People’s money: Could there be a more sensitive subject? Does any industry require more trust? People are watching every penny, pound and euro—and they’re screaming when they lose. That’s what makes reputation management for Forex (FX) companies so challenging.
Even though Foreign Exchange comes with inherent risks, disappointed traders still tend to blame brokers when they lose money—and they often do it in very public, online reviews.
Reputation management works to enhance the image of your Forex trading firm while lessening the damage done by negative reviews.
As you know, Forex firms need long-term clients to grow their businesses. And unfortunately, too many bad actors have tainted the field. Despite this uncertainty and the Covid19 pandemic, Forex (the largest liquid market in the world) increased 29% from 2016 to 2021.
43% of Forex traders are Millennials. Today, 89.1% of FX traders are male and 10.9% are female. And yet, female traders fare better (to the tune of 1.8%) (compareforexbrokers.com).
This demographic information, as well as targeted reputation management, can help you to rocket your Forex company to the first page of Google, with impressive results.
Are you wondering where to start with reputation management for your Forex company? No time to spend writing content, monitoring reviews, managing social media, and more?
Contact Reputation Rhino today.
Review Management for Forex (FX) Companies
When Forex traders have a bad experience (when they lose money or can’t fund or transfer from their account), they tend to complain loudly and publicly. Couple this with all the warnings they’ve already read about unscrupulous investment firms and financial scams… and FX customers and clients commonly vent their feelings online.
Unfortunately for your Forex brokerage, those same people are unlikely to remove that negative review when things go well. They’re also unlikely to post a positive review when they net a serious profit.
Because of this, Forex firms concerned with their reputations have a more daunting task before them than professionals in other industries.
How can you stand out as a trustworthy broker? How can you wade through all the regulations, intense competition, and limits to attract traders with long-term potential?
The answer for the Forex industry is, and always will be reputation. And a large part of reputation management is review management.
Because traders can be leery, they’re going to spend more than the average amount of time researching your Forex brokerage’s reputation.
For the typical, lower-risk purchase, 89% of consumers will read reviews and 90% of them need less than ten reviews to form an impression of a business. Can you just imagine how high those numbers are in the Forex trading niche?
You can bet that more eyes than average are seeing your reviews. And since 84% of people trust online reviews as much as their friends’ recommendations, you can be certain that your Forex company’s reviews are working for (or against) you.
Review management involves claiming your business on all applicable review sites, then monitoring all new reviews (and comments on existing reviews) closely and on a daily basis.
When a negative review appears online, it’s the review manager’s job to address it immediately. Details can be discussed offline with the reviewer, with the ultimate goal of having that review removed, edited…and converting that disgruntled trader to someone who’s impressed with your firm’s customer service and willingness to listen.
It also involves making the most of positive reviews, by using them to build relationships with satisfied traders and sharing them to attract new traders.
Few businesses will have all five-star reviews—particularly in the FX trading sector. An average four-star or higher rating is always best, but a few negative reviews that have been addressed and resolved can make your Forex company seem even more authentic and trustworthy.
Not sure where to register your FX brokerage? Uncertain about how to efficiently manage online reviews for your Forex company? Reputation Rhino has the tools and the expertise to make sure your reviews are speaking for you, with language that will build trust and a stunning reputation.
As part of our Business Review Management Services for Forex Companies Reputation Rhino offers Review Monitoring, Reporting, Review Outreach & Response.
We Monitor all relevant reviews posted for your business on the most relevant business review and complaint sites every day.
We provide monthly Reporting with detailed metrics so you know who is reviewing your company, when they are reviewing, what they are saying, and where they are posting their reviews so you can identify and respond to trends and allocate advertising and marketing resources accordingly.
We provide Review Outreach services to your existing customers. We target those individuals who have had a positive experience with your FX company and direct these customers to leave reviews on the most visible online review sites so they can have maximum impact.
We also provide a Response to all relevant FX company reviews by our team of experienced online reputation management professionals. This personalized service allows us to act as a representative of your Forex company to acknowledge and recognize positive reviews and escalate and resolve problems posted online in an effort to convert negative customer reviews to positive reviews.
97% of customers read responses to reviews — not just the reviews — when determining where to buy, and 71% of consumers are more likely to use a business that responds to reviews.
We can set alerts daily, weekly, or monthly upon request and change these settings easily.
We can even share positive reviews (e.g., 4* or higher on Facebook and/or Twitter).
Best Online Review Sites for Forex (FX) Companies
Claim your Forex business on as many relevant review sites as possible, focusing on those with global reach, like Google My Business and Trustpilot.
Registering your Forex firm on all relevant review sites will help it to appear in more search results. And you can use those review sites to accumulate positive reviews that will enhance your online reputation.
Our review monitoring and management specialists also focus on Forex-specific review pages like Forex Brokers, Daily Forex, Forex Brokers Reviews, Top Rated Forex Brokers, Forex Fraud, Top Forex Brokers Review, and more.
Reputation Rhino will report back to you (daily, weekly or monthly) on the reviews we find, while we engage in outreach and response.
The details included in our reporting will tell you who is reviewing your business, what they’re saying, when they’re saying it and where they’re posting those reviews. This not only serves to manage your online reputation, it gives you the metrics necessary for devising marketing strategies going forward.
As part of our review outreach service, we will identify those traders who have had the best experiences with your Forex firm and guide them to post more reviews.
Our review management specialists will act as your FX brokerage’s representatives, to enhance positive reviews, comments, and mentions (by sharing on Facebook, Twitter, etc.)… while they intervene and resolve negative feedback.
What is Trustpilot?
Trustpilot is a review site where customers can post reviews about businesses across the globe. When your Forex firm is represented on Trustpilot, you can view a number of analytics, including your TrustScore.
