How does investfox change the relationship between brokers and traders with its user ratings?

Before, when reviewing the brokers on investfox, we had to rely on information provided on the broker’s website. With the latest announcement of user ratings added to the reviews, it becomes much easier for traders to see if the broker makes up to their promises. In this article, we will provide a short review of how investfox user ratings change the relationship between trader and broker.

What are user ratings?

User ratings are traders’ comments and evaluations of the brokers reviewed and listed on the investfox website. Readers can check Forex brokers rated by registered users here. Users can leave a review at the bottom of the broker review. Users can evaluate the broker by conducting a quick survey and then commenting about their experiences with the broker. Traders can mention brokers’ good and bad sides they encountered while using their services. This ability to evaluate the brokers by the users is priceless in defining which broker to choose. The brokers also can gain something from this, as they can see how their traders evaluate their services. This can help brokers improve their services and address their traders’ issues transparently.

Investfox provides simple steps for users to evaluate brokers. After choosing the relevant answers to the questions of if the user-traded the live or a demo account, and how the overall experience was, the next step is a comprehensive evaluation of the broker for each specific metric, similar to the reviews. This way, users can evaluate each metric of the broker, matching with the reviewers’ methodology.

There is a possibility to leave comments and write about what you liked and disliked. This simple approach allows readers to clearly see the pros and cons provided by the users. User ratings are then automatically evaluated by the system and presented on the website.

How user ratings reshape the relationship between brokers and their traders

Brokers are more and more incentivized, to be honest, and treat their traders fairly. As investfox added user ratings that grant the users power to comment and evaluate the broker, it encourages brokers to strictly abide by their promises. If a broker doesn’t follow the principles it advertises to adhere to, traders can simply comment and evaluate the broker on the investfox website, making it almost impossible for brokers to lie to traders. While reviewers have relied on internet sources and brokers’ websites to research and review brokers, users provide a unique view from the client’s perspective, making the review complete.

User ratings affect user knowledge and growth positively, as traders can check other traders’ opinions and get to know more about the broker they are interested in. Brokers themselves have unique opportunities to check how clients perceive their services and where the main issues limiting their growth lie. Both traders and their brokers are gaining value by using investfox as a unique data-gathering instrument. User ratings improve the relationship between users and brokers and make the whole process more transparent and beneficial.

User ratings pros and cons

There are many pros when it comes to user ratings, as they provide unique opportunities for both parties.

Pros of user ratings

Unique view from the client’s perspective
Make user voices heard
Users can check other users’ comments
Ability to check brokers’ scores with one glance

Despite being innovative and useful in the broker evaluation process, user ratings still have some weaknesses.

Cons of user ratings

Not all users who have used certain broker’s services are honest or knowledgeable. Sometimes traders make mistakes and then criticize the broker for it.

Subjectivity as users may have different opinions and experiences with the broker, the user ratings are more likely to be subjective. This could lead to biased scores and evaluations.
Limited accuracy – user ratings may not always be accurate and reflect brokers’ services and their performance exactly as they are. As traders could have limited exposure to the broker and specific issues which may not be applicable to other traders.
Lack of expertise – user ratings may not be as knowledgeable and thorough as professional reviews, as users may not have a complete understanding of the services and products offered by the brokers.

So, the best approach would be to use both reviews and user ratings for the final conclusion about the brokers.

Key takeaways

Investfox recently provided the users with the ability to evaluate each broker themselves with the newly added feature called user ratings. Users have the ability to comment and evaluate each broker reviewed on the investfox website. Investfox user ratings make users’ voices heard by providing the user rating score for each broker, incentivizing brokers to follow their advertising values more closely. Other users who are just searching for the proper broker for their needs can not only check brokers’ review ratings but user ratings as well with one glance.

These features make investfox a very useful tool for both brokers and traders alike. As it can shorten the time traders need to research brokers to a minimum. And provide the brokers with data-gathering opportunities to help them evaluate how clients perceive their services. User ratings further amplify the importance of brokers hearing their traders’ voices and incentivize them more to follow their values and promises. As a result, this new feature reshapes the relationship between brokers and their clients in a more mutually beneficial direction.