Forex social networks' rapid expansion in the last three years introduced a new type of investor to the market, the inexperienced one, and strongly changed investors' relationships. First of all, these networks allowed novice traders to learn much more things about Forex and consequently to actually enter the market, while all investors received access to an invaluable experience: communication.
Forex investing is not an activity generally recommended to a jovial and talkative person. If you cannot spend a lot of time alone in front of a computer without socializing too much and keep yourself entertained by figures, data and news, this activity can actually transform into a tedious and time-consuming task. On the other hand, Forex social networks are starting to break exactly this prejudice. Forex has now become a more friendly term, people are starting to understand that it is not such a closed domain as they thought and the ones that actually invest on this market can easily create connections, talk and get updates in real time with news and information from all over the world.
There are some brokers who have already decided to launch their own social networking platform. They mainly address their own clients and provide a set of tools and features to help them improve their trading. But an independent platform still has its advantages and many brokers found out that it is actually simpler and more profitable to make a partnership with them rather than investing in a separate social networking website.
While it is true that joining a branded Forex network allows you the access to more specific and relevant information and advice about trading through the broker that owns the platform, these type of networks hardly go outside this range of topics and do not attract such a large number of users.
Because an independent social networking platform has a broader client base than a broker's one as it can attract any type of trader, it affords to invest much more time and energy in building the social networking features, but also when it comes to new analytics tools and features. The debates are more intense and people approach a large range of topics in their discussions. Also, when you are dealing with an independent social networking platform, you partially eliminate the risk of being exposed to misinformation and covert advertising. I say partially because this risk can still exist even in the case of independent platforms. But there is always a solution and the one for avoiding manipulation is a high degree of transparency. A platform that offers you the possibility to check at any time which kind of trader you are connecting to (demo or real account and giving a complete historical track) is a trustful one.
Moreover, any person is more reluctant to receiving advice from a salesman rather than an independent expert. Many independent Forex social netoworks maintain and support a completely transparent relationship between traders who can at any point access all the important information about other investors through their profile, while branded communities make it more difficult to know who you can trust.
It is clear that social networking will continue to change the Forex market. According to the latest data, retail Forex accounts for 10% of the daily spot Forex market and the percentage is growing continuously. And this trend is highly supported also by Forex social networks that allow more and more people access to this market through education. New products are always appearing: video conferences, voice communication, real-time activity feed, virtual classrooms and, why not, even group trading possibly soon.
The range of expanding possibilities is immense, so if you are a serious trader who wants to find out more about this domain an opportunity like this just cannot be missed!
FxStat is an innovating service for both experienced and novice Forex traders, providing a wide range of new tools and information specifically meant to improve trading strategies and results. A completely secure and transparent platform, FxStat allows investors to analyze traders' strategies as well as their own performances, socialize and make new connections and get first-hand information about the Forex market. With its latest launched automatic trade service, Tradebook, members have access to the first real-time auto-trading facility.
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