Francesc Riverola,
Hi everyone
It seems Currensee is on its way to become a major site in the Forex industry with the raise of a good injection of cash with the purpose to expand abroad.
There is a nice debate out there weather Currensee can succeed or not for hundreds of thousands. Some think that the value it ads agregating data of many is good enough to get everyone on board. Others argue that common trader is reluctant to share their most intimate information as a trade is. Those argue that as 95% of traders fail, there is not enough base of clients to really create network externalities.
For the time being, I do have too contradictory inputs to really positionate myself. So I’ll just keep an eye on them 
Francesc
$6 Million More for Currensee
By Xconomy
Boston-based Currensee, a social network for currency traders, announced today that it has closed an $8 million Series B financing round led by existing investor North Bridge Venture Partners. Egan Managed Capital joined as a new investor, and Egan partner Travis Connors has joined Currensee’s board.
Related articles
Currensee Opens Currency-Trader Community, Closes $6M Venture Round by Xconomy
Currensee Raises $8M for Expansion Outside the US by Forex Crunch
Site is more likely to be used to organise industry drinks and post embarassing pictures from the night before. Thats what a social network is for right ;P
Francesc,
Thanks for mentioning us.
Currensee, as you know is more than a social network, in fact its mostly business here at currensee
.
I’ve heard the number of 95% traders failing a few times before and I have to tell you that I think it’s worth looking into as the reduction of the spreads and experience traders have today changes these statistics.
In Our traders community for example (and we only have traders with real accounts) we see that more than 30% of them were consistently profitable in 2009.
I’d be be happy to share more with you if you are interested.
Thanks,
– Asaf.
I’m very glad to hear that 30% of your base of clients were consistently profitable in 2009.
Excellent news indeed!
Do you have some data I could give a look?
I’m definitely interested in getting more info
Francesc
Francesc,
If you read closely the arguments for the CFTC for restricting Forex in the US is because they take a blunt approach that all retail forex traders are unsophisticated and they all lose money - I strongly think it’s time to educate the CFTC a little and have them acknowledge that Forex is a legitimate asset class where some make money and some lose but it’s not that different than Stock, options or Futures.
Here is some of the information for the month of January 2010 split by the broker name for the brokers we have the most traders on.
MBTrading - 47% of traders made money
IBFX - 46% of traders made money
FXDD - 45% of traders made money
Forex.com 43% of traders made money
FXCM - 38% of traders made money
The most profitable pair for the month of January was EUR/USD with 51% of the traders who traded that pair made money.
I’d be happy to give you more detailed information via email (asaf at currensee dot com)
– Asaf.
Asaf,
Interesting info, thanks for sharing! It was a pleasure meeting you and Dave at the expo last week. Keep fighting the good fight!
Brian
Thanks Asaf
Very interesting info indeed!
Francesc