“Meet The Experts” reached out to FXStreet’s CEO, Carolina May, for an exclusive perspective about financial information websites and the role of media outlets in the Forex industry.
FXStreet is one of the largest and most trusted names in the Forex industry, having routinely been at the forefront of news reporting and information for several years. Amid a rapidly dynamic and growing Forex market, firms and organizations are constantly trying to gain an edge in an increasingly competitive market – Mrs. May weighs in on these issues and the overall landscape of the industry itself.
1.) What role do information websites or media outlets play in the Forex industry?
The information websites gather different views from a wide variety of analysts. They are usually a central point to get objective information on the market and provide the feeling of where the market is moving. In FXStreet we have tried to stay objective and be able to not only display the information but also to process some of this data so visitors can use them as tools for their daily trading. For brokers, these websites give them access to traders worldwide to acquire new clients.
Nowadays most brokers offer the information on their websites, so information websites need to adjust with new models. Social websites have been the new trend in the past years connecting the accounts and providing the ability to follow traders, gather information from what other traders are doing and displaying news and tools together with it. Still, information websites have their role in the sense that traders look for objective tools and wider variety of analysis, market trends and others than what an institutional website can offer.
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We had to adjust not only as a website but as a company. Seeing lower trading volumes, the market concentrating in a few brokers in the main cities and lots of smaller brokers opening in places like Cyprus, our advertising model is changing. We tried the social stream but realized that we couldn’t be the best there and just kept a social site where people can chat, have their blogs and a forum to connect without the structure of connecting accounts. We decided to focus on products and have a website with the best products possible while offering them to brokers that want to have a complete site for their clients. We also work on our main assets which are our contributors generating new ventures with them in the form of courses, B2C and B2B products. We are taking the opportunity to redesign our site and looking to have a responsive web design adjusted to tablets and mobile technology.
3.) What are the biggest challenges facing information websites?
User engagement. We need to be able to connect with users in new ways. Think outside the website. What the trader needs, which market, how we reach that user. The information is there, the way we process it and display it, the way we connect with traders is what will make the difference.
4.) Looking ahead, where do you see information websites like FXStreet in a few years, especially with an influx of specialized channels for information?
I think, as mentioned before, that we have to stop thinking as a website, but as products that can be within a website, or outside it. With Apps, API to provide the tools for brokers, now all the content can be found anywhere, is the way we get that content to traders that will help us grow our brand and our selling options.