Interbank FX (read our review) is blazing the trail for US forex brokers by making their foray into the social networking world. The tech savvy broker known for its focus on trade execution, and custom coded trading strategies has just announced the launch of IBFXConnect; their very own forex social network.
IBFXConnect allows you to follow fellow traders, monitor their trades and commentary, and even copy their exact trades on your account. This “pack mentality” environment is excellent for new traders to learn from experienced traders, or simply to follow their every move. The metadata available also provides good trading indicators. There are graphs and stats on how many traders are buying or shorting particular currency pairs, and you can also filter your feed results to include only the most profitable traders’ updates.
Forex social networks aren’t a new concept. Other networks like Curensee have proved they can be powerful and popular trading tools, but there is something refreshing about IBFX’s take. They haven’t tried to reinvent the wheel. The first thing you notice is how intuitive and similar IBFXConnect is to the most popular social network on the planet: Facebook. Just like social media has changed the way people receive news, advertisements, and form relationships we expect social trading networks to play a pivotal role in the future of retail trading by giving traders a feel of the market’s heartbeat in real time.