Social Media is the new buzz word affecting every part of our daily lives. Businesses, charities & schools are all taking the leap to be ‘more’ socially available on the numerous portals like Facebook and Twitter.
We covered the boom in social network sites like MyFXBook and the use of Facebook pages however the social trend has found its first Social FX Awards courtesy of LetstalkFX.
With the popularity of FX growing as an investment asset the market has attracted knowledgeable traders and ‘fresher’s who have no education about financial markets. Trading forums have been an ideal platform for people to learn about what is eating up their trading account, too much volatility, leverage or just bad trading ideas. This phenomenon has evolved to the social network space as people can interact with traders of all knowledge and experience and gain important tips to help them on their journey to trading success.
Etoro has been in the front seat with its copy trade platform. A social network, where profitable traders can share their trades with others and earn from the number of people following them.
The FX markets have been stamped by firms acting unprofessionally and thus there is some stigma of FX being an asset class with a history. Regulatory changes and transparency have been key drivers of the big clean up the FX industry has undertaken in the last three years, again social media can take credit for this as social network sites display correct and actual information about traders trades.
LetstalkFX an online trading portal which is a one stop shop for FX participants, news, pricing and discussions all from one easy to use site.
The rise of FX social networks and platforms has been driving innovation in the sector; the Social FX Awards are an opportunity for users to showcase the best ideas and systems that are helping the industry to work in sync with social media.
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“Social is changing the face of every industry and countries even, so why not financial markets and especially FX as LetstalkFX is at the forefront of bringing the industry together, we are now seeing the first signs that banks realise that this Is a must do and could become a big change in how they do business as electronic trading was back in the late 90’s with e-FX” says Stefan Basiuk one of the founding partners of LetstalkFX.
A recent study by US based Nielsen showed that social media sites account for the bulk of internet browsing, 70 percent of active online adult social networkers shop online, 12 percent more likely than the average adult Internet user. What does this mean for FX? Is there a trend with the amount of time people use and the volume they trade?
There are approximately 700 million users of Facebook and they are increasing with passage of time due to its innovative features, rich user experience and other entertainment features.
Stefan adds “For Generation Y they know nothing else but being able to chat and keep in touch from wherever they are with a variety of devices, not only are they tomorrows consumers, but
They are also the next generation of sales/traders in FX. They will demand access to these tools!”
In 2011 social media advertising reached the $5.5 billion figure and is expected to reach $8.2 billion in 2012.
The voting is open to the whole Global FX Community across 8 categories and awards those that made significant impact in developing Social Media strategies in 2011 in order for them to actively engage with clients and the FX market.
Vote NOW for what takes your fancy in the world of Social FX.