Currensee, the new way to invest in world currency markets, today extended its Currensee Trade Leaders Investment Program into Germany through a newly established partnership with German investment bank, Varengold Bank FX.
The Currensee Trade Leaders Investment Program, which launched globally in October of this year, opens the foreign exchange (Forex) market to a wider investment audience, allowing private investors to follow and automatically execute the trades of some of the most successful traders from the Currensee Forex trading social network. Through the new partnership, Varengold customers will be able to build an automated portfolio of top performing foreign exchange traders, called Trade Leaders, and replicate their successes without having to become experts in foreign currency trading.
Now, German Forex traders and investors can leverage the Currensee Trade Leaders Investment Program to take advantage of the explosive growth in Forex, which experienced an average daily turnover estimated at $3.98 trillion and 20 percent growth from 2007 to 2010. The impressive rebound of the German economy has been a key factor in the rapid growth of the German Forex market. As reported by the Federal Statistical Office in August 2010, the gross domestic product (GDP) in Germany rose by 2.2 percent in the second quarter of 2010, which is the highest quarter-over-quarter growth for the country.
Investors in the Trade Leaders Investment Program create an automated portfolio of Trade Leaders. Currensee Trade Leaders are carefully selected from the more than 7,000-member Currensee Forex trading social network, which trades more than $50 billion in volume annually. Trade Leaders are carefully screened for historical performance, risk management and returns versus the S&P 500. Investors select and follow the Trade Leaders they want to invest in, add them to their portfolio and Currensee automatically executes the Trade Leaders' trades in the investor's account. Investors access robust trade and performance metrics in real time and always maintain full control of their account.
"Germany is one of the fastest growing financial centers in the world, and our partnership with Varengold puts us at the center of the action," said Dave Lemont, CEO of Currensee. "Varengold is a well-established and trusted bank, and we're excited to give German investors the opportunity to invest in Trade Leaders and take full advantage of the transparency and control of real performance, real-time metrics and full security and account control."
Trade Leaders are ranked by their Currensee Trader Authority IndexTM (TAI) score, a proprietary algorithm that combines performance, risk and experience into a single index. TAI is displayed on the Currensee Trader Leaderboard and on every Trade Leader's profile. Currensee assesses each Trade Leader's risk management strategy, background and ability to perform for investors prior to accepting a Trade Leader into the program. Once in the program, every Trade Leader's performance and trading is reviewed on a daily basis to ensure the leader continues to achieve performance and risk targets. Trade Leaders are compensated only on successful trading for investors and are able to create a revenue stream from trading without changing their existing businesses.
"Varengold has always been at the cutting edge of Forex trading and investing innovation," said Yasin Qureshi, CEO of Varengold Bank FX. "We believe German investors will appreciate the ease and transparency of social investing via the Currensee Trade Leaders Investment Program and look forward to the opportunity to grow our business with Currensee."