Metrics that contribute to your TrustScore cover activity over the past 28 days and include:
- Star Distribution (what percentage are two-star reviews, for instance)
- Review Sources
- Profile Views
- Your Reply Rate
- Your Reply Time
These metrics will help you to gain insights into where your reviews are coming from, as well as the overall impression of your FX company.
The reviews on Trustpilot are logged on a one-star to five-star scale. Users can see how long ago the review was logged, others have the ability to “like” those reviews, and reviews can be shared from the Trustpilot site directly to Facebook and Twitter.
Anyone can see what country the reviewer lives in, as well as the other reviews that person has written.
Trustpilot relies on its community to flag problematic reviews. It also depends upon its own software to identify fraudulent reviews and on its Integrity Team to protect users and the general public from fake reviews.
How to Remove a Review from Trustpilot
Like most online review sites, Trustpilot does not intervene in disputes between businesses and their customers. They are protected by Section 230 of the Communications Decency Act, meaning they cannot be held responsible for the content that third parties post on their site.
Because of this, Trustpilot does not generally remove reviews upon request. The person who posted the review can, however, edit or delete their review.
If you find a damaging review on Trustpilot, respond to the review professionally and then take the conversation offline. Attempt to come to a resolution with the dissatisfied trader. If you do, ask them if they would consider deleting or editing their review.
To edit the review, they simply need to go to trustpilot.com and log in. Then they click on “My Reviews.” Find the review in question and click on “Edit.” Clicking on “Post your updated review” will then publish the changes.
To delete a review, the trader can go to “My Reviews,” find the review they want to remove, click “Delete” and “OK” to confirm.
The only other situation in which a review will be removed is if it can be proven to be defamatory, libelous, or in violation of a copyright. You may be able to obtain a court order to have the review removed in these cases.
Having trouble with a negative review on Trustpilot? Let Reputation Rhino’s legal experts help you to remove negative search results.
What is Google My Business?
When you claim your Forex company on Google, you will have a tool to assist you in managing your online presence. You will also be helping customers to find you with Maps and you’ll be providing them with your contact information on a trusted source.
Photos can be added to your Forex company’s Google profile. We recommend you do so since 42% more people will use Google Maps to find your business and 35% more will click to visit your website when photos accompany your listing.
Customers can write reviews on Google My Business and you can then respond to them. These reviews (and your responses) are especially important since Google is going to give priority to its own content in search results. It’s very likely that these reviews will be seen on Google’s first page by people searching for a Forex firm like yours.
Google My Business Reviews
When someone accesses your FX brokerage on Google, your business’s reviews will be visible along with your profile in Search and in Maps.
You will have the ability to create a unique URL for your Forex firm, so you can share it with individuals and ask them to write reviews.
How to Remove a Negative Review from Google My Business
Google restricts certain types of content, including that which it deems to be:
- Sexually Explicit
- Restricted (alcohol, drugs, gambling, etc.)
If you feel that a review violates these guidelines, you may request that the Google review be removed. Simply flag the review and Google will take a look. The process could take a few days.
As with other review sites, Google will not intervene with or delete reviews simply because there’s a dispute about facts. They are protected by Section 230 of the Communications Decency Act and are not responsible for what third parties publish there.
If a copyright has been violated with a review, you may be able to have it removed by obtaining a court order under the DMCA (Digital Millennium Copyright Act).
If you need help with obtaining that court order, contact Reputation Rhino.
Social Media Management for Forex (FX) Companies
During the Covid-19 pandemic in 2020, the general population increased its financial trading volume by 30% —and Millennials and Gen Z-ers, even more.
As we move forward in this trend, it’s crucial that Forex companies nurture those relationships. The younger crowd makes up the majority of social media users, so it would make sense that an FX firm’s brand-building and relationship cultivation should happen there.
The value of social media doesn’t lie simply in branding and marketing for your Forex brokerage. It’s also about creating spaces where traders can share stories and advice.
Facilitating this level of open communication will enhance your FX company’s trustworthiness, transparency…and therefore, its online reputation.
Need assistance? Reputation Rhino’s social media management specialists are ready to help
55.4% of all Facebook users are under the age of 34. And since 85% of Forex traders are under 45, that makes Facebook a great place to build your FX company’s online reputation.
The most engaging content for Forex traders on Facebook will be useful and relevant information. There’s a short attention span at play in this demographic, making quick responses to comments and messages imperative.
Instagram not only appeals to the largest Forex demographic (70% are under the age of 35), it’s a great place to speak their language and provide social proof.
Users are spending at least 1/2 hour per day on Instagram, and half of them will visit a website after seeing a product or service there. Instagram has an organic “cool kid” vibe, so when you gather lots of engagement there, you will build trust within your following.
If for no other reason, your Forex company should maintain a YouTube channel to create a library of videos to share on other social media platforms.
Besides Google, no other website sees more traffic than YouTube. Every time a video is viewed, your business’s rankings are boosted with Google. Since Google owns YouTube, your videos will be given preference when they’re properly optimized to match search terms.
Online Reputation Management for Forex (FX) Companies
The team at Reputation Rhino is made up of skilled and knowledgeable technology, marketing, social media, public relations, and legal professionals who have one thing in mind: Your Forex (FX) company’s online reputation.
We will design a custom, affordable and effective online reputation strategy by:
- Building brand awareness and visibility with PPC and SEO
- Generating positive online content and press
- Enhancing your FX firm’s search rankings
- Increasing the number of four- and five-star reviews you receive
- Promoting your positive reviews
- Reducing the number of negative reviews you receive
- Converting negative reviews to positive ones
- Reducing the visibility of negative reviews