A Review of Forex Social Network Currensee.com

ForexNewsNow – Currensee.com is brand new platform that aims to make forex trading more social and collaborative. With Currensee, traders like you can chat, build your own team of traders, make friends, and share information in real time that can lead to more winning trades. Opening an account is quick and easy and you can be started trading with the help of expert traders in no time flat, making it a great way for new traders to get started in the forex market. Unfortunately, a few bugs in the platform and high fees may make the whole system prohibitive for some users.

Purpose

Currensee is a forex social network that lets you find friends and build your own forex trading team of experts. Once your team is in place, the Currensee platform will automatically follow their trades, allowing you to put your money on autopilot.

You can sort through a wide selection of different expert traders to follow and sort them according to their winning trade percentage, profit/loss, and even their individual trading styles to build a forex trading system that you like.

Platform

Currensee’s platform is clean and easy to use right from the start. It is also completely customizable and widgetized. This lets you put the information that you need to most right at your fingertips. The platform contains windows where you can search experts by tactics, fields, and other parameters, a community window where you and other active traders can have discussions, and also boxes that detail how profitable you, your team, and the Currensee community as a whole are.

Pros and Cons

Currensee’s unique trading system will certainly be a boon to many traders, especially new traders or traders that don’t have a lot of spare time to analyze the charts and graphs that are needed to trade forex. Being able to watch and follow other’s trading habits allows you to learn quicker and devote less overall time to trading than going at it alone.

However, there are a few major downsides to using Currensee. First, every deposit is subject to a two percent yearly maintenance fee, dedicated at an annualized rate monthly. On top of this fee, there is also a twenty percent success fee levied on all profits generated in your account. These profits go back to the experts on your team, and over a long term can be a significant expense.

The platform itself is also slightly slower than using one of the dedicated brokers listed in our forex broker reviews because all of the trades must be processed through Currensee before being executed. So no matter what you will always have slippage when compared to the experts on your team. Spreads are also generally wider on Currensee than they are on most other competitive forex brokers.

Finally, even though you are following traders that have been successful in the past, past success is no guarantee of future performance. There is still a significant chance you can lose money even when following a winning trader, especially if they used risky tactics to bump up their numbers.

Average Return Rates

Currensee clearly posts the average return rates for all expert traders, you, your team, and the community as a whole in the trading platform. As of April, 2012, they reported an average 23.9% return on investment over the previous 6 months, a figure which is outlined in this Currensee press release.

Conclusion

Currensee is an excellent tool for beginning forex traders and traders that are especially stressed for time; however other traders may only want to make use of the social part of the platform. The fees involved in trading, along with slower execution times means that the ease of trading comes with a significant cost other traders might not be willing to stomach.