It is not often in the Forex industry that there is a product that is completely unique and different. We know there are Forex brokers, some with better offers than others, but at the end of the day, they are all pretty much the same.
That applies to signal providers, Forex courses, and Auto Traders as well.
Currensee decided to think out of the box a little and in an industry that generally does not utilize social tools to their full potential, they have reinvented the wheel with a full fledged Forex social network. Currensee's Web-based social platform offers traders the ability to see their friends' trades, communicate with them in various ways including instant message, Facebook, and email.
Currensee's platform and concept actually solves many of the problems traders encounter on a daily basis. In a market that is filled with people claiming they are experts and trying to sell you their strategy or product, Currensee offers them a way to back up their claims with money. The trader has full transparency of their friends' trades, enabling them to see who the real experts are and to separate them from the rest.
With the entire online community talking about real time communication, Currensee made use of this new trend with the ability to see who is online at any given time and communicate with that person, while also viewing other traders' input on various pairs and trading strategies. The platform itself is Web based, which means traders can access their Currensee account on any computer with no need to download anything.
Once you log in to the platform, you are automatically greeted by the Trading Dashboard, which includes tons of useful information. You are able to see the latest trades opened by your Currensee friends, including pair, the user, the strategy used, the time it was opened, the enter price, Take Profit, and Stop Loss. Of course, this information is only available if that user wants it to be, so no issues of confidentiality.
In addition, the sums being traded are not available, since some people might see that as private and sensitive information. The Trading Dashboard also offers lots of other interesting and crucial information for the trader, such as an economic calendar, a chart of volatility history, and a user generated forum on the hot topics being discussed.
The next dashboard is the Research Dashboard, which offers the trader all the information they would need to trade the market including breaking news, an RSS reader, and much more. The entire interface is built from widgets so they can be moved around and customized to your liking. The next tab is the Fun/Community dashboard, which is where Currensee excels.
There is an integrated Facebook application, access to all the popular instant messaging protocols, so even if your trader friend is not a member of Currensee and can therefore not chat with you within the platform, you can still ask them for advice and input before opening a trade. Very useful feature. That sums up the Dashboards tab, which is only the beginning.
The next tab is the Community tab, which enables you to find and connect with relevant traders and add them to your contacts. The Community tab includes an advanced search feature allowing you to find traders based on various criteria such as their trading strategies, approach to analysis, currencies they trade, as well as their location or trading experience.
Moving along, the next tab is the Strategies tab, in which you can find available trading strategies based on their characteristics and results. You have the ability to see basic information about the various strategies or click Show Detail, which brings up a very detailed display of all that strategy's information. Being the social network it is, the next tab is the Profile tab, in which you can build and customize your Currensee profile and how others view it.
Finally, the last tab is the marketplace, in which Currensee users have access to many Forex products starting from courses, eBooks, and the way to widgets and newsletters. What is great about this platform is that it is fully customizable with the ability to add or remove widgets as you see fit. This is a tool that will help any Forex trader, whether it is to receive advice from more experienced traders, or simply to see what others are doing.
In this review, I have literally covered the tip of the iceberg since the Curensee platform includes so much more than is mentioned here. The team at Currensee have managed to create a complex and feature-packed Forex social platform, and somehow they did it with a user friendly and intuitive interface, something that is by no means an easy task.
In addition, from my limited time with the Currensee team, it seems they are very interested in feedback, which will help them improve this system and make it the best it could be in a market with no competition. They displayed a very high level of professionalism and creativity, both in their platform and they way they conduct themselves. This is a real breakthrough in the Forex world, and it would not surprise me if other companies jumped on the social bandwagon as a result of this great product.
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I believe they have a lot of issues to work over. they seemed knowledgeable, but differentiate too much for my taste - I personally do not want to engage into stock or gold.also I would preffer a 24/7 every day multilingual customer service is quite a must, especially if you are not a native English speaker, as my wide is not.
My experience is not good either. I have only been with them one week and my account has lost $1200 already spread between 3 Tradeleaders. They are acting like rookie traders. There is a lot of uncertainty in the market due to economic data being released but these guys are trading. I didn't choose traders who trade the news but they are acting like they do...
Also Traderleadres you choose to allocate money to can't necessarily trader it. I chose a couple of traders but could not get in on any of their trades. I was forced to choose from others on the list that I did not particularly wish for.
Ok I will spill the beans here. I've been with Currensee as an Investor now since Dec 12th. And to say the least the performance has been subpar and what they are doing is either misrepresentation of their profits or they have some MAJOR bugs to work out in the system.
This has bee based solely on my experience, for 6 weeks some of you may make the jump and have a great experience. But as always people change when it comes to money, even though I try to separate emotionally from it.
But to keep the story short and simple, I put $30,000 in as my original deposit. I actually didn't deposit the money in until Dec 27th, 2010 and had my money allocated to my selected trade leaders on Dec 29th. In the last 2 days of Dec 2010 I got a nice 2% from Winsor Hoang (the trade leader)
Over the first 2 weeks of Jan I made a healthy 16% on my money and was convinced that this was legit. then on January 18th it seems my account hit a wall. Losing on an average $350 per day, sometimes as much as $1,000. Bringing me down to a modest $2500, left in profit in my account. As I browsed the website 1 day I just stumbled upon one of my current trade leaders profile sites. And he still had a posted 29% return for Jan 2011. I was shocked as he was the culprit behind my major loses for the previous few days. I made a call to Jeff Garcia my only contact at the company, and he had no explanation and said he would look into the discrepancy.
Over the next 2 days my account took a combined $1700 dollar loss and "LW tradings" profile, who I had the discrepancy with, his posted return rose to 35.7% for Jan. So as of now my account has made a combined profit of $344.40 with "LW Trading" having lost me $1718.50 between his two $10,000 allocations. Yet his posted return as of now for Jan is still reflecting 37.8%.
So either they are either falsely presenting their numbers to the public, of they have some SERIOUS bugs to work out in their system. I have filed a complaint with the NFA against Currensee. My recommendation based on my experience in this last month, is to not invest your money now. At the least wait a few months and let the NFA look into my complaint matter and give them time to work the bugs out as you may not be as lucky as me, and could end up losing thousands of dollars if not more.
I have uploaded several screenshots of my Currensee login info to Photobucket for viewing to back up my story.
Also over the course of the last month I did not interfere with my account AT ALL, I did not even trade it myself. The reflected profits and losses are solely the trading of the Currensee trade leaders.
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