In a move that makes a whole lot of sense given the latest CFTC regulations which may prohibit foreign brokers from accepting US clients, Currensee just announced that it has received an FSA license which allows it to introduce clients to UK forex brokers and will subsequently open a UK office. This will probably mean that Currensee will from now on direct more traders to the UK brokers than to the US ones (both because UK ones are more attractive now and because of the CFTC rules).
Currensee Inc. (www.currensee.com), the first Forex trading social network, connecting traders from around the world based on real-time trades, today announced the opening of Currensee Limited, its London-based subsidiary, which will serve the Forex trading community in the United Kingdom and Europe. Currensee has reached trading volumes of more than $30 billion, with Currensee traders from over 130 countries joining the social network and close to 7% of the member community joining from the UK. This milestone is a significant achievement for the company and is a strategic path toward building the business outside the United States.
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Currensee brings trust and transparency to Forex trading by enabling members of its trader network to see each other’s actual trades and positions, trading strategies and performance to make more informed trade decisions. The United Kingdom is a key market for Currensee as trading in London accounts for $1.36 trillion of the $3.98 trillion, or 34.1%, of the daily global turnover in foreign exchange, making London by far the global centre for foreign exchange.
The opening of the Currensee UK office follows the company’s recent approval by the Financial Services Authority (FSA), the UK financial services regulator, which enables Currensee to introduce customers to FSA-regulated brokers such as FXCM UK, Alpari UK and Forex.com. Currensee UK will be led by managing director Steve Winters, who joined Currensee as director of business development in 2009. Winters led the institutional sales efforts and was one of the original employees of GFT Global Markets UK Ltd., the UK arm of US currency dealer, Global Forex Trading.
“I’ve worked with some of the top Forex brokers over the past ten years and came to Currensee because of their cutting-edge offering for traders, investors and brokers,” said Winters. “The Forex opportunity in the UK and Europe is explosive and Currensee brings just the products and services this growing market needs.”