Gone are the days when investing and trading were solitary pursuits that revolved around broadsheets and the rowdy stock exchange.
These days, even big brokerages are online.
The rise of internet-based trading first increased accessibility, but these days, there are a range of unique facets to Forex trading made possible by technology.
Most notably, social features and networks have made it easier for Forex investors and traders to create networks of like-minded people with whom they can share knowledge and strategies.
There are even Forex companies with their own social networks built into their platforms.
The Benefits of Social Networks on FX Trading
Humans are social creatures. No matter what arena of life we find ourselves in, we look for like-minded individuals – and Forex trading is no different.
The advent of social forums and networking platforms has made it much easier to share information and build connections.
This is just one benefit of social media platforms for Forex traders. Here are the main benefits of using a Forex-centered social network:
- Beginners can network with experienced traders to build knowledge and strategies that work for them.
- Faster spread of information.
- Traders can learn by watching highly experienced pros.
- Trends and changes in the market are easier to spot and assess with a social network.
- You can examine the stats of other traders and either follow or set examples for others to follow.
As you can see, social networks can increase your chances of profitability and make it easier to gain up-to-date knowledge on market trends and influences.
Of course, getting the best knowledge means knowing which social network to join.
4 Forex Social Networks to Check Out in 2022
What sets these social networks apart from the average social media platform is that they are owned and operated by Forex brokers.
Choosing a social network associated with a Forex broker means that you get the chance to connect with others using the same brokerage as you.
This offers a range of benefits, including the ability to see what trades and assets are most popular within your peer pool.
These four Forex brokerage social networks are worth checking out in 2022:
Read more: A Beginners Guide To Buying and Selling ETFs and Stocks
iForex (2012)
Based in the British Virgin Islands, iForex is one of the most popular currency and crypto brokerages in the UK and EU right now.
As well as having a series of intuitive features on its trading platforms, its social network offers a range of features that allow traders to communicate, share and compare stats, and either follow or set trading trends.
ETX Capital (1965)
Somewhat of a heritage brokerage, UK-based ETX Capital offers a range of assets including crypto, currencies, stocks, and bonds.
Despite their age, the brokerage is dedicated to offering an up-to-date experience to its clients and has created an elegant social function that allows clients to network, share strategies, and compare stats.
Trade360 (2013)
Located in Cyprus and the Marshall Islands, Trade360 is a fairly new brokerage that offers Forex trades, stocks, ETFs, as well as assets such as energies, metals, and indices.
Trade360 has a sophisticated social network that allows clients to socialize and share trading strategies.
UFX (2007)
With a high spread and a range of products, UFX is both a large brokerage and one which presents high risk/reward possibilities.
The social network they have created for their clients has a range of specialist features that make it easy to track the successes and losses of other traders in your network. This is crucial to increasing the chances of profitability in such a volatile market.
