Forex Factory review: Community and trading tools in test
- Forex Factory review: Community and trading tools in test
- What is the Forex Factory? – An insight into the company
- The Forex Factory community put to the test
- Other offers of Forex Factory
- Forex Trades: Social Trading at its best
Forex trading has become very popular among traders. The need for exchanges on the subject of Forex is accordingly great. The Forex Factory has taken care of this and offers a virtual place where Forex traders can exchange information among themselves: The Forex Factory Community.
In various forums, traders can give each other advice and tips, as well as talk about current events together. However, forums often do not have a good reputation. It is always questionable whether the respective forum offers any added value at all. We have answered this question and have tested Forex Factory for you. Our experiences with the offer and the community are presented in this article.
What is the Forex Factory? – An insight into the company
Forex Factory has been in existence for more than 16 years and is a part of Fair Economy Inc. which includes several web projects. Among others, the projects Metals Mine, Energy Exch and Crypto Craft. The series is completed by Forex Factory. Each web project focuses on a particular investment market. In the case of Forex Factory, it is Forex and thus foreign exchange trading. Forex trading is characterized by trading currencies. In this context, the abbreviation Forex stands for Forex Exchange. Trading of different currency pairs, where one is always the base currency and the other is the quote currency, is called Forex.
There aren’t too many communities for the Forex market yet, which is why Forex Factory, with its early entry, has managed to bundle several thousand traders on the site, all with one goal in mind: To earn the highest possible return with Forex trading. In this sense, Forex Factory’s vision is that they want to be the number one source of information for trading Forex. Through strict community guidelines, Forex Factory is a place where traders can exchange constructive ideas and opinions, regardless of location. Fake news is a no-go here. Instead, traders can support each other and push trading to a higher level together!
Forex Factory support: Reaching out to the company
Traders can enter questions about the broker in a contact form and send this to the provider. It is unclear when an answer will come. The contact options of Forex Factory are thus a small downer. An exchange in a forum actually suggests quick answers. A contact form seems downright oldschool.
In addition to the contact form, the provider also actively informs traders about their own blog. There, company news about jobs, an update of the website and tools, and other news are published regularly.
The Forex Factory community put to the test
First of all, we would like to take a closer look at the Forex Factory forum together with you. In this forum traders can support each other and exchange information. You yourself have a choice: either you are a silent reader or you participate in Forex Factory and become part of the community. The positive? Both are free of charge for you.
We have taken a look at the Forex Factory forum from several points of view. On the one hand, we are of course interested in how much detail is put into topics in the Forex Factory. But we are also interested in how constructive the discussions are. Do they really only talk about Forex or does the typical community character take effect here, which counts unserious conversations as the order of the day? We will find out together.
These are our evaluation criteria:
- Possibilities for interactions
- Community guidelines
- Exchange with added value
Interacting with the community: 8 forums
If you click on the menu tab “Forum” on the Forex Factory website, you will get an overview of the most popular forums. In general, there are eight Forex forums that invite you to exchange ideas. These are:
- Interactive Trading
- Trading Systems
- Trading Discussion
- Platform Tech
- Broker Discussion
- Trading Journals
- Rookie Talk
- Commercial Talk
The main forums themselves are then subdivided again into different forums that deal with specific subject areas. Are you interested in the currency pair EUR/USD or USD/JPY? You are guaranteed to find the right forum for the topic at Forex Factory. The same applies to the choice of broker, different strategies or the analysis of certain indicators.
Guidelines for interacting in the Forex Factory forums
Among other things, it is written in the guidelines that members are rated according to their followers on a rating scale. This definitely makes sense. This way, the community can decide for itself whether a member publishes serious content or not. The most popular members even get a badge, which makes them stand out from the other 90% of traders. This is the gradation of the member ranking:
- High Impact Member = Top 2%.
- Medium Impact Member = Top 5%
- Low Impact Member = Top 10%
Any forum that wants to remain serious needs guidelines. Guidelines describe the dos and don’ts for conversations within the community and thus set the tone.
Added value from conversations
Of course, we also looked at the added value of the conversations in the forum and were pleasantly surprised. The conversations have focused almost exclusively on Forex trading. Of course, there are comments that don’t really add value. But they focus on the focus topic and more is not really to be expected from a forum. The conversations themselves seem very friendly and constructive.
We were able to work out five advantages for traders in the Forex Factory forum in this regard and would like to briefly discuss each of them. On the one hand, the forum naturally serves to discuss current market events together. This increases the accuracy of the analyses. In addition, general questions about the platform or about trading Forex can be discussed in the forum. The advantage that traders can learn from each other should not be forgotten. This can also have a positive effect on their own trading and create learning effects.
Finally – and this is probably the most important advantage – the error bias is minimized by the common analyses. Why? One does not only concentrate on one’s own thoughts but can always include the opinions of other traders in the analyses.
Be a part of the community – Membership conditions at a glance
Well? Are you curious and want to be a part of the Forex Factory community? It’s very simple. To be a member of Forex Factory, you just need to register on the website. The registration is 100% free of charge. Basically, you can view all the content of the forum without registering, but it makes sense to be a part of the community. Among other things, you can then also participate in the numerous tools of Forex Factory, which we will tell you more in the course of the Forex Factory test.
