As the Forextra Marketers Network reports, the network is now up to three times larger than before.
That’s a huge win for traders, but also a big challenge for analysts.
In the days before, analysts had to use their own numbers to estimate how much the network’s share of trading volume was.
Now, the Forexpains Network is much more transparent.
It has posted its own numbers that show it is more like a percentage of trading volumes, but the analysts using it have to rely on ForexNet.com and its partner Forex Network.com to get the same number.
For analysts using Forexpays numbers, this has been especially hard.
“I have to go back to ForexBase,” said Scott Cawthon, senior analyst at ForexAnalysts.com.
“You have to re-run your calculations.
This has been a big problem.”
Forex experts say they have been seeing a lot more volume in the days after the market closed.
“It’s been really, really good news,” said Andrew Witte, managing director of research at Forextrapix.
“For a lot of analysts, it’s a really, very big surprise, especially because we have so much more to go through.
But we’re going to see more.”
Forextracers are now using a new tool to calculate the Forexfarms share.
“This has been huge,” said John Taylor, chief analyst at Futures Research Group.
“ForexBase is a fantastic tool.
They are doing this with all the numbers and their own data.”
“It has been big news, especially for analysts,” said Witte.
“But, for us, it hasn’t been a good news story.
It’s a bit of a disappointment.
We’ll have to take a bit more time to figure out exactly what the issues are and how we can make sure that we’re getting a more accurate picture of the market.”
Forexpases network analyst Mark Schatzke says analysts have been relying on Forexfarm to get a better picture of Forex market trends.
“We had been using a lot less data, and it’s helped us to better understand the movement of the markets,” he said.
“The big problem is that Forexfarming is a lot bigger than the Forexs numbers, so the number of traders they are trying to measure is much smaller.”
This was also the case for Forextras top competitor, ForexMarket, which is now down to less than 2% of trading in the network.
“There are a lot fewer traders in the system than we were used to,” said Schatzkes chief.
“With that, we have to do a better job of measuring Forexfares activity.”
The numbers have been great for traders who have seen the ForeX market increase in volume and have used Forexnet to get better trading information.
But analysts have found the network itself has been less useful.
“In some cases, it is just not accurate,” said Taylor.
“And that is a problem.
For us, that has been really bad news.”
Analysts have also found that the network has become less relevant.
“As the market has moved, there has been no real improvement to the network,” said Cawthson.
“Now, when it comes to Forexfars numbers, we are seeing a much smaller number than we would like.
That is a little disappointing.”
Forexfare market analyst Andrew Wetzler says he will be watching to see how Forexfaring does in the future.
“They are the only market that is not getting a very accurate picture,” he told Futures Forex.
“That’s a big issue.
It would be nice to see some kind of data that gives us a better idea of what is going on in the market, but at the moment, it doesn’t look like that is happening.”
ForexeNet is not alone in this.
The Forexfash Network, which was started in 2010 by the same people who started ForexNetwork.com, has seen a huge growth.
Now it is up to 10 times bigger than before, with nearly 40% of the network trading volume.
ForexFare.com is down to 5% of all trading, but ForexShares is growing faster than the rest.
But, the bigger picture is clear.
“At the moment the Forexcares network is a bit under-saturated and not very accurate,” Cawhthon said.