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Foreign Exchange

FX comment: Currensee – Retail FX players gets a boost

Currensee, a kind of Facebook for the retail FX market, have a rather jolly idea that trading should be interactive, fun and social.

Bearing in mind that social networking is an activity best left to the under 25’s, which our old pal Lee Oliver pointed out, we’ve been finding it a little difficult at theweeklyFiX to keep straight faces and just being nice about the whole thing.

Call us p*sstakers but, with the third round of press releases landing on our desks this week, we could no longer resist temptation.

First of all, Dave Lemont CEO of Currensee, confesses to be “no currency trader”, but as a former photocopier salesman, he can, presumably, tell you all about copier fluid.

Secondly, and perhaps my favourite, Currensee have launched a leader board. Kind of like when you’re at school and you got gold stars or house points for excellent work or, in this case, good trading. Cute.

Thirdly, we sense their new investors, Vernon & Park Capital, couldn’t quite take it seriously either.

Jim Ginsburg, a former currency futures trader at CME, and now a partner at Vernon & Park Capital, called Currensee a “novel way for traders to develop their skills” and a way for retail traders to “fulfill their needs for social interaction” because trading can be “difficult and lonely”.

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