Currensee now has $12 million in assets under management, surpasses $6 billion in trading volume
Currensee today released an impressive set of business metrics which evidence its latest growth: Currensee’s clients have invested an impressive
Currensee today released an impressive set of business metrics which evidence its latest growth: Currensee’s clients have invested an impressive $12 million in its Trade Leaders program which has now traded $6 billion. This is quite an amazing number as $12 million deposits by any single IB is something that is not seen too often in this market, let alone when that IB has a completely unique business model which itself requires educating the market and extensive marketing efforts.
In our relatively small retail forex market I’m happy to see a growing confidence in innovative models such as this one and I’m sure that it’s just the beginning for the social forex niche.
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BOSTON – June 23, 2011 – Currensee, (www.currensee.com), the alternative investment service that gives investors unique access to the world currency markets, today announced that $12 million has been invested by participants in its Trade Leaders™ Investment Program since its October 2010 launch, resulting in an impressive $6 billion in volume traded through the service.
Prior to the Trade Leaders Investment Program, the $4 trillion-per-day foreign currency (Forex) market was accessible only to traders who spent their time studying charts, predicting a pair’s next move and maniacally following the latest world news and economic trends. Even after all of this rigor, less than 30 percent of Forex traders actually make money from trading. This is why the Trade Leaders Investment Program provides an alternative service for investors who want to diversify from the stock market and access the world currency markets, but who may lack the experience, time or know-how. The program lets retail investors of all types automatically replicate the trades of some of the world’s most successful Forex traders, called Trade Leaders, enabling diversification into the Forex market, a truly uncorrelated asset class.
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In just seven short months, the program has gained significant momentum, hitting the following milestones:
- $6 billion in volume has been traded through the program, a 50-percent increase since April 14, 2011
- $12 million in assets under management since launch
- More than 400 individual investors are actively participating in the program
- Average investor account size exceeding $25,000
- An average of 3,500 trades are executed every day, using the Currensee Intelligent Trade Replication Technology™
- Investors from more than 50 countries using the service in English, Chinese, French, Italian and Spanish
- Nearly 50 percent of the growth in assets during the last 60 days has come from investors achieving success in the program and depositing additional capital
“I have always wanted to give currency investing a go but it seemed too complicated for a non-expert like me,” said Jeffrey Morris, an investor in the Trade Leaders program. “With the Currensee Trade Leaders program, I have confidence in the Trade Leaders in my portfolio and their trading styles. And I appreciate the fact that I still have complete control over my investing decisions.”
“The Trade Leaders Investment Program has opened the world currency market to all types of investors,” said Dave Lemont, Currensee CEO. “What’s clear is that the program’s simple and transparent structure, along with consistent performance and risk management, is an exciting alternative to investors everywhere who are looking for diversification and new investment options. The assets under management growth is impressive and speaks to the caliber of Trade Leaders along with success our investors are seeing in the program.”
About Currensee
Currensee is the alternative investment service that puts the power of world currency markets in the hands of every investor. With the Currensee Trade Leaders™ Investment Program, investors build their own automated trading portfolios of Trade Leaders, top foreign currency traders hand picked from the thousands of members of the Currensee social network. The program offers investors an alternative to traditional asset classes and Trade Leader performance is completely uncorrelated to the stock market. Currensee delivers complete account control to investors, who can see every trade in real time, manage and modify investment allocations with one click and benefit from the safety and security of proprietary online investing technology. Currensee is funded by North Bridge Venture Partners, Egan-Managed Capital and Vernon & Park Capital and is a member of the National Futures Association (NFA) and registered by the Financial Services Authority (FSA). For more information, visit us at www.currensee.com. Find us on Facebook, follow us on Twitter, and watch us on YouTube.
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So $12 mio has been raised but where does the asset base stand presently? If it is currently at $12 mio, then that is pretty good. But if $12 mio had been raised and there is currently less than that amount, then the Trade Leaders program is like most other FX trading programs.
And 6 yards of business in 8 months is just $750 mio per month in volume.
Michael – do not mislead. That is not a lot of business for an IB. Especially now that there are far fewer IB’s around.
I know of at least 3: zulutrade, cashbackforex and tradency.
zulutrade for example traded over 100 billion in volume without any fancy announcements or funding rounds.
they make it look better than it is and trust me, it’s not good as it looks or sounds.
