There is no silver bullet that can solve this problem and where there are vulnerable people you will always find people who would take advantage of this vulnerability.

The best we can do is to work together as people who care about this industry and join forces while being considerate to our own businesses because the expansion of this market is largely depends on the ability to weed out some of the scammers that operate in it (at least in my mind)

We have tried for many times to reach out to FF folks and figure out how can we work together as I am sure they are scratching their heads trying to figure out how to make some of their problems stop and we never got any response – not even “No Thanks we’re good”. In fact they have notified all their news providers to never report on any industry news related to Currensee. I can only assume from this that they are not aligned with our missing to bring more transparency into this market.

– Asaf.

– Asaf.

I understand your view… you have a point, but being a ground for not ethical people it is not just a problem for FF but for most of existent Forex site. This even affects us as when you accept articles/research/opinion from 3rd parties and you do not audit their track record, unfortunate from time to time you get very bad surprises.

We at FXS are monitoring what collaborators do and we are ready to kick them out if we see something we do not like, but it is not easy.

As I said this is affecting business models like forums or general portals, and I do not think that the solution is to get rid of them, but improve ways to detect and get rid of unethical players.

Francesc

I never said that FF people are bad people mainly because I don’t actually know them. All I was trying to say is that while you took Fxstreet to be something way more than a forum both from the technology front and a business front FF have remained a forum and even their economic calendar which used to be the best in the market is loosing ground with all the competition around.

(Same progress on the technology and business have been done by babypips and Mataf which are great site BTW)

One more thing I’d like to add which is the unfortunate reality – most traders in this market are not making money from trading simply because they don’t have the necessary capital to generate the returns that will sustain them as traders and they are resulted to teaching other traders in the best case scenario or managing money in the worst case scenario and if you look at all the senior members in FF you’d see that they have their own site and they either sell signals, have a chatroom, or manage money. FF is a very fertile ground that nurtures fraud in this market not because they are bad people but because of the nature of the market and the lack of transparency – I’ve followed quite a few of the so called “experts” there and was shocked to see their own site, the promises they make, and the offerings they have and I am sure that while FF reputation system is built on nothing more than friends vouching for you there are a lot of innocent traders than fall for this cheap marketing and lose a lot of money.

Now as an entrepreneur my role and the way I think is to look at the offerings available in a market, understand their downfalls and understand how to build products that bridge that gap and while FF was probably a great solution 5 or 10 years ago when the market just started, these days it’s absolutely the wrong solution and a negative force in this market (This is my opinion) and it does not imply anything about the people behind it and their intentions – this technological solution like I said before is providing fertile ground for fraud and the approach that FF took by shutting down members based on their version of the truth is also wrong because they don’t have any visibility into what is true and what is not.

We operate in a very complicated market from a regulatory perspective which doesn’t help on the fraud front and my personal believe is that what this market needs right now is technological solutions that will address the fraud issue and increase the transparency (goes for all financial markets BTW) and I am going to be very loud against any solution that promotes fraud regardless if it’s being run by angels that only mean good.

– Asaf.

For one time I can not agree with you Asaf.

I agree that FF has been a pioneer in the FX industry along FXS. The site has reached a tipping point that I can not understand the retail Forex industry without it.

Merlin Jeffries was the father of the creature and he was behind FF till a couple of years ago that the current CEO took over. Since then, I’ve been having a great relationship with him talking about our sites and the fx industry and, above all, helping to each other.

I do not know why he rather to be behind the scene…, my policy has always been being in front of the scene and being in contact with our users to listen to them and to help them, but I think his strategy or way of doing things is as good or as bad as mine.

I’m a big fan of FF. They are just great and they have all my respects as well as top noch sites like Action Forex, Forex Magnates, Forex Crunch, Babypips, FXintel, Mataf, and many others that are out there…. sites managed by great people that just want to do things right

Francesc Riverola
CEO and Founder
FXstreet.com

I have posted some very useful threads in my time at Forex Factory which gained a following, and the number of people on there willing to help others for no gain on their part whatsoever is admirable.

So whilst Forex Factory does have it’s negative aspects, we must be just.

I can’t imagine why anyone would ever compare Forex Factory to FXStreet. FXstreet is a multi-language site with real analysts, webinars, advanced membership, economic calendar, charting package, integration to money transfer, integration to Tradency, advanced trading pages (I am sure I forgot a ton of the stuff these guys do on a daily basis). Forex Factory is merely an economic calendar and a commercial forum for the brokers to “socialize” their marketing through.

Plus the most important thing – FXStreet have always been transparent – everyone knows who their CEO is and who are the people behind it – Forex Factory has always been super secretive around who their CEO is and what is their relationship with the brokers.

– Asaf.

Nice move guys.

– Asaf.