Forex is a Tough Industry to Crack, FxBriefs Shutting Down

Back in April we reported that Jamie Coleman, formerly of fast growing ForexLive had left that site to launch FxBriefs along with Gerry Davies. At the time, Coleman wanted to apply some of the aspects that made ForexLive popular, namely an educated staff of market analysts and lots of engagement with its readers. The move was based on interest to become an independent entity, and break away from a partnership with FXDD, as Coleman stated to Forex Magnates at that time “Stay in a situation where we had little ability to control our own destiny or break free and start fresh. We chose the latter route. While there is no certainty of success, Gerry and I would rather rely on our own instincts than to rely on the business acumen of others.”

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After a brief period, Coleman has announced on the site that FxBriefs is closing its operations. In a post to readers titled simply “We’re Out”, Coleman explained that FxBriefs hit a cash crunch as expected investors fell through, even as traffic was growing quickly. Coleman added that the site’s revenue model was based on reaching a large enough base to launch a subscription based income structure, but ran out of money first, and summed up the situation “Bottom line: We took a good bit of risk and that risk ended up biting us in the bum. The time has come to move forward and find another venue to bring you informative and entertaining forex analysis.”

Showing that FxBriefs had built a dedicated readership during its short lifespan, readers voiced their disappointment in comments to Coleman’s post. Coleman added though that he and his team is open to new opportunities and interested parties should reach out.