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Forex Social Networks

April 25, 2011 (Last updated on June 13, 2014) by

Nowadays, Forex social networks have become extremely popular among the traders. What started as some vague trend in 2010, now has shaped into one of the most useful trading tools for the online currency market. Traders can easily share their results, follow, compare and analyze (with a very high level of detail) various trading system and, finally, socialize to share their sentiment about the current market situation.

There are many social network sites available in the Forex niche, but only 7 of them are worth mentioning, in my opinion. I’ll try to list and describe them briefly here:

Currensee — one of the first and most popular social networks it offers a heavy emphasis on community interconnection and performance analysis. Unfortunately, it requires a registration to access its features and it won’t connect to your demo trading accounts — only real trading accounts are accepted. Of course, this has its own advantages, but this can also keep some traders away.

Myfxbook — seems to be all over the Internet, as the EA vendors often provide links to their performance pages within this social network. It doesn’t require a registration to browse the tracked trading strategies. Community is very active in Myfxbook, with some interesting strategies receiving hundreds of comments and reviews. This site doesn’t differentiate between demo and real accounts.

FXSTAT — often deemed as a clone of Myfxbook, FXSTAT still has its own style and a much more user-friendly interface for trading system performance browsing (to my liking). But, as the main power of a social network is its community, it can hardly compare to Myfxbook in terms of social activity. Currently it serves more as the strategy analysis tool.

Forex Factory — the major Forex forum that now has all the attributes of a fully functional Forex social networks — community, market sentiment socialization and trading performance tracking (with a rather in-depth analysis). With such a huge member base it shouldn’t be too difficult for them to start dominating the niche soon.

MeetPips — may win the best site design award among the Forex social networks from me, but this creation of BabyPips.com team isn’t as active as the average trader would want his social community to be. Anyway, it’s still a good network to join with some useful unique features (trading plan + trading stats + trading journal for each member). Unfortunately, the trading stats analysis is very poor compared to the previous social networks.

FxBees — having started rather rapidly during the early 2010, it’s now almost inactive. No updates, no community or trading activity — a “good” example of a Forex Web 2.0 project going wrong way. It shows quite well, that such site should be developing and being improved constantly to be competitive. Website is no longer operating as a Forex social network.

MeetFX — this site is more of a “social network” part than of a “Forex” part. You can even connect to it with your Facebook profile. In this case, lack of useful features make MeetFX just another inactive discussion board. I doubt that anyone is still actively using this site. The website is no longer working.

What Forex social networks do you use?

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Update 2014-06-13: Marked FxBees and MeetFX as inactive websites.

If you have any comments or questions regarding the Forex social networks, please feel free to post them using the form below.

5 Responses to “Forex Social Networks”

  1. Alexander Collins

    Hello Andrei,

    Please take a closer look to your article. At least 2 of them are no longer available.

    Reply

    admin Reply:

    Yes, the article has been written more than a year ago. Not all social networks live that long :-).

    Reply

  2. Alexander Collins

    It’s a pity some of them have a large budget but don’t know how to use that money the best way.

    Reply

    admin Reply:

    What would you do with their budgets if you were to build a Forex social network?

    Reply

  3. socialtraderz

    I would like to suggest eToro to your list as it becomes very popular in late 2012. Customers are looking for more convenience which can help them provide quick decisions with a simple analysis.

    Reply

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