Complaints about trading platforms. When to consider someone’s feedback

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How to distinguish real complaints about trading platforms from purchased ones

Prehistory. Why do traders generally complain about trading platforms

If you look superficially, the answer to this question seems more than obvious. But, not everything is as obvious as it seems. After all, someone complains, and someone makes money on this trading platform at the same time. Very often the opinions of different traders, experts are divided into 2 sides. Ones criticises, and the second ones suits everything. Where to look for the truth? And again, it would seem, everything is obvious, a trading platform that has bad reviews is a scam. But, there is often a discrepancy. This platform is very popular with traders. But there are still negative reviews. What to do, whom to believe. This situation is very close to many traders. How to get out of it? We will analyse further in this article.

Why there are more negative reviews than positive ones

The average person will not show his active position in the event that everything suits him and being good to him. Only a few will leave a positive review if they are satisfied with everything. If a person does not suit something, he is more likely to write somewhere about it and express his negative feedback about it. This is statistics. This is only one of the reasons why there are fewer positive reviews than negative reviews. Let’s go further. The history of binary options as a whole carries with it negative consequences since its inception. People are used to reacting to any problems on the part of brokers with negative reviews in their direction. After successfully resolving problems, they wouldn’t remove or edit negative reviews. Competitors are not sleeping either. One way to become better than a competitor is to bombard him with negative reviews. Which successfully remain online over the years. So we looked at a few basic ways where negative reviews come from.

How to distinguish real review from the purchased by someone

If you do not have experience, or you are just starting your path as a trader, then it will be difficult. Purchased reviews may vary in quality. The more a company earns, the better it can afford to purchase reviews. But, and such reviews can learn to find over time. All purchased reviews, positive or negative in 90% of cases, are written by people who have absolutely nothing to do with trading. Such a review will display something basic, which will not contain any specifics. The feedback of the real trader will have specifics, details, and the course of events. The real trader will paint everything in detail, justified, relying on the facts. Subject to technical terms and slang. With experience and time, you will be able to train yourself and distinguish such reviews on the go. Which will give you an edge? You will be able to objectively evaluate which trading platform you should work with and which not. Well, it will become much easier for you to distinguish a purchased review from a real one.

Where are the most real reviews?

We can safely consider the thematic forums where active discussion of the trading process to be the habitat of real reviews. Naturally, there you will find useful feedback from practicing traders. There are also traders who can collaborate with the trading platform and receive rewards for positive feedback about it. But, such reviews can also be tracked. A trader will not praise more than 1 time the broker on whom he is trading. If a trader writes a lot of positive things about the same company, it is worth considering whether he still has time to trade using this trading platform.

When you need to consider someone’s reviews

It’s good to read reviews from others. But, it is better to check everything one time by yourself. And you will see whether it suits you or not. The opinions of others always have a large amount of subjectivity. So the person is arranged. Someone used to see everything in white, another person in gray, and the third, all in black. There will be different reviews written by different people. So do not abuse the study of reviews. The emotions caused by these reviews can directly affect your trading result. So, approach reading reviews wisely and always rely on yourself first. Everything will come with experience.

“General Risk Warning: Binary options and cryptocurrency trading carry a high level of risk and can result in the loss of all your funds.”

Top 6 Complaints About Financial Advisors

Just like in any industry, there are great financial advisors and there are some really horrible ones. Some complaints against financial advisors are hard to believe. However, learning about some of them will help you spot financial advisors that pop up in your search who are in the business to help themselves at any cost — yours.

While it’s true that financial advisors need to make a living, they should only do so if they can provide demonstrable value to their clients. Unfortunately, some financial advisors don’t provide it. Worse yet, some negatively impact their clients.

Here are some of these top complaints about financial advisors.

Key Takeaways

  • Financial advisors should be able to explain the investment products they’re selling you in detail.
  • If your financial advisor earns a high commission on an investment product, he/she may be tempted to sell it to you even though he/she understands there may be better products for you.
  • Advisors should have the infrastructure in place to get back to you in a timely manner.
  • The financial advisor may put his or her own needs over the needs of clients.
  • The advisor may like churn––buying and selling investments in an excessive manner that results in commission.
  • He/she may promise you unreasonable rates of return.

1. Too Little Explanation About Products

Financial advisors should be able to explain the investment products they’re selling you in detail. You should understand the fee structure, the historical performance, the rationale as to why the investment product is right for you, and anything else you want to know.

Unfortunately, many financial advisors don’t schedule enough time with clients to ensure they understand the products they’re purchasing. If you feel rushed, pressured, or confused when you’re sitting down with your financial advisor, either set up an additional appointment with them or find an advisor who is willing to take the time to educate you.

2. He’s Selling Just to Earn a Commission

Financial advisors make their money in a variety of ways. One common way is through an ongoing management fee that is usually a percentage of the assets they manage in your account. Another common way is for them to earn a commission on selling a particular investment product. Both ways are appropriate, but the latter has the potential to be abused.

