Today I’m reviewing a Forex social trading network that’s quite a bit different from the other networks I’ve reviewed thus far, AlpsSocial. My first take, is that this network is still in the growth phase, but does have some potential, which makes it worth analyzing in order to predict its future potential.
Established in 2014, the Alps Networks company is located at Marina Bay Financial Centre, Tower 1, 8 Marina Boulevard #11-00, Singapore (018981). They are available for contact via email form, or telephone at (65) 6622 5888. The company is also behind an automated trade copier system, AlpsFX, and proprietary trading signal service which is still in development, AlpsSignals.
By far the most popular service out of all of their offerings, is the AlpsSocial platform. While the platform does not have a large user base, it does have quite a few more capabilities than most other networks available. With this network, traders are able to invite friends, access private trade rooms, chat with other traders, and take part in a social ranking based on how well they trade.
All of this is available because of the real-time integration of their network, with meta-trader 4. Traders can easily view all their trades “from various brokers on one single platform.” So, this service will allow traders to share their statements, statistics and allow them to take instant screenshots of meta-trader 4 charts in order to analyze and provide access to other members of the community.
One of the most important areas of the AlpSocial platform, is the reliance on communities. This section of the website is built for expert traders, labeled as “trade sherpas,” to help retail traders transparently. Communities can form trade teams, rank in the leaderboard, and provide access to group statistics.
There is also PayPal integration, but I’m not sure what role this plays in the communities. I want to believe that the communities are able to provide signals directly to traders via the MT4 integration, but there doesn’t seem to be clear explanation of this. Within the platform, I’ve browsed through multiple communities, and even joined some, but I haven’t been asked to pay anything for these premium communities, which is quite confusing and unlike other networks I’ve reviewed like Myfxbook AutoTrade, Tradeo, Ayondo and Collective2.
It’s also worth noting, that this section of the website is very slow, with most of the communities having very few members. The most popular community has 907 members, with a few others in and around the 100 to 200 mark. Yet, all of these communities are showing low winning percentages.
On the rankings page, we can sort through a handful of traders to see who is performing best within the AlpsSocial platform. Here we can see a handful of aspects highlighted below:
- Winning percentage
- Amount of trades
- Account return
- Balance on demo or live accounts
When clicking on these traders, I’m expecting some way to be able to copy their trades, and link this to my personal trading accounts, but this doesn’t seem possible.
The purpose of the AlpsSocial platform is a little more confusing than most other Forex trading networks I’ve reviewed in the past. Most networks are focused on providing traders with access to other traders, to copy their trades or utilize their signals. In this case, it seems as though the main purpose of the network is to provide information, direct market advice and access to other traders.
At this point in time, I don’t feel as if this network is that useful, because there are not a lot of users utilizing the platform, and the top traders available don’t boast the most impressive statistics. I believe that the platform itself is quite impressive, but I’m still trying to figure out how helpful it will be to the community in the long run.
Thank you for stopping by, and please let me know your thoughts on this service, or anything else you would like to add.