Social media reaches a target audience more effectively than traditional sources, such as newspaper advertisements. The Forex industry has been paying attention and is increasingly gaining exposure via social media. Unfortunately, some Forex traders use social media to deliver spam. If used properly, the Forex industry can use social media to enhance its reputation with the public.
Guest post by Brian Jenkins
Twitter is one of the best tools for gaining exposure, communicating, and networking. If done properly, Forex brokers can use Twitter to obtain new clients. Through Twitter, ask traders what types of assistance they need and what types of information they want. Improve your website by giving traders the opportunity, via Twitter, to comment on the positive and negative aspects of the website.
Through Twitter, Forex brokerage firms can provide real-time trading data. Forex traders are building an audience by providing relevant news and analysis and short reviews of Forex products.
Unfortunately, Twitter users are aware of the fact that Forex Twitter accounts are one of the most common platforms for spammers. Forex spammers are damaging the Forex market’s reputation by using Twitter to sell software. Most of the spam accounts are “bots,” so tweets don’t come from actual people.
Forex brokerage firms can use Facebook to provide relevant videos, blog posts, news feeds, tweets, discussions, and special promotions. A successful Facebook campaign will encourage users to join and communicate with other traders. A quality Facebook page can become a useful resource for traders around the world. Due to FX Facebook applications and advanced API, Facebook has the potential to play a larger role in the Forex trading field.
One of the benefits of using a Facebook forum instead of a traditional forum is it prevents anonymous competitors from commenting or spamming without being responsible for their comments.
LinkedIn Group
LinkedIn is primarily a tool of the corporate world, and a number of well-known Forex brokers have a LinkedIn presence. It provides an opportunity for group interaction and sharing of information with other traders. Through LinkedIn, Forex firms may offer Forex articles, the latest market developments, and information about the firm. LinkedIn provides a focused Forex trading audience.
YouTube
Via YouTube, Forex brokers have the opportunity to provide a review of yesterday’s Forex trading and expected trends for the next day. Providing informative FX information on a daily basis builds an audience.
FX Trading Blog
A good Forex blog should include expert views and advice on the latest market news as well as market predictions, trading analysis, and trading strategies. A comments section in the blog helps build an audience and allows for some good discussion.
Open Book
Open Book is a social trading network developed by one of the market’s leading Forex brokers, eToro. People can view, share, and copy their selected traders’ moves in real-time. Users can watch how FX traders plan their next move. Traders have the opportunity to interact and follow each other. Beginners have the opportunity to have discussions with experienced traders, and experienced traders can build an audience. Users don’t have to register or sign in for the service. (It should be noted the author has no connection with this company.)
Some people in the field believe the Forex trading industry has a long way to go in terms of effectively utilizing the available social media resources, which does require a great deal of expertise. Mikolaj Jan Piskorski, associate professor of business administration at Harvard Business School, believes that “very often our perception of social media, and what we can and can’t do using social media, is very much tinted by what we think our favorite person is doing – and our favorite person is usually ourselves. So it is about getting students to understand that the empirical skills are absolutely necessary, because whatever they think is intuitively correct, is probably about themselves, but nobody else.”
The Forex industry can use social media in a positive manner by offering useful information, analysis, the latest Forex related news, and by staying away from spamming. If used properly, social media has great potential for the Forex industry.
Brian Jenkins has been writing about various career and education topics for BrainTrack.com, including college degree programs in finance, for two years.
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