I just received this press release from Interbank FX announcing the launch of IBFXConnect, their social trading network. I see forex social networks as the next battle ground for forex brokers to win over traders from other brokers. Congratulations to Interbank FX for recognizing this trend ahead of most other U.S. firms. I believe that we will see a shift in client profitability numbers to the upside as more and more traders start using the Copy Trade functionality (where new traders can copy the strategies of experienced traders).
In the latest Forex Magnates quarterly report, I interviewed the CEO’s of all the major social networks and did a side by side comparison of their benefits and features. For their technology provider, Interbank FX chose FX Junction. I recently chatted with Vishal Bharucha, Managing Partner of FX Junction on the ease of use of their site.
FXOpen too recently announced a partnership with FXStat, another social networking site. So perhaps this is a trend now – brokers partnering with existing social networks instead of developing their own. eToro is the only broker that has its own social network called Open Book.
Interbank FX, LLC, one of the industry’s leading global providers of online forex trading software, introduces IBFXConnect: the first FX trading social network brought to you by a US broker.
IBFXConnect bridges the gap between social media and the fastest growing financial market in the world. Pioneered by Interbank FX, customers can trade FX alongside successful traders across the globe. Everyday traders now have the opportunity to study the success of others; see what their trading, follow their trades and commentary and even copy their trades directly from IBFXConnect.
Through Interbank FX’s popular MT4 Expert Advisor integration, IBFXConnect enables a two-way communication between a customer’s trading account and their IBFXConnect profile. From here, each customer has complete control of their privacy settings while being able to manage and copy trades from other members.
“IBFXConnect is so exciting because our customers can now follow and copy other retail traders,” said Todd Crosland, chairman and president of Interbank FX. “Many traders on IBFXConnect have been trading successfully for months or years with their live trading accounts- who better to follow than someone with a proven history1? Traditionally this type of information is only available through fee-based signal broadcasting systems or money management services. We make it possible to like, follow and copy traders trades on IBFXConnect for free.”
Anyone can join IBFXConnect with a version of MT4 from any broker, no fee required.
For more information about IBFXConnect, please visit www.ibfxconnect.com.