Partnering with forex industry analyst Jamie Coleman, FXStreet launched FXBeat last October. Before launching FXBeat, Coleman and his team developed an engaging and unique tone of covering the forex market which gathered them a following for their previous work at ForexLive and FXBriefs. Offered as a free product upon launching, FXBeat initiated a subscription premium version in May that was being offered to individual customers and as a licensed product to brokers.
For FXStreet, the launch initiated the expansion of its core free news and analysis features now included as a premium offering. Despite backing from FXStreet and an existing array of traders who have backed the work of Coleman and his team since their involvement with ForexLive, FXStreet has announced that FXBeat will be shut down on October 15th. The closure date would have marked the one year anniversary of FXBeat’s launch, but instead will be known for the day of its closure.
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Explaining the rationale behind the decision to close FXBeat, Carolina May, CEO of FXStreet, stated to Forex Magnates that the site got positive reponse but the economics weren’t there as she said “With this year lack of volatility and brokers cutting back on budgets it was getting difficult to get them on board which made it hard to sustain economically.”
May added though, that some of the premium features will be integrated into FXStreet as she stated, “We decided to focus on our own feed and upgrade it in the months ahead with advanced features.”
In regards to Jamie Coleman and his future at FXStreet, readers who have enjoyed his work will be happy to know that May answered that he will continue to provide weekly analysis content to FXStreet.