The registration is done within seconds. It is important that you adhere to the community guidelines at all times. Among other things, these state that members should also be active in order to be allowed to be a part of the community in the long term. A little commitment is therefore desired. The general conditions are fair and for us, there is nothing against becoming a part of the forum.
These opportunities are waiting members:
- Posting in forums
- Use Trade Explorer tool
- Use all tools from Forex Factory and synchronize with your own broker
- Subscribe to topics and members
Short summary: Forex Factory Forum convinces
Before we move on to the rest of Forex Factory’s offer, we would like to briefly finish the evaluation of the forum and thus the core of the offer. The Forex Factory convinces with exciting threads, in which traders can exchange information about any Forex-related topics. The topic can be as nerdy or specific as you like: We guarantee that you will find what you are looking for and at the same time find like-minded people. Through the forum, you can also take your own Forex trading to the next level, as you can participate in the experiences of different traders.
Other offers of Forex Factory
If you think that this is all Forex Factory has to offer for Forex traders, you are wrong. Besides the forum, Forex Factory offers seven other tools that support Forex trading. These are tools that can be used without registration as well as tools that require membership.
By the way: If you decide to become a member, you can synchronize your Forex Factory account with your own broker and use the tools even more efficiently!
Forex Trades: Social Trading at its best
Social trading is on the rise and Forex Factory knows that too. For this reason, Forex Factory offers the Forex Trades tool. This tool allows traders to watch the trading of other investors live. This is achieved by synchronizing the traders’ broker accounts with the Forex Factory account. Thus, on the one hand, it is possible to see a sentiment picture in the individual markets. On the other hand, traders can also copy trade by following the actions of other traders. In any case, the own trades and their success are disclosed. Traders should be aware of this.
To simplify social trading, there is a streaming feed in the platform where trades of other traders can be viewed around the clock. The leaderboard also shows which traders have generated particularly high returns and not just for a short time, but over a long-term period. This way, viewers can quickly separate the wheat from the chaff. Black sheep are identified in this way. An aggregate position analyzer helps with the evaluation.
Forex News: Detailed news in real-time
With its own editorial team, Forex Factory enables traders to receive relevant news on their own topics always in real-time. The editorial team shows full commitment and actually works around the clock. In the news thread on the website traders can inform themselves about all topics related to Forex trading. Of course, the content is also subdivided. So traders can inform themselves about fundamental analysis, technical analysis, or knowledge content. The latest and most popular news is also in sections that can be found quickly.
Revolutionary Forex Calendar
Forex Factory’s Forex Calendar offers a variety of filter categories that allow you to really see only the market events that are important for your investments. Since 2005, this calendar has been setting standards for economic calendars worldwide and this is precisely because of the filtering options. The filter options are gigantic. So a little familiarization with the calendar data is necessary. But if you invest the time, you will profit from suitable signals. Economic events are important indicators for price trends and can therefore have a strong impact on one’s own trading decisions. An eye should therefore always lie on these.
Among others, traders can set the following filters:
Forex Markets: Rise and falls
Then there are a number of charting techniques that can be used with Forex Factory. Market sentiment pictures can be viewed directly in chart form via the Forex Markets tool. The chart types can be customized in terms of type.
The following chart types are available for selection:
- OHLC charts
- Candle charts
- Line charts
- Mountain Charts
The classics have thus made it to the list of possible charts at Forex Factory. However, it is possible to customize not only the chart, but also the indicators to be viewed and the color scheme. Even the time can be viewed individually. The Market Scanner thus enables a quick, clear view of the individual Forex markets.
Forex Broker: What Broker is winning in the test?
You can find out which brokers are particularly suitable for Forex trading using the Broker Comparison tool from Forex Factory. Using the broker comparison criteria company headquarters, year of foundation, regulation, platform, max. level, min. trade, real-time spreads and support options, you can find exactly the broker that suits you. In addition, you will be shown what the minimum deposit is and what base currency is available.
Basically, it is always useful to look at such a list before choosing a broker. But it also makes sense to look at what other traders say about the brokers. A look in the thread or reports on blogs is therefore worthwhile on top.
In addition to the criteria considered, the following criteria should also be included in the decision:
- Offered trading classes
- Payment provider
- Security precautions of the broker
- Mobile trading possible?
- Asset classes
- Selection of markets
Trade Explorer: How good am I at trading?
Finally, there is the Trade Explorer. Traders should not only look over the shoulder of others but also check their own trading from time to time and reflect on their decisions. The Trade Explorer makes this possible in a data-based way. This is linked to your own broker account and shows you how your trading performance is. In this way, you can accurately check yourself regardless of emotions and adjust your own strategy.
In summary, Forex Factory is an interesting virtual place where Forex traders can gather. Both appropriate tools and a good community are located on the website and are waiting to be used by you. Registration is completely free of charge.
Basically, we would describe Forex Factory’s offer as solid. It is nothing special, but does not need to hide either. Especially the Forex calendar is a great tool to optimize your own Forex trading. However, an exchange of conversations with like-minded people never hurts!
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