International awards are a rather delicate issue in today’s Forex industry. When a broking company receives international recognition, it is always a major factor improving the company’s image in potential clients’ eyes.
Still, this field is subject to manipulation. The scheme is rather simple: They register a shady website in the UK, the EU or the USA and start promoting it as an authority capable of rewarding certain brokers in order to improve their image. Later on, those brokers start powerful PR campaigns and use the links to the very website in order to “prove” their consistency and honesty, which is certainly not the case!
Such schemes are usually created for the growing trading industry in the Russian-speaking community! Not so long ago, Masterforex-V Academy managed to reveal such a scheme. Therefore, it refused to accept the rewards given by UK Forex Awards (ukforexawards.com).
What were the reasons behind creating this site? How to tell real Forex ratings form fake ones?
Masterforex-V Academy Denies UK Forex Awards
According to Eugene Olkhovsky, Masterforex-V Academy’s leading experts in financial markets from Canada, the problem emerged after certain brokers addressed Masterforex-V Academy to ask the Jury to add points to their ratings for winning at UK Forex Awards.
What puzzles the Jury?
First of all, that was an unknown website created a year ago… yet, it was positioned as an authority competent enough to award broking companies with various titles! Doesn’t it look strange? This is what WHOIS answered to our request:
This website has no weight in the Internet at all, not to mention the international trading community! According to the global web metrics source called Alexa.com, ukforexawards.com is number… 1.149.508
Apart from that, the website called ukforexawards.com doesn’t have any open data about attendance. There is not information about the owners and founders of the web source, no aims and goals. Yet they gathered in a restaurant to announce the industry’s best broking companies (10 nominations)!
They picked 20 out of 300 broking companies. Still, the criteria are unknown to the public! For comparison sake, there are 260 broking companies in Masterforex-v Academy’s rating of Forex brokers . They are divided into 3 leagues. The ultimate/premier league is represented by the best broking companies in the industry. The choice is based on more than 20 independent and transparent criteria with a strict hierarchy of rating points for each criterion.
At this point, Masterforex-V Academy has questions to Alpari, Dukascopy Bank, Saxo Bank(СаксоБанк), FXCM, GKFX and FOREX.com. These are the representatives of the ultimate/premier league of the rating. FxPro Group, IronFX represent the second league, which means these brokers cannot be called reliable.
The rest of the brokers named by UK Forex Awards represent the third league, which means traders are strongly recommended to avoid opening live trading accounts with these broking companies. These are InstaForex, CMC Markets, City Index, Capital Spreads, ETX Capital, IG, City Credit Capital, UFXMarkets, Tradenext, Plus500, easy-forex, Forex Time (FXTM), MahiFX etc.
There is a strange connection between the winners of UK Forex Awards and the sponsors of ukforexawards.com
As you can see, most blacklisted broking companies from the 3rd league sponsored the website and received (as the think) “prestigious” awards from UK Forex Awards! There seems o be too much coincidence! For example, InstaForex was recognized… Best ECN Broker. This is the very broking companies that executes client orders with a 20-minute delay!!! Unbelievable!!!
How did InstaForex managed to outpace such giants as Alpari and Ducascopy? Why did the hosts of UK Forex Awards fail to conduct open voting to let trader define the best (the way it was done by Masterforex-V Academy)?
Another strange fact is that MT5 yielded to FxPro Quant Strategy Builder when competing for the Best Forex Product of the Year! Strange as it may seem but MetaTrader4 wasn’t’ among the nominees at all!
It like comparing Internet Explorer or Google Chrome to some primitive online game like crisscross.
For comparison sake, let’s compare the amount of monthly search requests for Quant Strategy Builder компании FxPro and MetaTrader:
The results are given on the screenshots above. If to take all these facts into account, who can one seriously treat the site and its shady awards? This is ridiculous! There is not information, on the Jury, the methods and criteria of determining the winners, no voting, noting…
The bottom line:
Masterforex-V Academy blacklisted the website and refused to add points to improve the ratings of the so-called winners of UK Forex Awards! Be careful when reading various ratings since some of them may turn out to be a fake!
