Currensee partners with Thomson Reuters; Tweets Trades
- 5 Comment
Currensee, world’s first Forex social network, has made a couple of interesting additions to its platform. First is the addition of Thomson Reuters widgets which you can purchase with Currensee bucks and provide you various ideas, strategies and analysis. Second is the ability to Tweet your Trades and Positions from Currensee’s platform to your Twitter account.
It seems that Currensee are on the right track with these latest additions as the most important thing for a social network is to provide more and more content and activities to its participants from INSIDE the platform so that the participants will never have to leave to perform any other task.
A bit more about the Thomson Reuters widgets:
Currensee members can now purchase exclusive widgets featuring Thomson Reuters IFR Markets trade and market data from the Currensee Marketplace, the trusted source for Forex-related products and services. The widgets deliver professional-level trade data and analysis that is typically only available through brokers or large institutions. They include:
Trading Desk, which provides real-time trading ideas with stops and targets, support & resistance levels, and analysis and strategy
Squawk Box, which provides fundamental and technical commentary and analysis, including unique news events and economic data
Order Board, which provides indications of potentially significant orders, price points, option-related price levels and buying/selling interest
The Currensee Thomson Reuters widgets are delivered instantly through the member’s personal dashboard on Currensee. For a limited time, Currensee members have the opportunity to purchase the Thomson Reuters IFR Markets widgets at introductory pricing, including individual two-week trials, and a bundled discount for all three exclusive widgets, all starting at just 20 Currensee Bucks. To take advantage of the Thomson Reuters IFRM Markets widget offer, Forex traders can join Currensee at www.currensee.com/thomsonreuters. Introductory pricing is for a limited time.
More here.
A bit more about Currensee’s Tweet My Trades feature:
The Tweet My Trades feature is the first Twitter application that enables traders to automatically tweet their actual trades and positions to Twitter in real time.
“Twitter integration is something our traders have been asking for and we’re excited to launch this innovative new feature and leverage Twitter,” said Asaf Yigal, co-founder and VP of Product at Currensee. “Tweet My Trades is different from StockTwits, TradeMonster and many of the other Twitter-based trading apps because we automatically tweet the trader’s actual trades and positions. It’s one thing to say the EUR/USD is going to break out or you’re going long the AUD/NZD, but it’s quite another to actually take the position and share that information with your followers on Twitter.”
The Tweet My Trades feature is one more example of how Currensee is changing the world of Forex by bringing trust and transparency to traders across the globe. By giving traders the ability to extend their trade collaboration beyond the Currensee platform, Currensee continues to innovate social trading for Forex traders. Since Currensee is the only Forex platform that is connected in real time to over 100 Forex brokers, the moment the trader executes their order, Currensee instantly sends the tweet on the trader’s behalf.
5 Comments on this post
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Anon said:
These Currensee guys are doing everything right — only problem they have is their business model relies on traders sharing their real trades. Anyone who knows Forex traders knows that this ain’t gunna happen. Forex traders will barely show an account statement! Only the signal sellers et al want to share trades, because they have an agenda. Currensee… great execution of a fundamentally flawed business model.
February 5th, 2010 at 1:14 pm -
Michael Greenberg said:
Hey Anon, you are fundamentally wrong: the Internet social networks revolution (Facebook, Myspace, Linkedin, etc) has proven beyond any doubt that people DO like to expose information about themselves and many would go much farther than you can imagine. Forex traders, especially those who seek to gain a recognition, will expose their trades – some to show off, some just to have others look at it and some hoping that if they prove to be successful other, less successful traders, will appoint them as their money managers. Just watch them doing it on mt4stats and myfxbook and many other sites. Currensee’s platform just puts faces (or at least avatars) next to these boring stats.
As a side note: Currensee’s business model isn’t based on traders sharing their trades but rather is based on traders executing their trades through Currensee’s platform. The trades sharing functionality is just one of the features of the platform, not its income generator.February 6th, 2010 at 12:29 pm -
Anon said:
Fundamentally wrong? You are so confident! Anyway, let me debate some of your points. I think the link to Facebook, LinkedIn, etc, that you are making is weak. It’s probably the same story Currensee sold to North Bridge for millions. The main problem with this story is that people don’t like to share financial information. Even on a site that makes people as comfortable as Facebook, they still aren’t sharing financial information with eachother (I’m not a regular Facebook user so if I’m wrong on that please let me know). I would say that trades are even more intimate than regular financial info (like how much equity you have in your house), since it’s not only financial but also shows the trader’s decision. Trades are just a very private and intimate thing, and this well known by those who trade. Second problem with the story is that traders are generally more introverted than the average person. This is a headwind working against any “social network” that involves traders. I’ve always thought that there must be no experienced traders (and I mean like 5 years+) behind Currensee for them to think this idea would work.
Regarding your side note, let’s not split hairs on what is and what is not considered the “business model”. Currensee relies on traders sharing trades to make money. Yes, it’s indirectly, but still critical to the money-making process. Their main way of attracting traders to their IB services is this whole community sharey thing, and with nobody sharing there is no community.
Will Currensee be a success? I say no — not unless they change their model. They’ve gained very little traction over this past year and this is mostly what I’m basing my opinion on, even though the theory side also says they won’t find success with the model. Currensee is obviously filled with some really smart and motivated web people, and they have a few bucks left in the bank. If they get some real traders on their decision team, admit the “real traders real trades” idea is flawed (that will be the hardest part), and start grabbing some advertising dollars, I think they’ll be a contender in the years to come. Or they might find another path to success (just won’t be the path they’re on).
By the way, I would have never posted this if I had to attach my real name to it.
February 10th, 2010 at 1:01 am -
Anon said:
PS. I think mt4stats and myfxbook are better models than Currensee. For one, those sites understand that the commercially-minded players are the ones who want to share their trades. I think mt4stats and myfxbook will be successful, and to some extent they already are.
February 10th, 2010 at 1:07 am -
Michael Greenberg said:
Couple of interesting points there however I think you still confuse user interface and business model. Currensee doesn’t have a very attractive graphic interface, at least for now, and myfxbook is more sleek and 2010 if you ask me.
myfxbook and mt4stats share the same business model: advertisement CPM. This is the easiest and most straightforward business model however in my opinion it is not very sustainable and it’s a point I try to convey time after time: depending solely on broker dollars is problematic.
Currensee on other hand realized that it needs to diversify its income and therefore relies less on broker mercies and more on its own offering to the retail traders: be that IB or value added products it markets/will market. To me, that’s a more sustainable business model.
February 10th, 2010 at 9:49 am
