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Forex Social Platforms Provide Transparency

With the exploding popularity of the Forex market and its supporting industry, the daily turnover has now surpassed the wild number of $4 trillion. This presents a very profitable opportunity for traders but it also announces to the scammers of the Web that there is money to be made here. It is for this reason that the need for true Forex social platforms is also growing. The first two on the scene are Currensee and eToro OpenBook.

Guest post by dailyforex.com

Why were these Forex social platforms born? It is no secret that the Web has evolved over the past few years and social media is the new buzz word. One of the main advantages of the social Web is complete transparency. Companies can no longer get away with what they used to be able to and we have sites like Twitter and Facebook to thank.

The Forex industry has developed a less than clean reputation over the past few years as a result of many service providers offering things to traders that they cannot deliver and bringing the transparency of social media to Forex trading seems like a natural step.

So how do forex social platforms like eToro Open Book really help the day to day activities of a Forex trader? Well for starters, Forex traders now have the ability to communicate with others just like them. Learn from their mistakes or profits, utilize their strategies, and watch the experts in action. That, in and of itself is a huge advantage.

However, as I mentioned, the big advantage of Forex social platforms is transparency. You can actually see the pips and profits made by traders and then look to them for advice on simple decisions like what broker to trade with, what currency to invest in, and even how much capital to risk on one trade.

Want to see what other traders are doing in real accounts? Check out Currensee. It’s free..

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.