Currensee
| Private | |
| Industry | Financial services |
| Founded | 2008 |
| 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.com |
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, who decided to close down the service a year later in October 2014.
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.
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.
The company was founded in 2008 by software developer Asaf Yigal and Forex trader Avi Leventhal, at the time of the late-2000s recession. They identified an opportunity to offer Forex trading as an alternative asset class and a new way to trade together.
The company was led by CEO Dave Lemont, and was headquartered in Boston's North End neighborhood. Currensee was funded by North Bridge Venture Partners, Egan-Managed Capital and Vernon & Park Capital. They were a member of the National Futures Association and registered with the Financial Services Authority.
It was acquired by the forex broker Oanda Corporation in September 2013.
On October 9, 2014, Oanda Corporation announced that on October 31, 2014, Currensee and the OANDA Trade Leaders Program (OTLP) will cease operation.
Together Yigal and Leventhal combining social networking with real trade collaboration. Currensee’s goal was to bring transparency to retail Forex trading by creating an active network of traders and a different way to make investing decisions. The Currensee trading social network connected retail Forex traders from around the world so they could see each other's actual trades and share trading strategies in real time to make more informed trade decisions.
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Wikipedia