This is a guest post by Brian Jenkins
In recent years, the Forex industry has managed to gain additional exposure by way of social media. Some Forex brokers are attracting new clients by using social media to share knowledge and important information. They’re using social media to make important connections with FX traders and prospective traders.
For example, Deutsche Bank’s online retail foreign exchange trading platform, dbFX, uses Twitter, Facebook, YouTube, and Linkedln to connect with FX traders and attract new visitors to its website.
Deutsche Bank uses twitter to provide market information and news. It also uses Twitter to make announcements about future seminars and webinars. Betsy Waters, Global Director of dbFX, said, “Social media offers opportunities for instant dialogue and information sharing which is key for traders in the dynamic FX market place.”
Twitter has become one of the best marketing tools for businesses. When used properly, it is a great tool for Forex Brokers to attract new clients. Twitter provides Forex brokerage firms with the opportunity to provide real time trading data. Forex brokers can build and maintain an audience by offering short reviews of Forex products and pertinent news and analysis.
Unfortunately, many Forex Twitter users are seen as spammers because they employ questionable methods of selling Forex software. These Twitter accounts have harmed the reputation of the Forex market. Most of the spam accounts are “bots,” so the tweets don’t even come from a human being.
Here are some of the Twitter analytics FX brokers can use to measure the influence they’ve obtained with Twitter:
- TweetEffect: Filters data from Twitter to show which of your tweets have made people follow you or not follow you.
- TweetLevel: Measures the importance of an individual in Twitter, based on popularity, influence, commitment, and confidence.
- TweetReach: These reports provide a thorough set of metrics about search terms and their impact on Twitter.
- Twinfluence: Determines the primary factors controlling your power and influence in Twitter.
Facebook has more than 500 million users. A growing number of businesses are using the platform to educate, communicate, and attract new customers. FX brokers can also take advantage of Facebook.
FX brokerage firms report many traders with little knowledge have discovered their Forex Facebook page and asked for tips to enhance their Forex knowledge. Consider offering an education application including beginner, intermediate, and advanced sections. Build an audience by providing useful:
- news feeds
- blog posts
- special promotions
- Live data
A quality Facebook page can attract FX traders from around the world. FX brokerage firms can inexpensively attract prospective customers by providing useful Forex Facebook applications. For example, the app could serve as a demo of a trading environment. The users of the app may prefer to open an account with an FX firm providing this handy demo.
The cost of a Facebook application is relatively small. Interbank FX is one such company that has launched an interesting Forex application. Saxo Bank has added a Forex Trading education tab to its Facebook fan page.
Linkedln offers another opportunity for Forex traders to interact with each other and share information and strategies. It provides a focused Forex trading audience. Linkedln is about connecting with other people and not pitching products and services.
Some Forex trading firms use YouTube to cover yesterday’s Forex trading and review expected trends for the next day. YouTube can be used in this manner to further build an audience.
Through social media, Forex brokers have the opportunity to build an audience, establish trust, and obtain new clients.