Cryptocurrencies have become quite a trend these days, drawing the attention of thousands of people all across the globe. Their profit potential has attracted many investors and traders who want to benefit from this instrument and enjoy huge returns in a relatively short span of time.
Like other forms of trading, you first need to find a crypto broker to get started. This is a logical step and you will come across a multitude of brokers that are offering their services to those interested in crypto trading. The problem is that crypto brokerage scams are also notorious, which can make people skeptical about brokers.
No matter how good the broker may appear to be, people still find it difficult to trust if they have read the stories about others falling for them and ending up as victims. You will find scam reviews of plenty of crypto brokers, but the question is if they should be trusted.
Due to the popularity of cryptocurrencies, the number of crypto brokers in the market has increased significantly, which means there is intense competition. Every broker wants to get more clients because they want higher profits. Hence, one way of eliminating the competition is to post negative reviews about your competitors.
You will come across many brokers that have had scam and negative reviews posted about them, but are actually fully legitimate and provide impeccable and reliable services to their clients. XTRgatescam is an excellent example of such an incident. This is just a tactic that’s used by competitors for clearing the path for themselves.
Rather than posting positive reviews about their own services, they post scam reviews about their rivals to make people wary of their services. This will automatically drive more traders their way as there is one less broker to compete with.
Therefore, rather than just reading the reviews of crypto brokers and making up your mind through them, it is a good idea to do some research on your own. Lots of brokers offer demo account options to help traders in testing their services and then sign up with them.
Furthermore, you can also look at their terms and conditions and go through their policies to understand how they work. Reputable brokers are transparent about everything they do; they do not offer vague statements about risk and are upfront about how they work and the fee they charge.
Likewise, they will also provide you with information about their security and privacy policies to ensure you are aware of everything. Unlike scam brokers, they don’t leave you in the dark or spring up any hidden costs on you later on.
When you do your due diligence, you will be able to make the best choice for your trading needs. It is not wise to trust every scam review about a broker because some are just tools for targeting them and bringing them down. Plus, just because one broker doesn’t suit some traders doesn’t mean it will not work for you.
So, let’s take a look at some reasons why all the online broker reviews you see are not trustable or legitimate.
Reasons Why You Should Not Trust Every Online Review
Can Be a Tactic from the Competitor
Sometimes, the review you are looking at is nothing more than a tactic being used by the competitor. You have to know that online reviews are written by humans, and humans can be bought. The same happens when a competitor pays an online blogger or famous reviewer for writing a bad review about an online broker.
The concept is, “If you can’t beat them, malign them.” This rule is used by businesses more often than not. Not to mention, based on how much people trust online reviews today, one bad review about your company can cause huge damage to your reputation, clientele, and overall business revenue.
So, before you read an online review and trust it straight away, you have to check a few things. First, you have to make sure that the website you are on is a reliable one. Now, if you want to verify the legitimacy of the broker, why wouldn’t you do the same for an online reviewing website?
Just like an online broker, a reviewing website can also make money through illicit methods. Just so you know, many online Youtubers who review smartphones are notorious for being sold to certain brands. The same can happen to other reviewers as well. So, a sellout online reviewer is not out of question.
Can Be a Paid Review by the Business Itself
The online world is a strange place. Here, things happen in the most unexpected ways. So, if a competitor can pay an online reviewer to malign your business, you can pay a reviewer to make your business appear the best. So, if you are a trader who is looking for the best online broker, you might come across reviews that are purely biased.
Just because you see a review that calls a certain business legitimate and the best does not mean it is telling you the truth. You might be looking at a paid review. In a paid review, a brand will pay the online reviewer for writing a “good” review about their product, brand, services, etc.
In many cases, small bloggers and websites go for this type of tactic. They are in their initial growth stages, and need anything to get popular and visible on the internet. More importantly, they have to make money no matter what it takes. So, when a company pays them to write a great review of its services, they go ahead and write that review without asking a question.
Of course, they cannot say anything bad about the company because then their money does not get paid for writing the review. In some cases, the reviewer might ask for incentives and bonuses just for maligning the competitor of the business.
Can Be a Human Error
You must not ignore the possibility of a human error in any work and walk of life. When humans work on things, they make mistakes. Sometimes, the mistakes that appear minor to them can be hugely damaging to others. That’s exactly the case with some online reviews. You might be reading a review in which the reviewer has made a mistake.
He/she might not have checked all the features of the online broker and passed an opinion without proper research. Keep in mind that online reviewing websites make money through reviews. The more their websites are reviewed, the more money pours in through ads, sponsorships, and more.
To make more money, these reviewers have to come up with new content as frequently as possible. That’s where things go a bit awry. They have to put new content on the website even if the write-up they have prepared is not complete. They can’t wait for another day to post the content because it makes their readers feel betrayed. So, they do their research haphazardly and post content that might not be completely accurate.
Now, you have to keep in mind here that the reviewer does not have any bad intentions. The reviewer might not be biased against a particular broker. However, his/her race to make more money makes him/her write a review full of errors.
Can Be a Difference of Opinions
Yet again, this is a possibility that you cannot overlook in any matter of life. Perhaps, you have gone through this experience many times in your life before. You listen to a song from your favorite band and you like it so much that you want your friend to hear it. You play the song to your friend and his/her reaction is very cold.
The elements that sound the best to you in the song appear boring, repetitive, or uninteresting to your friend. Now, this does not mean that the song you have heard has something wrong with it. It really does not mean the band you are hearing is bad in some way. That’s just what you call a difference of opinion.
Sometimes, online reviews are written by customers. They do not like a service because it does not match their taste and interest. A customer is a customer – a human at the end of the day.
If the customer has a bad experience with a company, he/she will not hold back any emotions and express their feeling online. At times, their feedback is just a rant and not 100% accurate. In fact, you must already know that many brands that you love wholeheartedly, too, have some bad reviews on the internet about them.
Thorough research is extremely important. Before you trust online reviews about brokers, you should make sure which online reviewing website you are using. Look at the about us page of the website, comments from the users, and any past posts that might give you an idea of the reviewer’s intent, integrity, and informativeness. At the end of the day, you must make sure you do not slap the “scam” label on legitimate business with a hard-working team behind it.