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About Currensee

Currensee is the industry’s first Forex alternative investment service providing investors and financial institutions with access to the world currency markets in a first-of-its-kind, transparent, convenient and trusted way. Using Currensee, investors can build their own “fund” of emerging Forex ...

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  • Zachary Ehrlich's Profile Image

    By Zachary Ehrlich, Aug 14th 2012

    Editor Rating

    Currensee allows you to look over other people’s shoulders to see how they trade foreign currencies (forex) and mirror their investments in exchange for a percentage of your profits. There are no stocks and no bonds, just currencies; a highly lucrative yet highly unpredictable market. Without ties to the stock market, you can automate your trades to follow forex experts who keep crazy hours to profit from buying and selling international currencies.

    Start by opening an account and subscribing money from it to as many Trade Leaders whose strategy you agree with (or whose track records impress you). This could be based on experience, returns or any of the other myriad data available. When these leaders make trades, your money will follow suit, even at 3 AM when overseas markets are open. Fortunately, there are caps and floors that you can set to ensure your investments do not go awry overnight.

    Currensee officers are very vigilant over their company as the forex market is so unstable. Leaders are evaluated daily based on risk and performance to ensure the success of you, the follower, and will be suspended if their marks fall too low.

    Currensee is suitable for beginner and advanced investors as it caters to anyone who wants to get into the forex market. If you are an avid forex trader you can even apply to be a leader and make money off your followers. Followers’ identification is anonymous to the leaders who simply just want to make money for themselves and then profit off the additional revenue from their supporters.

    Pros Cons
    Diversify portfolio through currency exchange Extremely volatile market
    Leaders are heavily monitored $1,000 minimum to start and it only goes up
    Detailed explanations of leaders’ performance No mobile presence

    Fees/Accessibility

    Currensee charges a fee for the cost of the program and another that is assessed based on the success of your investments. Currensee charges an annual service fee of 2%, charged monthly at 0.167% to deliver the program. You will also pay a 20% success fee based on the net profits of the Trade Leaders you have chosen to mirror. This fee is only due when you profit from a leader’s trades; you owe nothing if he loses money for you in that month. However, losses do not count as credits, and if a leader loses in one month you will still owe 20% on any positive gains in the next month.

    Mobile/Functionality

    Currensee is completely customizable with widgets that put the most pertinent information front and center, fully equipped with a valuable search tool that sorts experts by tactics, fields, and other parameters. As of now Currensee does not back this up with any mobile presence although they do currently have a job posting on their site for someone with experience in app development. While it would be difficult and even imprudent to manage this kind of trading from your iPhone or Droid, an app to track your progress or check on and make slight adjustments to your trades would certainly be helpful.

    Minimum Investment Requirements/Breadth

    You will need to load your individual brokerage account with a minimum of $3,000 in order to open a Currensee account. You can then subscribe part or all of that money to a Trade Leader who assigns his own respective minimum. These minimums currently range from $1,000 to $12,500, but Currensee does not enforce an actual maximum by which the leaders must abide. Currensee won't charge you any fees for unallocated money in your brokerage account.

    There is no demo account or free trial as Currensee shows you real traders performing real trades.

    Connectivity/Guidance

    Guidance on the site comes not only from the leaders you follow in the form of trades and news updates, but also from a community where you and other active traders can have discussions. The site also includes boxes that track and display the profitability of your investments as well as the leaders you follow and the Currensee community as a whole. Your Currensee account needs to be connected to one of the ten brokerages supported by Currensee to perform the actual trades. They may sound unfamiliar if you have previously only invested in stocks, since they deal in forex, and include Forex Capital Market, DirectFX, alpari and CitiFX Pro. Minimums and fees at these brokerages will vary.

    Education

    Currensee is upfront about the volatility of the forex market and warns users before coming aboard. Therefore the charts tracking their leaders are meticulous, and all the trades made in your account show up as they are made. You can also see all the profits and losses at open and close for your trades and those of the Trade Leader. You can also review performance by day, week, month, and change your portfolio and stop following a leader at any time. One excellent defense tool that Currensee included is known as Pip Slippage, as the small lag between your leader’s trade and your own may make the trade unprofitable. Currensee set certain guidelines to ensure that a trade will not go through if it violates these measurements, rendering it a poor trade. Keep in mind that sometimes the lag can work in your favor.

    The Breakdown

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