With the size of the forex market and its potential for profit you would expect it to be a much more popular and familiar market to the masses. A possible explanation of this phenomenon can be the fact that it was originally inaccessible to the average person, and only in the last decade has the forex retail market taken off. The forex market has managed to gain more exposure over the last few years, especially on the global web. This can be attributed mainly to social media and the presence of forex brokers and traders on the various social networks.
Social media has become a force for radical change in business practice and behavior as sharing news, ideas and views online is increasingly forming trading opinion. Before the advent of social media trading could be a lonely business. But now thanks to the rise of social media platforms such as Twitter, Facebook, LinkedIn and the advent of the smartphone, individuals can easily connect with fellow traders around the globe.
Twitter is the ultimate tool when it comes to exposure, networking, and communication. The potential in Twitter and its use in the forex world is literally endless. Brokers are using it to offer special bonuses to their followers, while listening and communicating with their customers as part of their customer service efforts. Traders are using Twitter to communicate with other traders and make use of others’ experience and expertise in one aspect of forex trading or another.
Facebook with its millions of follower base is widely used by forex brokers. Facebook is mainly used by forex players to spread content, accumulate fans of pages and share signals. With the ability to develop Facebook applications, the Facebook potential for the forex world is much greater than what is being utilized today. The main areas that Facebook is used in forex trading include research, commentary, announcements, distant and close trade interaction and market data events.
All the major experts in the forex world run and maintain active profiles on LinkedIn, in which they share their insights and tips for other traders to see. Most of them have a group, in which they share all the details of their offering, content, as well as the latest developments in the market in general and their company specifically. However, the most important contribution of LinkedIn to the forex world are the tens of forex groups which offer a perfect environment for traders, brokers and forex companies to connect and communicate with one another.