Featured Pitch: Currensee
Year Founded: 2008
Founders: Asaf Yigal, VP of Product; Avi Leventhal
Investors: North Bridge Venture Partners
Company Description in 140 characters or less:
"Currensee Inc. is the first Forex trading social network that connects Forex traders based on real-time trades."
By Dave Lemont, CEO and President
Currensee Inc. is the first foreign currency (Forex) trading social network that connects traders from around the world based on real-time trades. We bring trust and transparency to Forex trading collaboration by enabling members of its trader network to see each other’s actual trades in real-time, including trading strategies and performance, to make more informed trade decisions. Currensee gives back to the trader network by aggregating real-time data on the trades its members are making and serving that information back to the entire network in the form of innovative Social Indicators.
Currensee was founded in August of 2008 by Asaf Yigal, a highly successful software development executive and one of the founding members of Onaro. Asaf was a member of the founding tech team at Onaro, which was acquired by NetApp for $130 million. At Onaro, Asaf was responsible for setting the overall product architecture, including the early versions of the product and building out the professional services practice in the company. Previous to that, Asaf was Project Manager for an algorithmic research project in the Israeli Navy.
We are headquartered in Boston. The company employs over 20 employees and has raised $6 million in funding from North Bridge Venture Partners to date.
Currensee traders from over 64 different countries have become members of our trading social network. To join, members create a Currensee profile that securely connects to their live brokerage account. Based on a variety of important factors (such as years of trading experience, trading region, and trading approach) members can connect with other traders and become Trading Friends. Trading Friends share actual trades and positions and collaborate on trading strategies in real-time. They learn from one another’s successes and failures and measure their performance against their Trading Friends, as well as the entire network. Because the system is totally transparent, Currensee members decide whom to trust and leverage the wisdom of their Trading Friends and the crowd.
Here’s what Currensee provides to Forex traders, divided into three important categories:
- Trading friend collaboration tools: The hub of the Currensee social network is the position table, where trading friends can see the real-time trades and positions of their friends and be notified instantly of any changes. We offer chat and posting tools for traders to work as a team on their trade strategies. Members can use the Hot Topics section to generate discussions, polls and posts with the entire Currensee community. The Friends Feed feature provides a moment-by-moment update on the activity of one’s Trading Friends, whether they are closing positions or making new friends or even changing a position. The Community section provides a powerful way for traders to connect with other Currensee traders by using robust search and filter features such as experience, trading session, currency pairs, strategies, and approach.
- Tools to access the wisdom of the community: This second set of tools provides access to the wisdom of the entire Currensee trading network. Currensee aggregates all of the trades of the community into a real-time sentiment indicator, called Market Watch, which provides new insights into how the community is trading at that moment. Also for the first time, traders can see real volume numbers, as the indicators reveal how much of the trading volume is long or short for any given pair and whether the long or shorts are winning or losing. Imagine the power of knowing what thousands of other traders are trading at a given moment.
- Personal productivity and progress tools: Currensee provides easy-to-read, customizable dashboards, that bring together many of the popular sources of Forex information and data in one location so that retail traders no longer have to waste valuable trading time foraging across the web for the information they need. We also give our traders the ability to run detailed statistics on their performance – overall, against the entire community and by strategy. Members can customize strategies and we’ve found many of them work together to create and test new trading ideas and strategies. Traders can study their P&L by pair, analyze their risk factors and draw downs to find ways to become more effective in their trading discipline. Interestingly most traders are also sharing this information with the entire community.
The Currensee business model is based on a combination of subscription services for advanced social analytics, revenue from Introducing Broker relationships with Forex brokers and transaction feeds from the Currensee Marketplace, which provides additional revenue opportunities for partners and a variety of new products and features for traders.
In terms of immediate priorities, Currensee is focused on growing its trader members and its broker and marketplace partners. All Forex traders are welcome to join at www.currensee.com. As a growing company, we are always looking for talented people to join our team of developers. Additionally, Currensee will be raising Series B in 2010.
Currensee brings trust and transparency to retail Forex trading. Our trading social network connects retail Forex traders from around the world, so they can share and collaborate on actual trading information in real-time. Our unique social indicators aggregate the wisdom of the network and provide a new approach to Forex market analysis and trade decision-making. We support over 100 Forex brokers (www.currensee.com/partners/supported-brokers), and education partners and are a member of the National Futures Association. Currensee is funded by North Bridge Venture Partners and we are headquartered in Boston.
Currensee – www.currensee.com