Social networking meets FX trading

Pipsaholic · Aug 22, 2011

Seen this in the telegraph today whats your thoughts?

Interbank FX, a US trading software provider, claims to have bridged the gap between social media and the financial market with IBFX Connect, a social network for its 30,000 global forex customers.

The site, which launched last Monday, allows users to trade online, copy others' trades and swap tips in a chat room, free of charge.

More than 2,000 traders, many based in the UK, have already signed up. Unlike classic message exchange services, the site is linked to a trader's forex account and automatically posts their activity in a central feed seen by all users.

The site, which is designed to mimic the format of social media sites like Facebook, is open to both experienced forex traders and first-time customers, who can watch and learn from their peers. Users can create personal profiles and are ranked according to their successful trades.

Todd Crosland, chief executive of Interbank, said: "Just as traders follow news from the Bank of England or the Federal Reserve in the US, we believe they are equally interested in liking, following and copying traders from all over the world."

He said the site would be monitored to prevent abuse or intentionally misleading trading advice. "Users must adhere to our terms and conditions, otherwise they will be terminated."

Aite analyst Javier Paz said social investing would have an impact in the UK, but he told users to be wary of misconduct. "A self-interested trader could use the information to be alerted of trades to take, but I would not necessarily call that abuse," he said.

forker · Aug 22, 2011

It's not going to work because it's a closed community

wackypete2 · Aug 22, 2011

The ibfxconnect site is running awfully slow. I'll take a better look later.

What I did notice though is there are traders who are losing money and/or trading like a wild cowboy AND they have followers. Unreal. What a mess if they all blow up their accounts at the same time.

Are people REALLY that desperate, stupid, greedy, or naive, that they throw out all common sense and intelligence??

Peter

neil · Aug 23, 2011

wackypete2 said:
The ibfxconnect site is running awfully slow. I'll take a better look later.

What I did notice though is there are traders who are losing money and/or trading like a wild cowboy AND they have followers. Unreal. What a mess if they all blow up their accounts at the same time.

Are people REALLY that desperate, stupid, greedy, or naive, that they throw out all common sense and intelligence??

Peter

Yes Peter - you see it here and on other sites every day -recurring scenarios where emotions (greed etc) over rule rational behaviour.

the hare · Aug 23, 2011

forexbangbang said:
if i signed up.what is the benefits?

There are no benefits, only disadvantages. You probably need to join up and experience this for yourself really. If you're lucky you'll leave before suffering too much damage, but the real danger is you'll still be there in 5 years time searching for information that does not exist there.

tanyach · Mar 12, 2012

i'm sure that trading social networks will be popular in the nearest future. there is an informational exchange and it should be interesting for traders.

Lord Flasheart · Mar 12, 2012

Its sure to be around for a long time,that does not mean it will work. Its just an different version of Zulu etc. Will take a look

tanyach · Mar 13, 2012

i think, traders need these networks. that's why we have a lot of forums and communities. and social networks are just new vision of all these structures. i found an interesting article about it: Get social! | PFSoft official blog it's just what i'm talking about.

Patricia12 · Mar 13, 2012

It is a good effort to connect social networking with FX trading but I think, it will not get success.

tanyach · Mar 13, 2012

Patricia12 said:
It is a good effort to connect social networking with FX trading but I think, it will not get success.

why do you think so? such systems have already been developed, so maybe this new one will become really convenient and popular.

ph_trader · Mar 15, 2012

sounds interesting, though its kind of a wierd combination to it, I mean social network and forex trader! are we really that lonely? LOL but seriously it really sounds interesting! and it might benefit lots of traders

MoonRocket · Mar 15, 2012

Interesting. It would appeal to people that are competitive and want to be on the front page.
It also appears that people could chose to copy your trade.
So if you were good, you would find yourself dragging hundreds of people with you.

tanyach · Mar 16, 2012

there may be different reasons to connect to this network, but nevertheless it can be popular, i think.

LuKOs.ro · Mar 16, 2012

I remember seeing similar ideas being taken on websites like eToro, Fxsocial, FX Junction and others. To be honest they are really popular among casual punters. Worth a look if you want a casual gambling-related adrenaline fix.

Social networking meets FX trading

Pipsaholic

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forker

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