Currensee announces 1m trades and $30b in volume

To all the sceptics (myself included): it seems that Currensee is doing much better than one could guess as it just announced that it transacted 1 millionth trade and over $30 billion in volume over its platform. And that's a lot.

Currensee Trader Network Rings the Bell For One Millionth Trade: Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term trading social network reaches major trading milestone just six months after launch

Boston, MA – May 14, 2010 – Currensee Inc., the first Forex Trading Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Read this Term social network that connects traders from around the world based on real-time trades, today announced that it has reached the one million trade milestone, just over six month after the site launched in October of 2009. The one millionth trade was executed on Thursday, May 13, 2010 at 1:32 PM EDT by a Currensee member from Romania who went short EUR/USD.

“We’re quickly approaching 5,000 registered members and already welcoming traders from over 80 countries and supporting over 100 brokers,“ said Currensee CEO Dave Lemont. “Along with achieving our millionth trade milestone, we’ve also reached over $30 Billion in trading volume, which is a tremendous accomplishment in such a short period of time. Every one of our members must have a live Forex trading account to join and our members tend to be active Forex traders who trade often and have come to rely on the daily collaboration with the other members of our social network. The explosive growth in trading volume, membership and trader activity puts us on an exciting path to significant scale this year.”

Currensee brings trust and transparency to Forex trading by enabling members of its trader network to see each other’s actual trades and positions, trading strategies and performance to make more informed trade decisions. In addition to announcing Series B funding, full MT4 support and the innovative new Tweet My Trades™ feature, Currensee recently debuted the Forex industry’s first Trader Leaderboard. The Currensee Trader Leaderboard™ ranks top Forex traders based on both historical and real-time performance, along with a proprietary performance authority and risk index. The Trader Leaderboard ranking system is a key element of the Currensee Trade Leaders™ investment program, which will launch later this year, enabling experienced Forex traders to be compensated for successful trading and allowing retail Forex traders to follow their trades.

In April, Currensee added new investor Vernon & Park Capital LP, which in addition to investments from North Bridge Venture Partners and Egan-Managed Capital, brings the Currensee total funding to $12.8 Million.

About Currensee

Currensee.com brings trust and transparency to retail Forex trading. The Currensee trading social network connects retail Forex traders from around the world so they can see each other’s actual trades and share trading strategies in real-time to make more informed trade decisions. Currensee traders from over 80 countries have become members of the trading social network and linked their live brokerage accounts with one of the 100+ brokers supported by the platform. The unique Currensee Market Watch Social Indicators™ aggregate the wisdom of the network and deliver social trade data and a new way to look at the market. Currensee is funded by North Bridge Venture Partners, Egan-Managed Capital and Vernon & Park Capital and is a member of the National Futures Association. For more information, visit us at www.currensee.com. Fan us on Facebook, follow us on Twitter and watch us on YouTube.