Not to be outdone by Facebook, Interbank FX, a US trading software provider, claims that it has just managed to combine the finance market with the social media one. They’ve created IBFX Connect, which is a social network for their 30,000 global forex customers.
How IBFX Connect Works
It works as follows. Users coming to the site can trade online, copy other people’s trades and swap tips in a chat room that’s been set up, all free of charge. It allows the finance world to chat about finance and to have a free-flow of ideas much like what users on Facebook find in a social context.
Signing on Users
At the moment, IBFX Connect has seen 2000 traders sign on since its launched last Monday. While the classic message exchange model, this site is actually linked to a trader’s forex account. Posts are automatically posted in a central feed and immediately seen by other users. It is open to all, both those experienced in forex trading and novice traders. The benefit for novice traders, of course, is great, as they can watch what experienced traders say and recommend and learn from their peers.
Users have a number of features to use, including the creation of personal profiles and the ranking of their status based on their success as traders.
Some Issues at Hand
Certainly, this forum is open to issues and abuse. As Javier Paz of Aite said, “A self-interested trader could use the information to be alerted of trades to take.”
A new, social, day may be dawning for those in the financial sphere.