Currensee to Cease Operation on October 31st 2014

CurrenseeIt has come to our attention that Currensee and their Trade Leaders program will be closed on 31st October.

The following is the key extract which was just sent to their existing customers:

Valued Trader:

We are writing to inform you that on October 31st 2014, Currensee and the Trade Leaders Program will cease operation.

Following a strategic review, including feedback from our customers around the world, self-directed trading remains the priority for our retail traders. As such, we will continue to focus on core OANDA principles of superior execution, competitive spreads, integrating with industry leaders like MT4, providing analysis tools from partners like Autochartist, and premium educational resources.

….
The Currensee Team

From one side this is certainly a bit of a surprising move since Currensee was only acquired by forex broker OANDA just over a year ago (23rd September 2013). In an environment where most forex brokers now offer some kind of social or auto trading capability to their customers (either via an in-house platform or partnering with an existing network), it’s therefore surprising OANDA decides to ditch the platform and network they only acquired a year ago. It seems OANDA want to focus on their key forex self-directed trading offering and in the short term they’re not looking to replace Currensee with something else.

On the other hand, anyone who read our Currensee review will know that from our experience this was probably one of the worst social trading networks and platforms in the market. If the platform and the traders on it are poor, then in the long run it cannot really be a sustainable business or offering I guess.

There’s still a wide choice of other social trading networks and platforms out there and this is still a very exciting and growing market, even though one of the earliest networks is ceasing to exist.

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