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Social Forex Trading

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social Forex trading

Undoubtedly social networks have become one of the most important communication media to the point that they can affect in one way or another all areas of modern life today due to the fact that they allow to link millions of people around the world . In fact, financial markets are not immune to this reality, especially the Forex market which has seen the creation of various social networks created by some of the leading Forex brokers.

Logically, the central topic of these social networks is the Forex market and their members and participants are traders (professionals and beginners) and people interested in financial markets and the main aspects related to these. As social networks focused precisely on these topics, these are ideal places to exchange points of views on major developments that may affect the prices of various financial instruments including Forex. Also, these sites provide an insight of the opinion of expert traders and analysts  about  possible future scenarios and their consequences.

Thus, a member of one of these sites can form an extensive network of contacts with traders from around the world with which he can exchange opinions on the market. Thanks to this the member can have an overview about the average thinking of the traders about the market, which in turn may provide clues to what may happen in the short to medium term.

Depending on the broker, each social network has its own characteristics. For example, there are cases in which the network is integrated directly with the broker, which allows the trader to check the trends of open positions and orders of traders who are trading with the company. Also, there are social networks that display the trades performed by each member of the network. This feature offers the opportunity to copy the transactions undertaken by the most successful traders who trade with the broker as trading signals. In fact, these sites show the ranking of the best traders and their results so that other traders can follow just the signals of the most profitable traders.

In conclusion, the social networks of these brokers offer the following advantages:

  • The opportunity to exchange points of views about the market with traders from around the world.
  • The possibility of following the trades made by the most successful traders that are trading with these companies.

List of social networks of trading

The following list shows some of the major social networks of trading:

Social Network Broker Review
HF Social HotForex A web based social trading platform developed by the broker HotForex and the company FxStat (specialized in social trading solutions). This application allows to follow and copy the trades of the most successful traders registered (signals providers). The selection process of traders is quite rigorous.
eToro Openbook eToro One of the best social networks for traders. It allows to copy directly the trades made by successful traders using an application called Copytrader   which integrates the investor trading account with eToro OpenBook and the traders selected as signal providers. 
YoutradeFX Social Trading YoutradeFX It is a social network created by Youtradefx for the dual purpose of connecting experts and beginners traders around the world and view live, real-time trades made by these investors in such away that offers an overview about the market trend at a time given. This network also allows copying the trades made by any trader as trading signals that are executed automatically in the trading account of the member.
Markets.com Social Trading Markets.com It is a social network  implemented by the broker  Markets.com  which can be integrated with the client's trading account. In this way the member can execute automatically the trades of selected traders as trading signals. It also fulfills the function of every social network as it provides an environment where traders from around the world who trade with this broker keep in touch and exchange opinions about the market.
Currensee AlpariFXCMAvaTradeMarkets.comAdmiral MarketsForexyard y other brokers. Currensee is a social network for traders which allows to stay in contact with traders from all over the world with whom the member can share experiences, strategies and even see the positions that these traders have opened in the market.

 

 


 

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