Social sharing of trades: the FX market turns social
Over the past decade, the age of sharing has flourished. The rise of the internet facilitated fast-speed sharing across countries, continents, and time zones. In the present day, everything from market reports, breaking news, and photos of colour-changing dresses spread across the globe in seconds. Making international trades and staying in touch with friends overseas is now easier than ever before. Both the social media and trading worlds have been revolutionised; now the two are colliding in exciting new ways.
It’s difficult to imagine the world of finance as it is today before the internet boom. The internet opened the door to investing and trading in Forex for anyone with an internet connection. Before that, currency trading was solely the staple of banks, multinational corporations and wealthy hedge funds. Even if retail traders could stomach the colossal lot sizes required to participate, their limited access to market information sorely hindered their investment chances. Potential investors had to educate themselves by heading to the local library and reading financial literature. If they wanted to see the latest financial report, they were required to contact a company and patiently wait for the report to be printed and posted to their address. By that time, the markets would have changed considerably.
It’s equally as bizarre to imagine communicating with friends before the internet-enabled social media boom. Replying to a friend’s message involved a great deal more time, material and costs than simply typing a text and pressing send. Social media made it possible to communicate in new ways with status updates and multi-media messages. When Facebook and Twitter emerged around the mid 2000’s, sending photos and videos, or sharing good news with all of your friends at once, suddenly became the norm.
FXTM’s new Social Sharing of Trades* feature celebrates the new ways the internet lets people connect and share with one another. The global forex broker was awarded Most Innovative Broker this year, and this new feature is just one of the many ways it strives to give its clients an innovative trading experience.
Social Sharing of Trades lets traders post their most successful trade of the last 24 hours on platforms such as Facebook, Twitter and LinkedIn. Their followers can see the instruments they were trading, the trader’s open and close prices, and the overall profit they made. Traders can even add their own personal messages, offer trading advice or tagging their friends.
But that’s not all. FXTM also boasts another innovative feature designed to improve the social aspect of trading. Their Refer-a-Friend feature* lets traders expand their social trading network even further. Traders can now invite their friends to enjoy FXTM’s award-winning products and services, and even earn cash in the process. Both the trader and their friend will gain $25 when the new trader registers and meets a few conditions – a reward for helping trading thrive in the social age.
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