Social trading is one of the Forex Industries fastest growing products, therefore it is unsurprising to see a number of new Social Trading products being launched. A new player has entered into the field of social trading going by the name of ForexGlobes.
This start up is broker independent and earns it’s revenue in the same way as ZuluTrade namely by sharing revenue with its supported brokerages. This means that traders who wish to use the ForexGlobes social trading platform will have to sign up with one of their supported brokerages. At the moment the list of supported brokerages is pretty small and in no way compares to the wide range of different brokerages offered by big name competitor ZuluTrade. However a number of well known brokerages are supported by the ForexGlobes platform including FXCM and AVA FX. However, ForexGlobes have claimed they purposefully limited the number of supported brokerages to ensure that they can maintain a strong relationship with the said brokerages. I don’t quite see it this way as I know many traders greatly value the wide choice of brokerages offered with
According to ForexGlobes founder Eliav Kordova the company intends to differentiate itself due its so called ‘technological advancements’. What is meant by this is that ForexGlobes is server based solution installed directly onto the partner broker’s hardware. The advantage of this is that it provides greater connectivity which should help ensure traders experience lower latency, minimal slippage and fewer failed trades. Whether this will be the case in practice is still to be seen.
Another claimed advantage of the ForexGlobes social trading platform is the simplicity of the interface with all the key social trading features being available form the dashboard. Which acts a bit like a Facebook news feed, such a feed is similar to the feed on the dashboard of the eToro trading platform. Allowing traders to see other traders profiles and giving them the option to follow or just copy that particular trade. A nice feature is that traders can elect to only copy a particular traders trades in a selected instrument. For instance I have quite a good track record trading Oil, however my record isn’t quite as impressive with certain Forex pairings. ForexGlobes would give you the ability to only copy my trades in Oil ignoring my riskier currency trades. This a pretty cool feature and could see many people using such a feature.
In addition to the main dashboard there are additional separate pages available which feature information on economic news, trading headlines and various charts all powered by TradingView. These add on’s are designed to give traders a full social trading experience and do add some value to the platform while not being inspirational. The product is fairly easy to use and anyone who has used Social trading platforms before will be able to get to grips with ForexGlobes in no time.
The real quality of a Social Trading network is really dependent on the the signal providers found on the particular network. At the moment the social network is very lightly populated and there’s not a wide selection of signal providers. At the moment the platform is still in Beta which means traders can go open a demo account and try out the system, with Live brokerage support being added soon.
I strongly recommend that traders try out the network while it’s in the Beta period and see if its worth there time and effort.