninformed, but how many others didn't and they missed out on what I considered to be a good broker.
You don't want the ratings here to become a joke like they are over at forexpeacearmy where the broker and their IB's all jump in and provide fake reveiws.
I would also love to be able to see who is voting for which broker............if I see a review and I then check out the person's results, it will give me an idea of the validity of the rating.
Just been browsing the broker section.........good idea, but based on several review sites, I think there are a couple of things that you need to do to maintain integrity.
Here are some things I would like to see :-
1. More aspects being rated such as quality of fills ie slippage/requotes/speed of execution;
2. An assesment of honesty. As an example, FXCM proclaim that typical spread on the EURGBP is 2.4 pips, but when I charted their spreads over 24 hours, they are more like 3.3. This is dishonest IMHO;
3. Minimum and maximum scoring should only be allowed by people that have live traded accounts with the broker in question;
4. The minimum score should come with a detailed explanation plus the old account details, so that you can verify(presumably this will be a closed account);
5. If some-one scores a broker with maximum, then surely they are still running the account and can display their results here, adding to the credibility of their rating.
I am still astounded by some of the idiotic things I have seen on review sites......one guy actually claimed his broker was a scam because they did not offer the EURGBP! The joke was that they did....this guy just didn't know how to bring it up on his trading platform! Even more amazing, was the fact that the review site just left the comments there which really taints the picture for me. I know the guy was uninformed, but how many others didn't and they missed out on what I considered to be a good broker.
You don't want the ratings here to become a joke like they are over at forexpeacearmy where the broker and their IB's all jump in and provide fake reveiws.
I would also love to be able to see who is voting for which broker............if I see a review and I then check out the person's results, it will give me an idea of the validity of the rating.
Wealth Creation Through Technology
Member Since Jul 31, 2009
1449 posts
Sep 19, 2009 at 11:13
Some of the points you've raised will be considered.
Regarding the votes - most if not all of the users prefer to vote anonymously, so showing the voters, or forcing them to write a detailed review will just make them think twice before voting.
As more and more votes will be cast, the more accurate the voting results will be.
Limiting the votes to the accounts used here on Myfxbook will not truly reflect the broker's score as many have used some brokers in the past which they do not use now. Also, there is no verification currently as to the broker used by a user, so again no point of limiting the vote to broker on the user's account here in Myfxbook.
The point of the initial scoring is to provide a simple yet effective scoring system. However, if a user wishes to elaborate on his scoring, he is more than welcomed to write and post about it.
Thank you for the suggestions.
Regarding the votes - most if not all of the users prefer to vote anonymously, so showing the voters, or forcing them to write a detailed review will just make them think twice before voting.
As more and more votes will be cast, the more accurate the voting results will be.
Limiting the votes to the accounts used here on Myfxbook will not truly reflect the broker's score as many have used some brokers in the past which they do not use now. Also, there is no verification currently as to the broker used by a user, so again no point of limiting the vote to broker on the user's account here in Myfxbook.
The point of the initial scoring is to provide a simple yet effective scoring system. However, if a user wishes to elaborate on his scoring, he is more than welcomed to write and post about it.
Thank you for the suggestions.
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