Monday, February 17, 2020

Of ethics and marketing practices in forex and binary options industry

binary-options-affiliate-ethicsAs with every competitive industry, ethics and marketing practices come to the foreground as more and more merchants and affiliates alike want to grab a share of the pie. But in a rat race such as this, there is a very thin line that differentiates an ethical brand as well as an ethical affiliate.

The problem with Internet marketing is in the fact that it is next to impossible to monitor the content that is published, which has made it easy for just about anyone with a website to write about anything and everything under the sky. Take the case of an affiliate for example. The quickest way to get into the race is by setting up a ‘review’ site be it review of the merchants being promoted or review of the affiliate programs in the industry. Ethics take a back seat when the person managing the website cares two hoots about the validity of their website’s content.

In the past, we (ForexAffiliates Review) came across some merchants in the binary options field hit below the belt by making use of some ‘smartly’ twisted marketing copy. Likewise we have also noticed a rise in a couple of websites as well, calling them shady would be an understatement to say the least.

This article aims to enlighten the readers. Whether you are a consumer looking for a stable binary options or a forex brand to trade on, or if you are an affiliate looking to promote a binary options or a forex affiliate program.

Don’t take anything at face value

Do a background check. As the forex and binary options industry starts to get even more competitive, every second website tries to pretend as they are the best ‘gurus’ offering (the best?) advice. One quick way to check on the legitimacy of such websites is to run a whois check. For the uninitiated, simply type in, www.whois.sc/domainname.com

An easy give away is in the whois protect/privacy guard. The reason why we say this is because its quite simple for any person, even a forex or a binary options brand to set up a website and make it seem as a genuine website run by an affiliate. What is obvious however is in the subtle way they try to badmouth other brands or other affiliate programs.

The logic is simple. If a website is genuine and the reviews they publish are ‘genuine’ as they make it seem to be, then there should be no reason why the owner of the website would want to hide their identity.

Dont fall for the marketing copy

Recently, we came across a customer promotion email sent by a new binary options company. Being a late entrant into the industry, it is understandable that the company would have to put in double the efforts to gain a market share.

So the email stated that they were chosen as the ‘best binary options brand’ of the year. This raised quite a suspicion amongst our team as we weren’t aware of ANY forex conventions that focused on binary options. Upon further investigating onto the website that seemed to have ‘awarded’ this ‘honor’ on the binary options brand, it was quite a funny predicament as we found out that the website was a front for this certain binary options brand.

Having said that, the devil must be given his due as the marketing copy seemed so compelling and legit that it even fooled us for a moment.

Be wary of the comments

Another issue that plagues the affiliate industry in the binary options and forex niche is that some companies hire/outsource their shady marketing practices. Of the many such ‘below the table’ methods employed, one of the most common issues we have noticed is the comments section on the review.

Some companies engage in such practices where the outsourced company is hired specifically to look for websites that have their review set up and are asked to leave positive comments about the company.

We did a bit of underground digging and what seemed the most obvious was the IP address from where these comments were coming from.

While there are many more instances, we shall leave them for a later date. But for now what’s sad is the fact that how a few rotten apples are starting to make the whole basket stink. Its quite unfortunate that there are no watchdogs in the industry that can pull up such rotten apples by the ear and make an example of them. Which brings us to the obvious question that it is just about time that regulations are put in place, both from a consumer as well as a marketing perspective that lays out the guidelines in the forex and binary options industry.

In a nutshell, apply caution when you come across any website that claims to promote any particular broker or an affiliate program as ‘The Best’ for all you know you are simply falling into a trap.

For now, we shall leave you on a positive note. Dont base your decision on a brand just by reading one or two reviews. With due diligence you can easily weed out such fake and unethical binary options or forex review sites.

Safe surfing!

One comment

  1. Well written article, I couldn’t have said it better myself!!!!!!

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