9 Forex Social Networks You Should Use
Best social media sites for forex brokers
Recruiting new traders is one of the most important tasks for forex brokers. Social media platforms are one place where you can meet and interact with potential clients. In a 2018 survey, over 80% of financial advisors report using social media for their businesses, and 47% say social media is a very significant part of their marketing efforts.
We’ve written about how to find forex clients before. In that post, we talked about what kinds of content you can share on social media to attract clients. Today, we’re covering websites you should use to publish your content, connect with leads, find IBs, and learn about what others in the forex industry are doing.
Social media and online networking platforms can be broken into roughly three categories: those for explicit marketing, those for establishing yourself as a leader in the industry, and those for market research and community building. Depending on the size of your firm and your goals, you might want to target sites in only one of these categories or a single site in each category.
Best for marketing a forex brokerage
Social media helps you connect with and attract new forex clients. LinkedIn, Facebook, and Twitter are the sites where you can do that most directly.Your firm should definitely have at an account on at least one of these platforms.
Each of these sites can help you add credibility to your firm by presenting consistent business details and branding outside of your website.
LinkedIn is a professional network and might be most useful if you want to attract business professionals as clients. You can publish videos, blog posts, and trading analyses on LinkedIn, which will all help you attract the attention of your target audience and further show your firm as a thought leader. However, you don’t have to do so.
The site is a good choice if you don’t plan to share much content. If you’re simply looking for a way to add credibility to your firm without doing additional work, go with LinkedIn.
Facebook is the largest social media network in the world. You can use it to attract all kinds of clients, regardless of which niche they may fall in. If you want to use Facebook ads to reach that audience, you need a profile that provides all the details about your firm as well as regular, useful posts.
You can post updates about your firm or staff, announce your attendance at events, or post blog updates. The information you share on this site should be useful, but it can also lean heavily towards the promotional side.
Like Facebook, Twitter has a large and diverse user group, so you can target any niche of forex clients. Twitter posts are short, so regularly posting on this platform does not take much time. It’s easy to use and find hashtags that your target audience would be interested in, so interacting with others is easy.
If you want to interact with clients and leads on a social media site while still sharing promotional material, Twitter is your best bet.
Best for attracting existing forex traders
If you’d like to target professional traders, IBs, and traders looking for managed accounts, then it’s best to have a profile on a site targeted specifically to the trading community. Social trading sites are the best place to do that.
These options allow you to link your trading platform accounts to the social network, so others can see your profits.
Myfxbook is a social forex community where you can connect to cTrader, MetaTrader 4, MetaTrader 5, fxTrade/fxTrade Practice, FXCM Trading Station and Strategy Trader. Then, traders can see the success of a managed account you offer at your broker. They can follow and watch the stats over time. You can also create posts to share your knowledge and list all of your brokerage’s details on your profile.
If you have a successful managed account program showing it off on Myfxbook is a great option.
FXstat is quite similar to Myfxbook, but it only allows you to connect with MT4. If your brokerage uses other trading platforms, it might not be the right choice for you.
That said, it is a viable choice for showing off your firm’s forex skills, and some users will likely prefer FXstat’s interface.
TradingView does not integrate with a trading platform. Instead, it allows you to publish your ideas about what the market will do along with the charts that lead you to those ideas. Traders can follow you and see which of your ideas played out accurately.
TradeView sells services to allow clients to make trades through them, so it isn’t ideal for using only as a social platform. However, it covers trading stocks and other commodities outside forex. If you’re focused on forex and CFDs, Myfxbook or FXstat is likely a better choice. However, if your brokerage offers many types of assets, TradeView is a good option.
Best for learning about forex traders
There are many online communities where traders interact with each other.
Being active and involved in online communities for forex traders is all about providing useful information to them with little marketing efforts. If you join these communities, you’ll have the chance to have in-depth interactions with traders and highlight how helpful you can be. However, if you market your brokerage too much, you’ll likely appear self-serving.
1. Forex Factory
Forex Factory is a forum and news website that claims to have over one million monthly site visitors. Forum topics include trading systems, trading journals, broker discussion, and more. It is a good idea to have an account with this site simply to respond to any complaints about your firm that show up there.
Forex Factory requires anyone who makes money by providing a service or product to traders to designate themselves as a Commercial Member and to be upfront about their services if asked. If you are a commercial member, you can post content in the Commercial Content section to advertise specific aspects of your service.
If you participate in the other sections, you can establish a reputation as an expert and then discuss your brokerage if asked about it. This is a good way to get to know traders and can attract leads over time.
2. BabyPips Forums
BabyPips is a popular site for new traders to learn about forex. It also has forums for traders to discuss their trades, ask questions, interact with one another, and talk about brokers.
The BabyPips forums aren’t as active as the forums on Forex Factory. However, if you’re targeting people who are new to forex, these forums are good ones to use.
Like Forex Factory, there is a specific place for commercial content, so you can blend marketing efforts with trader interaction on this site.
The forex subreddit on Reddit has over 63,000 subscribers, and the members are quite active. Topics discussed range from technical trading indicators and market movement to opinions about brokerages and fees.
Reddit has limited advertising options, and the forex subreddit specifically prohibits promotional activity, and links to blogs or social media posts. If you want all your activity to be tied to marketing, this isn’t the right choice for you.
However, if you want to have good discussions with traders, Reddit is an excellent option. Participate here to get insight about what traders want, what makes them mad and what they’re looking for in a broker.
It’s important to remember that social media activity requires time and energy, so you shouldn’t take on more than you can handle. It’s better to have a few social media profiles that are managed well than a lot of social profiles that hardly ever post updates or respond to other users.
Carefully think about your capabilities and goals when deciding which platforms to use. Then, create a strategy for using the social media sites you choose to achieve those goals. To make sure you get the biggest return on your efforts, read about social media content strategies.
What to read next:
- What to consider when building your brokerage website
- Where to start with digital advertising
- Basic SEO tools to increase your brokerage’s web traffic
Looking for a Forex CRM?
We make tools to help forex brokerages succeed.