News site Forex Magnates brings to light another entrant in the social trading arena called ForexGlobes. I signed up to see if this site has anything new to offer in the increasingly-competitive social trading world. Unfortunately, it’s still in beta, so some critical components appeared to be missing (or at least, I could not find them): it doesn’t appear that signal providers will be compensated for their signals, so sharing trades is purely for bragging rights at this stage. In addition, while ForexGlobes claims to be partnered with several forex brokers, I could not for the life of me figure out how to link my live account. In addition, it has a strong resemblance to Tradeo in look and feel, so the jury is still out as to how ForexGlobes intends to differentiate itself. In any case, here’s the bottom line from Forex Magnates:
Like all social networks, the fate of ForexGlobes will depend on its network. Regardless of the product, if a social network is lightly populated, even diehard fans will leave as the site’s value diminishes. Therefore, it’s too early to tell how successful ForexGlobes will be. However, in its early phase, it appears to have found a steady balance between providing the social characteristics traders’ desire, without sacrificing on execution.