Top 7 Communities For Forex Traders

What are the best communities for Forex traders?

The world of forex trading is made up of approximately 10 million traders, according to Tokenist.com, all with their own individual trading strategies, insight into the market, and experiences. Online forex trading communities provide traders, and those interested in trading, with a common space to communicate and share information.

Let’s look at the six most popular forex trading communities.

Traders Union is the one of the largest global communities of Forex traders. The primary objective of Traders Union is to provide consultation and legal support for traders, ensuring optimal working conditions and safeguarding traders' rights during potential disputes with brokers. Traders who engage with Forex brokers through Traders Union benefit from additional payments and legal assistance, setting it apart as a major advantage compared to working with brokers independently.

Traders Union offers a range of benefits for traders, including financial, legal, informational, and service-related advantages. Financially, traders receive rebates, providing a partial return of the spread or commission from each transaction. The legal support from Traders Union becomes crucial in navigating potential disputes with brokers, offering a layer of protection for traders.

Traders Union also provides traders with an array of educational articles and tools. These resources are designed to empower traders with knowledge and insights into various aspects of Forex trading, helping both novices and experienced traders alike. Additionally, the community values the input of traders, considering their reviews in Forex brokers' rating systems.

Trading view is a charting platform and social media platform used by over 50 million traders around the world, primarily for analyzing charts and spotting opportunities across global markets. It offers a comprehensive range of tools for performing fundamental and technical analysis, such as indicators and customizable charts.

TradingView’s community is made up of a network of individuals, users, developers, and trading enthusiasts. They interact on community channels, forums, social media groups, and communication platforms, sharing knowledge, and asking questions. The community features live streams and videos educating users on various trading aspects. It operates like a social media platform – you can collect subscribers and follow others, sharing your own indicators and hosting video streams.

The community forum also serves as a hub for users seeking help, sharing trade ideas, discussing strategies and engaging with other community members.

It should be noted that many TradingView community features are locked behind a paywall, with the option for a free 30-day trial.

BabyPips, formed in 2005, is a free online learning tool catered towards beginner forex traders, and is one of the most popular forex forums on the internet, with over 1.8 million members. BabyPips takes a somewhat lighthearted approach to its education, aiming to make the daunting and complex world of forex seem a little less intimidating.

BabyPips offers many community features for sharing information. BabyPips maintains a blog which they frequently post on, allowing users to comment and discuss on each post. The forums are also incredibly active, with discussions separated into categories for ease-of-access. A detailed economic calendar keeps users updated with market events and Deeper analysis articles are offered to premium users.

Forex Factory is another popular forex forum, with over nearly 800,000 members. Forex Factory describes itself as designed for professional traders, aiming to connect traders to the markets and to each other to positively influence their trading results.

Forex Factory is favored for its innovative economic calendar. Since it was added in 2005, most forex players have been following the Forex Factory calendar indicator, which includes timestamps, impact ratings, event detail, and economic data charting. The website also lacks ads and does not attempt to sell products to users, meaning users take it seriously and frequent the site for balanced trading information. Members also praise the community forums for their ability to get tailored answers to specific questions from expert advisors. Users can also send private messages to network with other traders and share information.

Though Forex Factory’s self-declared mission is to combat misinformation, there are dozens of reviews online, from sources such as TrustPilot, indicating customer dissatisfaction - though many also praise the site for being their go-to resource for trading information and news. Users are advised to exercise due diligence when engaging with any information found on online forums.

EliteTrader is a more exclusive forex forum, with a smaller membership but a higher level of expertise. With 115,000+ financial traders as members, the forum website currently has more than 280,000 discussion threads containing over 5 million posts.

Discussion topics are categorized by general topics about everything related to trading, market discussions about stocks, forex, crypto and more, technical topics such as technical analysis and automated trading, discussions on brokerages and various trading tools, and even a community lounge for just talking about topics like politics and religion with other traders. The website is completely free for independent traders though companies must purchase vendor accounts to participate in discussions.

Investing.com is a global financial portal that provides real-time data and news, quotes, charts, financial tools, and analysis of over 250 exchange markets. The website boasts 46 million monthly users and 3 billion page views per month, making it one of the top three financial websites in the world.

