What was Currensee?
Please not that Currensee ceased to operate on October 31st 2014. We left this page active for anyone looking for information on what they were.
Currensee’s social trading network has 2 components to it:
- the Currensee Social Network
- the Currensee Trade Leaders Investment Program
Currensee Social Network
The Currensee Social Network combines social networking with real Forex trade information to create an environment in which to make investment decisions based on transparency and trust. Active traders from over 130 countries have linked their live trading accounts to the network. It’s free to join and members can see each other’s actual trades in real-time and share trading strategies and tips. Currensee also uses the live data to create Market Watch Social Indicators which traders can use to help make trading decisions. E.g. the indicators will show in real-time how many of the connected traders are in buy or sell trades in the various Forex currency pairs.
Currensee Trade Leaders Investment Program
The Trade Leaders Investment Program is Currensee’s social trade automation service. It lets you follow and automatically execute the trades of the most successful traders from their Currensee social network. You can view the past performance statistics of the traders you can follow (called “Trade Leaders”) in their Leaderboard. Once you’ve decided on the “Trade Leaders” you want to add to your “automated” portfolio you choose how much of your capital you allocate to each trader. From that moment onwards, whenever a “Trade Leader” executes a trade in their own account, this will be proportionally executed in your account (i.e. if they risk 2% of their capital on the trade, 2% of your capital will be risked). You can further manage risk by setting the maximum leverage and drawdown allowed per “Trade Leader”.
You can view all trades made in your account in real-time and monitor the P&L by Trade Leader and per trade. At any time you can change your portfolio and change the allocation or traders you follow.
The “Trade Leaders” are selected from within the Currensee trader social network based on a track record of profitable performance and appropriate risk management (including maximum drawdown and daily volatility). The due diligence process also includes a rigorous background check. Once a Trade Leader is approved and entered on the “Leaderboard”, Currensee regularly monitors the Trade Leader’s performance and risk levels and will remove Leaders when these levels change.
For using the” Trade Leaders Investment Program” Currensee charges a 2% annual service fee (= 0.17% per month) based on the equity in your trading account. In addition, 20% of the profits generated in your account per Trade Leader are also collected as a success fee (15% of which goes to those Trade Leaders). The profit fee is calculated based on the High Water Mark for each Trade Leader you follow (i.e. the highest profit level to date must be exceeded before additional success fees are charged). E.g. if you start with a $1000 allocation and the leader has grown that amount to $1100 after 1 month, you’ll pay a $20 success fee. If that allocation goes down to $1050 the next month, you pay nothing. If it increases to $1075 in month 3, you again pay no success fee. Only if and when your allocation balance goes above $1100 again, a success fee on the additional profits will be applicable again. Both charges are automatically transferred to Currensee at the end of each month.
It’s worth noting that Currensee was purchased by OANDA Corporation, a US FX Broker, in September 2013.