Forex Factory: the holy grail for Forex traders
Old school traders know the ultimate source of Forex analytics and news – Forex Factory. This is one of the largest sites on Forex and trading with the biggest community of traders around the world. Its main mission is to unite traders and help them with trade ideas and gaining more knowledge. Another good thing about Forex Factory is that it fights with misleading and untrusted information. Facts and honesty are the main values that matter for Fair Economy Inc., the creators of this portal.
What features does Forex Factory have?
The website of Forex Factory is divided into seven sections: Forex Forums, Forex Trades, Forex News, Forex Calendar, Forex Market, Forex Broker, and Trade Explorer.
On Forex Forums, you can join the discussion on various trading topics. Here, you can find different trading strategies suitable for any type of trader, discuss your trades, and share experience. Despite a big number of threads there, you can find anything you are interested in. The friendly community of traders consults with each other and guides newbies in their first steps in trading.
The Forex Trades window displays the live brokerage accounts of many traders. Here you can get possible trade ideas for a particular asset. Also, there is a streaming feed of members’ trade and even a leaderboard for tracking the month's best returns! By using this wonderful source, you can not only practice your trades but also check whether your predictions are correct.
In the Forex News section, you can find the hottest up-to-date reports that are necessary for making trading decisions. Note that all the reports are constantly monitored and fact-checked by the Forex Factory team.
The Forex Market contains information about different instruments that are tracked live from various data sources. It gives access to analyzing cross currencies with metals, (e.g. Gold/GBP), energies (e.g. WTI/EUR), and cryptocurrencies (e.g. BTC/JPY).
The part of the website about Forex Brokers has a list of top regulated forex brokers that are not forex scam. Here, you can compare brokers by their headquarters, regulators, trading conditions, real-time spreads, and minimal deposits.
Look who is here!
The Forex Calendar is the most favorite trader’s part of the website. With the help of this awesome tool, you can find the key economic releases, see their impact on the market and analysts’ predictions. Also, it shows the most relevant data that is updated instantly.
Finally, there is a Trade Explorer that gives access for traders to analyze their trading performance. This product is useful for checking the historic performance and synchronize the data with the connected brokerage account.
What are the main advantages and disadvantages of Forex Factory?
As with any platform dedicated to traders, Forex Factory has its pros and cons.
Among the main advantages, we can mention the wide range of tools for analyzing the markets, the unique community of traders who share their strategies and provide trade ideas, and one of the best Forex calendars you can find on the web.
As for disadvantages, we can mention the old-fashioned design and the absence of relevant information on some brokers.
All in all, Forex Factory is a decent source of information for a trader and a must-visit for any financial analyst.