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Foreign Exchange

FX comment: FSA approves Currensee but we’re not convinced

Cast your mind back to April and you might remember we mused over a social networking and introduction broker site for retail participants called Currensee.

You may also remember that we ribbed them quite hard after they went rather quiet.

Six months later they’re back to badger us with something new. And badger us they did – phone calls, multiple emails. We’re surprised they didn’t turn up at the office.

As it turns out, they have just received FSA approval, which allows them to introduce clients to UK-based FX brokers. They say they will open a London office soon.

Not even we can doubt that this is good move now that UK and European brokers are more attractive than their US counterparts, currently held in a headlock by the CFTC.

But we still have a problem with Currensee. It dresses up retail FX as an easy game, complete with a leader board of the most successful traders on any given day, all the apps you would expect on something like Facebook and a video made by and pitched at three-year olds called ‘Currensee makes cents’. It looks like anyone could give it a go and expect to win big.

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