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Buying 'Trust'?

The Retail FX Industry has been tainted over the years and while some of the bad press is unfounded, some, well, is spot on.

The entire industry comes off as, simply put, untrustworthy. Granted some of this stems from the lack of understanding on how FX works, and when you pander and solicit newbie traders with zero knowledge of this market other than what they have 'learned' from forums and blog posts, you are pretty much setting yourself up for some fallout.

Of course, the argument can be made, and I have made it regularly, that the industry as a whole SHOULD be educating its base on this very important topic, rather than telling them what a trend line is and how to plot Fibonacci retracements. BUT this leads to a conflict of interest to most brokers, a conflict between their client's profitability and their bottom line. Care to take a guess who wins that battle?

Trust is VERY hard to gain, especially when it comes to someone's wallet. However, it can be lost VERY easily. This is why a LOT of marketing dollars go into bolstering and creating trust, the problem is some of this marketing is completely against the image the very campaigns are trying to push onto their clients...

We received an email recently, from an un-named company that gives (perhaps not the right choice of words here) 'Awards' to the financial and FX marketplace. These awards can be found on numerous websites. Now this in of itself is benign, as we are contacted by all kinds of Business to Business companies working in and outside the FX Marketplace. The problem is that this company stated, clearly and without pause, that they, and I quote, 'have awards available', and that these 'Awards' help 'maintain a good and up-to-date reputation in the Forex industry'...

So, we can buy 'Awards' and then show our clients how 'trustworthy' we are in an effort to 'maintain a good and up-to-date reputation'? Nice. Let's be clear folks, awards are to be taken with a grain of salt, and quite honestly they do little to really glean any insight into whether a broker is somewhere YOU should be trading.

As with many things in this industry, what you see is almost NEVER what you get. Do your research folks... hands on, don't rely on third party sites, glowing reviews, or for gods sake 'Awards', to make the decision for you.

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