Utilizing User Reviews for Unbiased Broker Recommendations

There is a new trend emerging in the world of online trading. A trend that aims to help traders find the best trading platforms and tools with the help of feedback from other traders.

One of the main issues facing new online traders are unserious operators that market and promote unserious brokers solely for monetary profit.

Brokers can easily pay for 5-star reviews, and the industry has been struggling to combat this issue.

Until now, that is.

Spearheaded by sites such as TradingGuide.co.uk, a handful of broker comparison sites from around the world have started including feedback from real users in their reviews.

They do this to establish trust and to encourage transparency, and we believe it's one of the most exciting developments in the industry in recent years.

An Innovative Way of Encouraging Unbiasedness

By automatically collecting feedback and user ratings from reliable platforms such as Trustpilot, the App Store and Google Play, companies can combine the ratings of millions of users with their in-depth investigations.

That means that online traders from all over the world are helping other traders find their trading platforms, whether they're aware of it or now. Not only does this increase transparency but it also creates a sense of community.

The Benefits of User-Based Ratings

Now, let's take a look at some of the main upsides of this new, modernized way of recommending trading software and brokerage services.

As you probably guessed, it presents benefits for users and online brokers alike, which, in turn, helps create a safer and more honest industry for everyone.

As tacky as it sounds, it's a win-win situation for all involved parties with no negative implications.

- Increased Transparency and Complete Unbiasedness

Increased transparency is by far the main benefit of combining user reviews with expert audits when helping beginners find their first trading platform.

There is nothing more honest and unbiased than feedback from a real person sharing their experience using a certain service. 

In hindsight, it seems strange that this hasn't been encouraged before, but at least we're moving in the right direction.

- Massive Numbers Of Reviews Ensure Accuracy

Another benefit of implementing user ratings in broker reviews is the vast number of user reviews that helps paint a broader picture.

Many top brokers such as eToro and TD Ameritrade have hundreds of thousands of reviews across Trustpilot and the main app stores. Naturally, this further helps in making ratings more accurate.

The data is collected without filtering out bad ratings which, once again, guarantees that the ratings remain unbiased.

Is This the Future of Broker Reviews?

As much as we wish that this new system would become industry-standard, we highly doubt that's the case.

With that being said, it's clearly a growing trend and both new sites and established operators have recently started introducing unbiased, user-generated data in their reviews.

So, even if this doesn't become a standardized system, we do expect it to become more common. Also, since you now understand the importance of this development and the need for increased transparency across the industry, you have the option to only rely on resources and recommendations that include user reviews.

And before we finish up, we want to emphasize that you shouldn't rely exclusively on Trustpilot ratings. As you probably already know, humans tend to leave reviews on services that are either really amazing or horribly bad.

Because of this, you still want to take into account the opinion of trading experts with experience from the industry. In other words, to get the most accurate recommendations, you should combine the insight of both experts and everyday-users when picking your next (or first) online broker.