Currensee launches social network for forex traders
21 October 2009 | 1402 views | 0
Currensee Inc., the first Forex trading social network that connects traders from around the world based on real-time trades, has opened up its private beta to the public. Currensee brings trust and transparency to Forex trading collaboration by enabling members of its trader network to see each other's actual trading strategies and performance to make more informed trade decisions. Currensee gives back to the trader network by aggregating real-time data on the trades its members are making and serving that information back to the entire network in the form of innovative Social Indicators. Currensee has raised $6 Million in funding from North Bridge Venture Partners.
Currensee traders from over 64 different countries have become members of the trading social network. To join, members create a Currensee profile that securely connects to their live brokerage account. Based on a variety of important factors (such as years of trading experience, trading region, and trading approach) members can connect with other traders and create a Trading Friends list. Trading Friends share actual trades and positions and collaborate on trading strategies in real time. They learn from one another's successes and failures and measure their performance against their Trading Friends, as well as the entire network. Because the system is totally transparent, Currensee members decide who to trust and leverage the wisdom of their Trading Friends and the crowd.
In addition to enabling true trade collaboration, Currensee provides members access to Market Watch, the first real-time social sentiment indicator that shows what traders are doing based on actual trades. This unique Social Indicator widget combines member trades and positions and offers the aggregated information back to the network free of charge. Market Watch provides traders real-time visibility into the amount of volume long or short on each currency pair along with detailed information about the average entry prices and real-time graphical feedback regarding which side of the trade is winning or losing at that moment for the entire network. These new real-time social insights create exciting new ways to analyze the market.
"Currensee is all about real traders sharing real trades in real-time," said Dave Lemont (http://www.currensee.com/about-us/executive-team/dave-lemont), CEO of Currensee. "We talk to traders all the time who tell us it's hard to know who to trust online when there's no way to substantiate another trader's claims about their track record. That's why we made the decision to create an exclusive community of traders - where everyone has a live trading account. Our goal unt. Our goal was to address the trust question head-on by making trading performance and trading activity completely transparent. The Currensee trader network gives the individual Forex trader access to the type of collaboration and information that is typically only available for institutional traders. We are excited to open up the platform and invite Forex traders to come and trade together."
Currensee gives individual or "retail" Forex traders access to professional-caliber information by providing robust features such as real-time dashboards and customized data feeds that aggregate all the market data they need in one place. Members can take advantage of a variety of news and analysis, including the Econoday economic calendar, to make daily trading decisions. They can customize their dashboards, add RSS feeds, and use the Currensee OpenSocial widget architecture to personalize their experience. Before Currensee, retail traders had no other choice but to spend valuable trading time hunting down information and gathering data.
"There is a new generation of finance companies that really understand how to leverage the power of Web 2.0 to create a new era of social trading and investing. Traders operate independently yet still want to collaborate with peers and learn from expert mentors. They are using social networks in other parts of their lives, and they've come to expect similar tools for Forex trading," said James Moran, a partner at North Bridge Venture Partners. "The elite Currensee team of software experts, social media mavens, and real traders has built a platform that will create a vibrant business and change the way Forex trading is done today."
Currensee provides real-time support for close to 40 Forex brokers, including Alpari, dbFX, Forex.com, FXCM, FXDD, FX Solutions, IBFX, MB Trading and continues to add new brokers at a fast pace. "Currensee combines some of the best features of social networking technology with the retail trader's need to join forces with lots of different types of traders," said Marilyn McDonald, Vice President of Customer Experience at Interbank FX. "I feel it's an ideal place for traders to collaborate based on real trade activity, allowing unique insights and additional support for their trading decisions."