Anyone Have Experience with Currensee?

[sicktrader 10]

You can't check it out unless you sign up, which I didn't, but the overview seems pretty cool. I wouldn't mind using it to see how my trading style compares to others. Seems like a good tool for the traders in learning as well. Anyway, I don't want took up my forex account so maybe someone with experience there can talk about it.

[Guest Yohay]

Currensee is a nice platform for comparing your trades with others. You can also see the general trends - pairs that people go long on, and where they go short.

In addition, you can find trading strategies, interesting discussions and more stuff.

Anyway, it's free to join, so you've got nothing to lose...

[japantrader 10]

I find the whole idea really cool. But after all the privacy issues with Facebook, am not too keen on registering passwords to live accounts (which I tink you have to do to join?).

[Akuma99 10]

To give some background, I am a web developer of 12 years by trade (well former trade) ... so I have a bias, but Currensee is good in concept, but terribly concocted, slow, clunky and poorly layed out makes me worry about it's organisation in the back end where the private data is held.

 

I know that is not directly related to the concept, which has some merit, but it's implementation indicates to me there is some way to go before I would trust my trading info with them.

[JL Trader 10]

You don't need to registrate your password anywhere. All that you need is to operate with one of the brokers supported by Currensee, and authorize them to collect the data from your account.

[Fudomyo 10]

If you check out the commercial section on FF there's an active discussion going on there about the broker password issue. I think the thread is called "Currensee Security Risk".

 

With certain brokers you do need to provide your password and login to use the Curensee service.

 

I was initially curious about Currensee, until I read that thread. It wasn't so much the issue surrounding the password that turned me off. It was the Currensee owner attacking traders on a public forum and calling members there idiots that bothered me.

 

The other thing the Currensee owner discussed is that he is planning on providing a signal service based on the good traders who are posting their trades on Currensee. This rubs me the wrong way for a number of reasons.

 

First, because Currensee is being promoted as a trading community. If in fact, part of the business model is aggregating data for other purposes or other ventures, then people should be aware of this.

 

Second, if you have a large number of retail traders exposing their positions and stops in a single location on the internet, signals are not the only information Currensee can collect for other purposes. POs and SLs would be very useful to brokers as well, in terms of seeing where large order blocks are sitting and stop losses are clustered. It would be like shooting fish in a barrel. And since Currensee is developing relationships with brokers in terms of being able to access login and password details (and in MB Trading's case your key code) one hand could certainly could wash the other. Who knows?

 

The other disturbing thing about Currensee is the Trade Leaders Program, where you need to make Currensee your IB, pay them a management fee, plus a rebate,(and they get a rebate from investors mirroring your trades on Currensee) plus a percentage of performance fee.

 

The deeper you dig, the more you see, and I've only researched this for a day or two.

 

Do some research for yourself and form your own opinions.

 

My opinion is trading is a business, not social networking. Confusing the two could prove disastrous.

 

 

You don't need to registrate your password anywhere. All that you need is to operate with one of the brokers supported by Currensee, and authorize them to collect the data from your account.

[Jean1111 10]

I agree on the fact that signing with Facebook somewhat dilutes the security. What also stuck me was the subscription fee- is it 2%annualized service fee charged monthly on the average capital gained? What happens in case of losses - you pay the 2% again.... I suppose they have some major issues to work over.

[kiwigrasshopper 10]

A quality alternative is MYFXBook: they use the investors password so you're not exposing your account.