Global InformationCurrensee information
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 2008 |
| Defunct | October 2014 |
| Fate | Acquired |
| Headquarters | Boston , United States |
Key people | Dave Lemont (CEO) Asaf Yigal (Co-founder) Avi Leventhal (Co-founder) |
| Products | Social trading Mirror trading Currency trading Social network |
| Owner | Oanda Corporation |
| Website | www |
Currensee (or currensee.com) was a financial services company based in Boston to serve as a social network for foreign exchange (FX, Forex, or currency) traders. The company provided mirror trading services to its clients that allowed them to make trading decisions based on other traders actions. The company was acquired by Oanda in 2013, which decided to close down the service a year later in October 2014.[1]
The idea behind the company was to let traders collaborate on trading strategies, styles, and techniques in what would become known as social trading. This stemmed from the fundamental chaos of the retail forex market and the large number of solo "day traders" that were looking for trading ideas.[2]
One of Currensee's main innovations was the "Trade Leaders Investment Program," in which Currensee used a proprietary algorithm to identify top-performing traders from within the social network, invited them to participate in the program, and then allowed other investors to follow and execute their trades in their own brokerage account, something that was akin to the mutual fund system based in stock indexes.
- ^ "Currensee and the OANDA Trade Leaders Program (OTLP) will cease operation". Oanda forex forum. October 31, 2014. Archived from the original on December 15, 2014. Retrieved December 8, 2014.
- ^ "Powered by Google Docs" (PDF). Archived (PDF) from the original on 2012-11-07. Retrieved 2011-08-12.