Currensee’s social network received an approval from Britain’s FSA, one of the tougher regulatory bodies in the world of forex. It also opened an office in London and can now introduce clients to UK-based forex brokers. More regulation means more transparency.
London is the biggest hub for forex trading, with over a third of transactions happening there. Having an office in London, led by Steve Winters, is a significant expansion.
Currensee’s social network consists of nearly 10,000 traders in real accounts. Give it a try – it’s free.
The full press release is below:
Currensee Announces UK Office, FSA Approval and Currensee Limited
Key Milestone Continues Momentum and Fuels International Expansion
BOSTON, MA–(Marketwire – October 6, 2010) – 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.
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.”
Currensee Limited is the first step in the Currensee strategic international expansion plan, fueled by the additional Series B financing, which was announced earlier this year. Currensee investors include North Bridge Venture Partners, Egan Managed Capital and Vernon & Park Capital.
“The launch of our UK office is a tremendous milestone for Currensee, setting a course for international expansion that will make our services more easily accessible to traders across the globe,” said Currensee CEO Dave Lemont. “Our FSA authorization is an exciting recognition of our commitment to bringing trust and transparency to Forex trading and gives us the ability to work with the most trusted international brokers.”
Currensee is approaching 10,000 active members and over 100 brokers are supported by the platform. Members of the trading social network can see each other’s actual trades and share trading strategies in real-time through the network, over Skype and instant messenger and by linking their Twitter account to Currensee TweetMyTrades™. Currensee is also the creator of the Forex industry’s first Trade Leaderboard that ranks top Forex traders based on both historical and real-time performance along with a proprietary performance authority and risk index. The Leaderboard feature is available to all Currensee members, and is a key element of the Currensee Trade Leaders™ Investment Program, which will launch later this year.
Currensee (http://www.currensee.com/) brings trust and transparency to retail Forex trading. The Currensee trading social network connects retail Forex traders from around the world so they can see each other’s actual trades and share trading strategies in real-time to make more informed trade decisions. Currensee traders from over 130 countries have become members of the trading social network and linked their live brokerage accounts with one of the 100+ brokers supported by the platform. The unique Currensee Market Watch Social Indicators™ aggregate the wisdom of the network and deliver social trade data and a new way to look at the market. Currensee is funded by North Bridge Venture Partners, Egan-Managed Capital and Vernon & Park Capital. Currensee is a Registered Introductory Broker (IB) with CFTC & NFA within the US and registered with the FSA within the UK. For more information, visit us at www.currensee.com. Fan us on Facebook (http://www.facebook.com/currensee), follow us on Twitter (http://twitter.com/currensee ) and watch us on YouTube (http://www.youtube.com/user/Currensee1). It’s time to trade together.
Full disclosure: I’m affiliated with Currensee.Get the 5 most predictable currency pairs