Interbank FX has recently launched a very interesting application – a Micro Mini Challenge on Facebook. This is a very interesting development in the Forex marketing arena and I expect many more firms to follow soon.
Having a Facebook app can easily, virally and even relatively cheaply introduce new clients to Forex trading. This in turn might convert them into actual live traders because the app serves as kind of a demo and the next logical step would be for the trader to jump into a live trading environment. The trader then would obviously prefer to open an account with the firm that introduced him to Forex trading. The cost of Facebook applications is relatively dismal and the real cost here is the giveaways but I believe Interbank FX got a good deal for those Bose headsets.
It is an interesting experiment and it would be very interesting to see how it evolves and what the outcomes are.
In fact, Facebook which is known for still losing money every year should become an IB – as this business model will really keep it afloat… I’ll keep tracking that.
Here is the official press release:
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Interbank FX, a worldwide provider of online off-exchange retail foreign currency (Forex/FX) trading, returns as the Cyber Café Sponsor in the seventh annual Traders Expo- Las Vegas showcasing a brand new Facebook APP featuring Micro Mini Challenge Winners.
Available through the Interbank FX Facebook page, this new application will facilitate Micro Mini Challenge participants to connect with Interbank FX and their fellow traders through Facebook—allowing winners to tag and share their photos and winning certificates.
Using historically compressed data, Interbank FX’s Micro Mini Challenge allows four traders to compete for 10 minutes against one another beginning with $10,000 in equity. The trader with the highest equity wins, walking away with a brand new Bose headset.
“Our Micro Mini Challenge is a fun way for traders to engage in friendly competition,” said Marilyn McDonald, Vice President of Customer Experience at Interbank FX. “We at Interbank see the growing trend for traders to incorporate social media into their trading strategies, and we’re excited to facilitate a social connection between our Micro Mini Challenge participants and our Facebook page.”