Iquam, Few points to clarify the info. 1) We don’t release profitability numbers yet but I can say that it’s much higher then what the industry is experiencing and the overall program is net positive. The actions we took to work with the brokers to reduce spreads, not increase the spread and charge only for success and the rigorous process we have to accept new Trade Leaders are really paying out. 2) The volume we generate as an IB is slightly lower if compared to an IB that bring individual traders as the Trade Leaders trade in a moderate and… Read more »
Its been 8 months so that $12 mio is really $1.5 mio per month. Also, Currensee gets a 2% management fee and collects the pip (or so) rebate. A little math here: 2% on 12 mio is $240,000 per year in revenues. A pip rebate on 6 yards breaks down as 6yards total volume, divided by 2 for round turns is 3 yards, divided by approx 1.33 to get back from total USD traded to base currency amounts traded gets us to 2.25 yards, which is 22,500 round turn lots traded for a whooping estimated rebates revenue of another $225,000.… Read more »
Iquam,
Not sure what is the interest in what we make?
We sure care more about what the investors make and not how much money we make.
And Michael is right – we do make less then a pip in general 🙂
— Asaf.
I get my hair raised when I hear about Currensee Trade Leader. I was in for two months, both negative while following a trader which was at the same time well in profit. There was so much price discrepancy that my trades were losers while the same trades for him were winners.
Any comments Asaf?
??? I’ve done a lot worse
??? I’ve done a lot worse
Blaz,
We’ve had some issues early on with correlation, we’ve made some major changes to the product to reduce latency, worked with the brokers we work with to reduce the spreads and have worked with the trade leaders on adjusting their strategies to more long term strategies.
If you give me your currensee ticker number or the your email address (you can email me at asaf@currensee.com) I can take a further look.
— Asaf.
Asaf (You are a rep from Currensee, I gather?)
Can you please reveal what % of your customers are profitable so far this year?
besides “its” where it’s due, what else is missing? reads fine to me
besides “its” where it’s due, what else is missing? reads fine to me
Tom,
I am not the rep for Currensee – I manage the product for Currensee.
We do not reveal profitability numbers yet but we do plan on doing this in a month or so. I can tell you though that they are much higher then what the industry is experiencing at the moment.
— Asaf.
well, I’m a trade leader joined in the TLIP three months ago and now have about 90 clients and more than 1M USD following–it is great and raise very quickly, better than my own clients resources you know. As my experience, my followers performances are very close to myself. 90% of my clients gained while I gain, the left 10% clients are bad luck to take some lost at the beginning of their investment and quit quickly. When I have a lost month, most of my clients will lost also. Some quit, more choose to keep going, and they gain… Read more »
I’m not a big fan of such sites. There has been much discussion about similar firms, like collective2, in the past. They charge 20/2 like a real hedgefund, yet they deliver so much less. There is zero accountability for the site operators as well as for the fund-managers. They do not have to comply with regulations like a real fund, dont have to offer a prospectus nor audit their results. The fund-managers are anonymous. There is an inherent incentive to overstate performance, since there is a conflict of interest in being an agent for the clients and directly participating of… Read more »
Andy, You may be right about sites like collective2 but we’re out to change this and increase the transparency. We are regulated by the NFA and the FSA and the Trade Leader performance is being audited by these regulators. We’re actually in the process of engaging with another company that would independently audit the performance report we provide. The people behind currensee are well known and you can read their bio here – http://www.currensee.com/about-us/management-team You are right regarding the inherent conflict of interest between the participating in the trading fees and being an agent for the client and this is… Read more »
I dont think currensee should be criticized for using their creative minds and producing an amazing ‘market place’ for all types of traders. the social media buzz is grinding trough the fx industry as its a purely global and not forgetting ‘online’ product.
They do have costs and are entitled to a share of the pie!
it is all nonsense. They all manipulate the numbers. Just in this small sample of people,look at comments, 2 real live examples/proofs of these type of companies manipulationg or making excuses . Regulated ? Big deal,Look at all the places on here at forexmagates or forexcentral.com all the stories that are fraud,and they are regulated. Audited results?…another way to twist. THE ONLY REAL results are real people in real time with closed trades, and you will not see. Also how can their people on fornt page of site not be registered or licensed? It’s all nuts,just keeping people alive long… Read more »
I have just noticed etoro openbook. They just launched the CopyTrader program. Anyone tested it?
Hey Lucca, we have tested the CopyTrader program and will release a review shortly. Stay tuned.