On September 24 2013 OANDA, a global provider of FX trading services, announced that it has acquired social trading network Currensee Global Inc.
K Duker, CEO, OANDA Corporation mentioned in the press release that “With the acquisition of Currensee’s award-winning copy trading platform, OANDA’s clients will benefit from the collective experience of Currensee’s extensive community of traders.” He also mentioned “We are committed to continue serving the needs of all Currensee customers, Trade Leaders, and partners and look forward to making OANDA’s competitive spreads and superior execution available to this new group of traders.” Dave Lemont, CEO, Currensee added: “Our clients and partners will continue to receive best-in-class service from Currensee, and can expect even more as we work closely with OANDA to deliver an even better Trade Leaders Investment Program around the world.”
Their technical teams are scheduled to begin the work to integrate both platforms. In the short term Currensee customers who use one of their listed 3rd party brokers to connect to the network will be able to continue to do so. New customers can also still sign up for any other broker as per their region. It’s unclear at this stage though whether this will be the long term strategy as well for OANDA, or whether over time existing Currensee customers will be migrated onto OANDA and new once will have to sign up for a broker account them. No doubt there will be some extra incentives and benefits offered to OANDA customers once both platforms are fully integrated.
Social trading, by which traders can copy and mirror the trading behavior of experienced forex investors from around the world, has seen significant growth in recent years. While the initial social trading networks were pretty much broker independent (with the exceptions of eToro and ZuluTrade), over the past year we already noticed that quite a few other brokers such as Alpari UK and BelforFx started adding social and copy trading functionality to their own trading platforms. Hence this acquisition of Currensee by OANDA sees another broker add social trading to their customer offering, though this time by acquiring an already well established network.
For more info on OANDA please visit www.oanda.com.
For more info on Currensee, please visit www.currensee.com or read the Currensee review on our Social Trading Guru website.