Octa conducted a survey among more than 2,000 traders from Indonesia, Malaysia, South Africa, and Nigeria to identify the main warning signs related to selecting a financial broker. The survey results show that traders are particularly concerned about the reliability and transparency of brokers.
Realistic Expectations
The study revealed that traders are wary of brokers offering unrealistic guarantees. 62% of South African and 60% of Malaysian traders expressed concerns about companies that promise easy and unrealistic gains. 40% of respondents from South Africa stated they would not engage with a broker promising guaranteed profits.
Chart Manipulations
More than half of respondents in all countries agree that trading chart manipulations are a significant warning sign. Between 54% and 61% of traders avoid brokers allowing such practices. Octa provides its clients with access to non-distorted market prices and historical chart data.
High Fees and Their Impact
Survey participants indicated that high spreads and hidden commissions (ranging from 29% in South Africa to 39% in Indonesia) stand out among warning signs. Transparency in trading conditions and efficient withdrawal processes are especially important for establishing long-term relationships with brokers.
The research results highlight the need for security and transparency when choosing a broker. Traders prefer companies with clear and predictable conditions, fostering trust and long-term relationships.