Investing.com is a financial website that also has a large and active forex community. It's a great place to find news and analysis, as well as to connect with other forex traders. The website offers information on almost every topic related to trading, from analysis of gold market movements to ZAR/MWK real-time currency charts.

Each section of the website and subtopic contains its own forum, so you could navigate your way to TSLA stock or the USD/CAD pair, click the forum tab and discuss up-to-date news with the millions of other users on that asset or topic. The massive library of information is comprehensive, but there is so much that it can be difficult to navigate.

Reddit is a social media platform and news/content aggregation site used by 430 million people and made up of an entire network of communities tailored to tens of thousands of interests, which people can follow, post to, and comment on. The website runs on “karma”, where users upvote or downvote content based on whether they like it or not, increasing or decreasing visibility of comments and posts, creating a sort of technological democracy. The karma system allows content to be sorted by popularity or agreeability, so liked content will rise to the front pages while inappropriate, incorrect, or unpopular content will be buried.

There are numerous subreddits (Reddit communities) dedicated to forex trading, such as r/Forex, r/forex_trades r/Daytrading, and many more, each with anywhere from a few thousand members to millions. Because Reddit is such an active site, with top posts of the past 24 hours displayed on the front page, it’s a useful source for up-to-date market information. Unlike many other forex forum sites, posts and comments are validated by the community karma system. This means that bad information or even false information gets downvoted and becomes less visible, which helps to combat misinformation. The communities are often diverse, providing a range of perspectives and experiences with forex.

The anonymity of the site can lead to a lack of accountability, though this is usually the case with all online forums. Subreddits are often heavily moderated too and it can be difficult to post a question without it being automatically removed.

Best Forex brokers

1

9.4/10

Go to broker

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest.

Minimum deposit:

$50, $100 (for UK clients)

Bonus for deposit:

0%

Regulation:

CySEC, FCA, ASIC

Review

The eToro broker was founded in 2007. The company promotes itself as a social trading platform working with traders from over 140 countries. The broker has several divisions operating under different jurisdictions and licensed by different regulators. For example, eToro (Europe) is licensed by the Cypriot regulator CySEC (109/10) and eToro (UK) is licensed by the British regulator FCA (583263). The broker also has a representative office in Australia and the USA. eToro Profile Details

Pros/Cons

•the minimum transaction amount for copying is $1;

•handy functionality for passive investing;

•regulated by independent monitors;

•it is possible to purchase contracts for fractional shares (that is, to invest amounts less than the cost of one share);

•it is possible to buy shares at once (not CFDs) on the US stock exchanges.

•high spreads;

•periodic technical failures in order execution;

•lack of the most popular platforms such as MetaTrader 4 and MetaTrader 5 in Europe and the CIS;

•no access to ECN systems, orders are processed only according to the STP (straight-through processing) scheme with access to specific liquidity providers;

•there is a commission for withdrawing funds;

•impolite support staff;

•inconvenient website.

Study Review

2

9.2/10

Go to broker

Your capital is at risk.

Minimum deposit:

No minimum

Bonus for deposit:

0%

Regulation:

FSC (BVI), ASIC, IIROC, FCA, CFTC, NFA

Review

The name OANDA is an acronym for “Olsen & Associates” or “Olsen AND Associates”. It is registered in the United States and provides its clients with a wide range of financial services in most countries of the world. The company was founded in 1996 and is currently regulated in four jurisdictions. The main regulator of the broker is the UK Financial Conduct Authority (FCA). Oanda Canada is licensed by IIROC. The company has several significant awards to its credit, including a victory in the category "Best Forex Trading Technologies" from the UK Forex Awards, "Best Trading Platform" from FX Week, as well as "Best Customer Service" from the US Foreign Exchange Report.

Pros/Cons

•Minimum deposit from 1 dollar.

•A large selection of the most popular trading instruments.

•Several reliable and reputable financial regulators.

•Inconvenient and poorly functioning site.

•Lack of cent accounts.

•Lack of bonus programs.

Study Review

Advantages and disadvantages of communities for forex traders

Though there are numerous benefits and problems to using forex trading communities, the advantages far outweigh the disadvantages.

How do I find trading communities?

Thanks to the internet, there are a plethora of trading communities and forums out there. Finding one that suits you is where the difficulty lies. When seeking a trading community, consider these factors: