9 Forex Social Networks You Should Use
Best social media sites for forex brokers
Recruiting new traders is a central priority for forex brokers, and social media platforms can be good pipelines for potential clients. In a 2018 survey, over 80% of financial advisors reported using social media for their businesses, and 47% called social media a very significant part of their marketing efforts.
We’ve written about how to find forex clients before. Here, we’re covering nine websites or platforms we recommend for publishing content, connecting with leads, finding IBs, and learning about what others in the forex industry are doing.
Your firm should definitely have an account on at least one of these platforms, but many 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.
Myfxbook is a social forex community where traders can connect with other traders enabling them to track, compare, analyze and share trading activity from cTrader, MetaTrader 4, MetaTrader 5. This is a great place to showcase the success of the managed account programs that you offer at your brokerage. Traders 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 best MT4 based managed accounts, and some users will likely prefer FXstat’s interface.
TradingView 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 your accounts and see which of your ideas played out accurately.
TradingView also provides integrations for direct trading through their web platform, complete with a list of selected brokers. A broker can get themselves added to this list (likely for a fee).
TradingView also covers data from trading stocks and other commodities outside forex. If you’re focused on forex and CFDs, Myfxbook or FXstat could be a more tailored choice.If your brokerage offers various asset types, TradingView is a great media platform with a large audience.
7. 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 and to manage your reputation.
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.
8. 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, including 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 steers them away 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 engage with followers, if they even have any.
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