fxstreet partners with myfxbook, becomes its adspace reseller
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fxstreet, the largest or the second largest (depends how you look at the numbers) forex portal in the world, announced that it partnered with myfxbook, the rapidly growing forex community. fxstreet will resell myfxbook’s ad space. If my memory serves me right, myfxbook offers only one ad on any page and the CPM is around $10 and up. Cheap it’s not.
fxstreet which without any doubt is trying as hard as it can to get into the evolving forex social networks and communities arena is now getting its first foothold in this space. I also believe that tight cooperation may lead to either partial or full integration of myfxbook with fxstreet or even an acquisition. After all, myfxbook is very limited on resources or on business model as I argued more than once and in some, not very distant, day a bigger, better competitor will come and bring something better and exciting to the market. Just take a look at the sprawling forex social sites such as fxbees and others.
Just one correction to fxstreet’s press release - myfxbook is not a forex social network rather it’s a forex social community. Asaf Yigal from Currensee explained the difference in his comment here.
10 Comments on this post
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Asaf said:
FXstreet has always been very creative and innovative in their technology and the business and this is great news to hear that they are expanding and are going to sell the ad space on myfxbook.
Nice move guys.
– Asaf.
July 12th, 2010 at 9:48 am -
Francesc Riverola said:
thanks Asaf!
July 12th, 2010 at 1:50 pm -
TFI said:
FXstreet along with Forex Factory have been pioneers in the Forex industry for more than a decade. We are very glad to see that FX Street is growing in breadth & depth of services and information. We are looking forward to opportunities in reaching that specific audience.
MicheleJuly 13th, 2010 at 10:17 am -
Asaf said:
TFI,
I can’t imagine why anyone would ever compare Forex Factory to FXStreet. FXstreet is a multi-language site with real analysts, webinars, advanced membership, economic calendar, charting package, integration to money transfer, integration to Tradency, advanced trading pages (I am sure I forgot a ton of the stuff these guys do on a daily basis). Forex Factory is merely an economic calendar and a commercial forum for the brokers to “socialize” their marketing through.
Plus the most important thing – FXStreet have always been transparent – everyone knows who their CEO is and who are the people behind it – Forex Factory has always been super secretive around who their CEO is and what is their relationship with the brokers.
– Asaf.
July 13th, 2010 at 2:24 pm -
ChaterTe said:
I totally agree, Forex Factory is run by marketers and brokers 95% of the content/post their is produced by brokers and their army of in-house sales teams and IB’s.
July 14th, 2010 at 8:16 pm -
AshFX said:
Guys, you have to be fair to Forex Factory. 95% of the posts aren’t by brokers/sales teams. Where did you get this from? The vast majority of posts are produced by people trying to sincerely learn and trade (and even teach) forex
I have posted some very useful threads in my time at Forex Factory which gained a following, and the number of people on there willing to help others for no gain on their part whatsoever is admirable.
So whilst Forex Factory does have it’s negative aspects, we must be just.
July 16th, 2010 at 7:14 am -
Francesc Riverola said:
Hi there
For one time I can not agree with you Asaf.
I agree that FF has been a pioneer in the FX industry along FXS. The site has reached a tipping point that I can not understand the retail Forex industry without it.
Merlin Jeffries was the father of the creature and he was behind FF till a couple of years ago that the current CEO took over. Since then, I’ve been having a great relationship with him talking about our sites and the fx industry and, above all, helping to each other.
I do not know why he rather to be behind the scene…, my policy has always been being in front of the scene and being in contact with our users to listen to them and to help them, but I think his strategy or way of doing things is as good or as bad as mine.
I’m a big fan of FF. They are just great and they have all my respects as well as top noch sites like Action Forex, Forex Magnates, Forex Crunch, Babypips, FXintel, Mataf, and many others that are out there…. sites managed by great people that just want to do things right
Francesc Riverola
CEO and Founder
FXstreet.comJuly 16th, 2010 at 12:09 pm -
Asaf said:
Francesc,
I never said that FF people are bad people mainly because I don’t actually know them. All I was trying to say is that while you took Fxstreet to be something way more than a forum both from the technology front and a business front FF have remained a forum and even their economic calendar which used to be the best in the market is loosing ground with all the competition around.
(Same progress on the technology and business have been done by babypips and Mataf which are great site BTW)
One more thing I’d like to add which is the unfortunate reality – most traders in this market are not making money from trading simply because they don’t have the necessary capital to generate the returns that will sustain them as traders and they are resulted to teaching other traders in the best case scenario or managing money in the worst case scenario and if you look at all the senior members in FF you’d see that they have their own site and they either sell signals, have a chatroom, or manage money. FF is a very fertile ground that nurtures fraud in this market not because they are bad people but because of the nature of the market and the lack of transparency – I’ve followed quite a few of the so called “experts” there and was shocked to see their own site, the promises they make, and the offerings they have and I am sure that while FF reputation system is built on nothing more than friends vouching for you there are a lot of innocent traders than fall for this cheap marketing and lose a lot of money.
Now as an entrepreneur my role and the way I think is to look at the offerings available in a market, understand their downfalls and understand how to build products that bridge that gap and while FF was probably a great solution 5 or 10 years ago when the market just started, these days it’s absolutely the wrong solution and a negative force in this market (This is my opinion) and it does not imply anything about the people behind it and their intentions – this technological solution like I said before is providing fertile ground for fraud and the approach that FF took by shutting down members based on their version of the truth is also wrong because they don’t have any visibility into what is true and what is not.
We operate in a very complicated market from a regulatory perspective which doesn’t help on the fraud front and my personal believe is that what this market needs right now is technological solutions that will address the fraud issue and increase the transparency (goes for all financial markets BTW) and I am going to be very loud against any solution that promotes fraud regardless if it’s being run by angels that only mean good.
– Asaf.
July 16th, 2010 at 1:51 pm -
Francesc Riverola said:
Hi Asaf
I understand your view… you have a point, but being a ground for not ethical people it is not just a problem for FF but for most of existent Forex site. This even affects us as when you accept articles/research/opinion from 3rd parties and you do not audit their track record, unfortunate from time to time you get very bad surprises.
We at FXS are monitoring what collaborators do and we are ready to kick them out if we see something we do not like, but it is not easy.
As I said this is affecting business models like forums or general portals, and I do not think that the solution is to get rid of them, but improve ways to detect and get rid of unethical players.
Francesc
July 17th, 2010 at 12:30 pm -
Asaf said:
Francesc,
There is no silver bullet that can solve this problem and where there are vulnerable people you will always find people who would take advantage of this vulnerability.
The best we can do is to work together as people who care about this industry and join forces while being considerate to our own businesses because the expansion of this market is largely depends on the ability to weed out some of the scammers that operate in it (at least in my mind)
We have tried for many times to reach out to FF folks and figure out how can we work together as I am sure they are scratching their heads trying to figure out how to make some of their problems stop and we never got any response – not even “No Thanks we’re good”. In fact they have notified all their news providers to never report on any industry news related to Currensee. I can only assume from this that they are not aligned with our missing to bring more transparency into this market.
– Asaf.
– Asaf.
July 18th, 2010 at 5:35 pm
