Nowadays, Forex social networks have become extremely popular among the traders. What started as some vague trend in 2010, now has shaped into one of the most useful trading tools for the online currency market. Traders can easily share their results, follow, compare and analyze (with a very high level of detail) various trading system and, finally, socialize to share their sentiment about the current market situation.
There are many social network sites available in the Forex niche, but only 7 of them are worth mentioning, in my opinion. I’ll try to list and describe them briefly here:
Currensee — one of the first and most popular social networks it offers a heavy emphasis on community interconnection and performance analysis. Unfortunately, it requires a registration to access its features and it won’t connect to your demo trading accounts — only real trading accounts are accepted. Of course, this has its own advantages, but this can also keep some traders away.
Myfxbook — seems to be all over the Internet, as the EA vendors often provide links to their performance pages within this social network. It doesn’t require a registration to browse the tracked trading strategies. Community is very active in Myfxbook, with some interesting strategies receiving hundreds of comments and reviews. This site doesn’t differentiate between demo and real accounts.
FXSTAT — often deemed as a clone of Myfxbook, FXSTAT still has its own style and a much more
Forex Factory — the major Forex forum that now has all the attributes of a fully functional Forex social networks — community, market sentiment socialization and trading performance tracking (with a rather
MeetPips — may win the best site design award among the Forex social networks from me, but this creation of BabyPips.com team isn’t as active as the average trader would want his social community to be. Anyway, it’s still a good network to join with some useful unique features (trading plan + trading stats + trading journal for each member). Unfortunately, the trading stats analysis is very poor compared to the previous social networks.
FxBees — having started rather rapidly during the early 2010, it’s now almost inactive. No updates, no community or trading activity — a “good” example of a Forex Web 2.0 project going wrong way. It shows quite well, that such site should be developing and being improved constantly to be competitive. Website is no longer operating as a Forex social network.
MeetFX — this site is more of a “social network” part than of a “Forex” part. You can even connect to it with your Facebook profile. In this case, lack of useful features make MeetFX just another inactive discussion board. I doubt that anyone is still actively using this site. The website is no longer working.
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Update 2014-06-13: Marked FxBees and MeetFX as inactive websites.
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