Forex Peace Army, is one of the better known FX trading sites and forums, with the site appearing at the top of Google search for a huge number of different Forex related keywords. The website is particularly well-known for the tough stance it takes on Forex brokerages, with the websites forum running a traders court where air their grievances regarding brokerages/FX service providers. The forum moderators then invite representatives from the companies to state their case or take measures to deal with the customer compliant. Should representatives from the brokerage being unable to resolve a customers compliant/issue, the issue is passed onto another sub-forum where other forum members can vote on whether the company was in the wrong. Once a company has been ‘found guilty’ three times by the sites traders court the brokerage is labelled as a scam company on the Forex Peace Army website.
The site boasts also a number of other forums covering different aspects Forex trading, as well educational resources for those who are new to FX trading. Their is also a section of the forum dedicated to the testing of EA’s and Managed FX accounts, which is meant to give traders the chance to properly evaluate EA’s and FX managers before parting with their cash. These comprehensive coverage of the FX industry from a retail traders point of view has lead to Forex Peace Army becoming one of the better known FX websites.
Controversy & Criticism
The site has been the target of a significant amount of criticism and controversy in part due to the tough stance taken by site against brokerages who were found guilty in Forex Peace Army’s court. A number of the brokerages found guilt have come out firing against the website. InstaForex who were found guilty by the brokerages traders court, has posted a statement on it’s website labeling the Forex Peace Army website a scam. InstaForex has accused Forex Peace Army of blackmailing the brokerage, saying that negative reviews would be taken down if the company paid for advertising on the site. These allegations are impossible to prove and it should be noted that there are a number of negative reviews of InstaForex hosted on other websites, including here.
Their are a number of threads on FX forums and Q&A websites which have also question whether the product reviews on the site are unbiased. A number of traders have suggested that FPA moderate the reviews in such a way in which certain products review only favourable reviews. Again it is almost impossible to verify such allegations and there is no hard proof that practice occurs, but as with any site traders should realise that many review sites are not honest or impartial when reviewing brokerages or FX products due to a conflict of interest with their advertisers.
Update: We have been speaking to the persons managing ForexPeaceArmy directly, and beyond any doubt they are committed to towards the benefit of their visitors more than anything else! We hereby vouch for the credibility of reviews and integrity of moderation on this site.
Forex Peace Army, is one of the better known FX sites and has a large readership. The site is particularly notable for the hard stance it takes on brokerages, with the site have labelled a number of firms as ‘scams’. The neutrality of the site has been criticised by both brokerages and traders, however none of these allegations appear to have been verified in any substantial way. The Trader’s Court does however appear to have alerted traders to issues with a number of rogue brokerages and some of the complaints I have seen listed on the FPA website have been similar to the ones that I have personally heard from traders. We at TheFXView consider their opinion very much, and in direct contact with the persons operating the site. We feel this adds value to our own reviews to incorporate relevant warnings and scam alerts.