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For example, if your financial advisor earns a high commission on a particular investment product, he or she may be tempted to sell it to you even though he/she understands that there are better products for your situation. This is an obvious conflict of interest. Your financial advisor should have your best interest in mind and act on that best interest. If the investment product that is in your best interest happens to carry a nice commission, so be it. However, if an investment product isn’t in your best interest but has a high commission, the advisor should act with fiduciary responsibility and sell you the product that is best for your situation — even if it means a lower commission.

If your financial advisor earns a high commission on a particular investment product, he or she may be tempted to sell it to you even though he/she understands that there are better products for your situation.

3. She Isn’t Responding in a Timely Manner

Financial advisors should understand that their clients’ money is important to the clients. Their financial security is most likely one of their primary concerns in life. Now, if a financial advisor waits a week to call their clients back, how do you think that’s going to make them feel? Insecure.

If your financial advisor takes too long to get back to you, look elsewhere. Advisors should have the infrastructure in place to get back to you in a timely manner. If not, it probably means they are unorganized and not providing you with the service you deserve.

4. Not Putting Clients’ Needs First

This one is similar to the second point, but it’s nonetheless worth mentioning because there are many more ways that the financial advisor may put his or her own needs over the needs of clients.

For example, sometimes financial advisors get excited about a new product or service they are offering. In a way, they decide that if the product or service sounds good for their own needs, it will probably work for their clients, too. And many times, they’re wrong.

A good financial advisor carefully listens to clients’ needs and asks important questions to understand their situation. After a great deal of listening, a good financial advisor will put together a financial plan tailored to their clients. Don’t let your advisor assume your situation isn’t unique. Your situation is unique, and your advisor should respect that.

5. He or She Likes Churn

Churning refers to buying and selling investments in an excessive manner that results in a commission. Financial advisors need a valid reason to buy and sell investments. Some of those valid reasons might include changes to their client’s risk tolerance level, belief that other investments are better suited for the client due to a change in circumstances, or that a client requests changes to be made on his or her behalf for his or her own reasons.

6. Promising Unreasonable Returns

Listen: a guaranteed 12% annual return on your investment is absolutely unreasonable. Even if it isn’t guaranteed, it’s unreasonable. While a study on the average rate of return of the stock market may produce impressive results, don’t forget that there are many other factors that go into actual returns. Don’t get caught up in believing your investments will outperform because you have a special financial advisor “who knows what he’s doing.” Chances are, if he’s promising stuff like this, he doesn’t.

The Bottom Line

Knowing what to look for in a financial advisor gives investors a leg up in their search, but knowing what not to look for can be just as useful. If a prospective advisor — or perhaps one you’ve already hired — seems to be leaning too much into the techniques noted above, run — or at least find someone else to manage your financial advice needs.

Can Someone Be Sued for Posting Malicious Comments Online?

The use of social media for communication has exploded in recent years. Much of what people post on sites such as Facebook, Twitter, and other sites is negative and even mean-spirited, and sometimes it damages the reputation of others.

Posting something negative or mean-spirited is not in itself illegal or subject to a lawsuit. However, the question of whether you can be sued for negative comments you post on social media depends on whether your words constitute defamation.

Key Takeaways

  • A published falsehood that damages a person’s character can be libel.
  • A published opinion is not libel.
  • If the target is a public figure, the post must be proven to be both false and malicious, or deliberate.

If you are concerned about being the target of a lawsuit, defamation can be protected against with an umbrella policy on your assets.

Defamation

Defamation involves writing or saying something about someone that damages that person’s reputation. Radio and television personalities often guard against lawsuits with what is literally known as broadcaster’s insurance.

To be defamatory, a statement must be presented as true but, in fact, be untrue. It also must not be subject to immunity as it might be, for example, in the case of a public figure (more on this below) and under some other circumstances.

There are two categories of defamation: libel (written or published defamation) and slander (spoken defamation).

Defamation involving posts that appear on social media is considered libel since the statement is published, or posted, often with the victim’s name attached.

The Two Forms of Defense

The best defense against a defamation lawsuit based on comments you make online is that what you have posted is true. If your statement is verifiably true, you are off the hook.

Proving truth, however, can be time-consuming and expensive.

Or, if you can prove that your posted comments are merely your opinion and not a purported statement of fact, that is sufficient to get a defamation lawsuit dismissed and avoid civil damages.

Opinion, like truth, is not always easy to prove. Saying “I think” or “It is my opinion that …” is not sufficient to prove a statement is an opinion. If, for example, your online post says, “I think my neighbor killed his wife,” the wording suggests it’s an opinion. But the fact that you know your neighbor and that readers may conclude that you have knowledge about the situation transforms that statement into one of potentially verifiable fact.

The Statement of Verifiable Fact Test

Separating your opinion from a statement of verifiable fact is key to defending yourself against defamation.

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