How Social Media Affects the Forex Market
Ever wondered how social media affects the forex market? It may surprise you that the forex market isn’t as widely known among the public as is the stock market. Perhaps the confusion lies in many people not knowing that forex actually stands for foreign exchange. But how many know what foreign exchange really is?
While the forex markets have been in existence for decades now, it is only in the last few years that they have gained exposure, thanks to social media. Many of the social media platforms have seen several forex brokers and traders open accounts to promote what they do. But that doesn’t mean that the way participants in the forex markets are using social media is the best.
The Major Social Network Platforms in Use
Today, the three major social media platforms being used by forex traders include Facebook, Twitter, and LinkedIn. Facebook seems to be the place where people go to connect with their family and friends. On the other hand, Twitter and LinkedIn make it possible for people in the forex market to easily connect with each other. But that’s not to say that there aren’t Facebook accounts with a forex trade bias.
The better strategy is to have a presence on all three social media platforms so that you can better distribute articles, forex analysis, and forex news. That way, a forex broker or trader will be able to reach a wider audience that is confined to just one platform.
Now a detailed look at how each of these social media networks affects the forex market.
1. Facebook
Did you know that Facebook is the largest social media network out there? It has more than 250 million users across the world and boasts of over 1 billion unique content being uploaded every week. It makes sense for forex traders to connect with their counterparts across the world through Facebook.
But some would argue that Facebook is mainly a place for personal connections and may not be as good as Twitter and LinkedIn. On Facebook, one can utilize tools such as best automated forex signals, forex traders, forex pages, and forex groups. The good thing about Facebook is that it is not possible to send out spam messages.
Today, players in the forex market are using Facebook to share signals, accumulate fans to their pages, and spread content. But Facebook has an advanced API and provides many opportunities for you to develop your own applications. That’s why players in the forex market can no longer afford to ignore it.
2. Twitter
Twitter is one of the most popular social media networks to the extent that everyone who needs to have influence is using it. If anything, Twitter is what every player in the forex markets needs to gain exposure, communication, and networking.
If you go to Twitter today, you will get a number of accounts offering forex content. The problem with this social media platform is that there are so many forex spammers to the extent that people no longer want to be associated with the word ‘forex’.
You would be surprised that forex spammers send out far more content on Twitter than pornography and multi-level marketing. This makes it impossible for the major forex players to miss out on opportunities to reach larger audiences.
While most of the content on Twitter is promotional, people can get much more out of it. For instance, forex brokers can share promotions, reviews, articles, analysis, and news. That’s in addition to forex traders being able to communicate with each other.
3. LinkedIn
With more than 17 million daily visits, LinkedIn is the best platform for connecting people in the corporate world. Here, you find advice from forex experts who have a huge presence so far. But you will also find all the big forex brokers in the world here. Through a common group, they usually share industry news and trends among themselves.
So far LinkedIn has several forex groups where forex companies, brokers, and traders can connect without worrying about spam content. Here, you can share reviews as well as articles on the latest happenings in the forex market. The good thing is that people in the groups are already interested in forex thus forming the perfect audience for you. That makes LinkedIn be the best place to share industry updates.
Conclusion
Players in the forex market cannot afford to ignore the power of social media when it comes to reaching out to vast audiences. The only thing that they could do differently is to change the way they use social media.
