The rise of social media has changed the way consumers receive financial information. It has dramatically impacted how individuals interrelate and how businesses relate directly with customers in the finance and investing sector. Online trading platforms and communities are enormously popular and many believe that social networking leads to greater trading volume. Datamonitor – the respected Internet research firm – says that over 50% of consumers are using online tools to make their financial decisions today. These online tools include social news sites and social networking sites where ordinary investors pick stocks and advise other investors. Online investment communities are another valuable social networking tool. Online investment communities combine news and networking while bridging financial markets and investment communities. Here are some of the best financial social networks today: Stockpickr – This is one of the first sites to combine social networking with stock investment ideas. It provides members an opportunity to see the stock picks of other community members as well as professional investors. Users can compare their stock portfolios to Wall Street pros like Carl Icahn, Warren Buffett and George Soros. FeedTheBull — This is a user-driven, social content site where people submit, comment and vote on financial news articles. It provides a way for investors to share information about companies, industries and the market – and it allows users to manage the content on the website. All members are allowed to submit articles, blogs and news on a stock, a company, the market, or the economy. Bulls On Wall Street – This is a popular trading and market education community. Top traders make up the community and are considered among the best on Twitter. They do not promote or condone promotion of any stock on their website. StockTwits – An open, community powered, investment idea and information platform. It uses the power of Twitter to offer real-time commentary on stocks. All you need is a Twitter account and an interest in at least one stock. SocialPicks – This is a social community where stock investors exchange ideas and track performance of financial bloggers. Users can share investment ideas and track a peers’ investment performance. Once members establish a stock investor identity, they are able to view or join select investor groups. Motley Fool CAPS – This is an aggregator of information about stock picks from Motley Fool employees and readers. It is free to join and to make picks of your own. Anyone can browse the ratings and blog postings of the CAPS users. Motley Fool CAPS is part of the subscription-based Motley Fool – the financial services company that began in 1993. World Market Media – This is perhaps the most “global” financial social site of all. This online investment community includes a comprehensive directory of securities exchanges and regulatory bodies from all over the world – over 180 securities exchanges in over 160 countries. It gives users increased power to share and make the world’s financial communities more connected and accessible.
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