Social networking is no longer limited to MySpace or Facebook. Witness Currensee, a Boston-based social trading network and decision-making tool for foreign exchange traders.
“We want to be the trusted source for Forex collaboration, for purchasing products, for making friends,” Currensee CEO Dave Lemont says. “This is the first time people have been able to collaborate on real-time information (through) social trading.”
Both trust and transparency underpin the Currensee business model. Members must create a valid account with their true information in order to join the Currensee Marketplace and network with peers.
“People know the person they’re working with is showing their real information,” Lemont says. “They see that this is really what someone is doing (while trading). We also show peoples’ real performance – again, there’s that level of trust and transparency.”
Currensee works like other social networks in the sense that you can only see someone’s information when you make them your friend. In this case, that means members can only see one another’s trading activity if they are part of one another’s networks.
Though the site is still new – it was launched on October 20 and is currently in beta testing mode – Lemont says he’s starting see the formation of a community. “People are beginning to make decisions on trading based on their collaborations (using) real data,” he says.
In addition to letting members share trading strategies and track one another’s trades, Currensee shares aggregate data culled throughout the network.
“We take all the decisions that the community makes and aggregate them,” Lemont says. “We can then tell the community what they’re doing.”
The Currensee Marketplace also offers training and coaching sessions with Forex experts as well as e-books, trading tools, and newsletters from industry sources such as The Hansen Finance Group and FX Tech Strategy. Members can also participate in the site’s Currensee Rewards Program in which they earn Currensee Bucks redeemable for a variety of products and services. There are several ways to participate in the program, including referrals, completing a trading profile, and participating in the site’s community.
Lemont says he wants the site to ultimately serve as a go-to destination for Forex traders of all stripes. “We want to be the trusted source for trading together,” he says. “Currensee allows people to make trading decisions in really cool ways.”