Currensee FAQS
DETAILS
Why Should I Join? The Currensee Trade Leaders™ Investment Program is the first social trade automation service that that lets you follow and automatically execute the trades of the most successful traders from the Currensee social network. You can see their actual performance on the Leaderboard, decide who you want to invest in and add them your personal automated Trade Leaders portfolio
How To Open a Trader Leader Investment Program Account?1. Sign up to the trade leader investment program by clicking
here.
2. Fill in details on Currensee site and click submit
3. Select Country and fill in full currensee account details
4. Select AvaFX as your preferred broker
5. Once Selected, you will be requested to open and fund an MT4 account with AvaFX in USD to complete the process.
How Are Trade Leaders Chosen?
Trade Leader candidates are identified from within the Currensee trader network based on a track record of performance and appropriate levels of risk. Trade Leaders must have a significant track record on Currensee in order to be considered. Once a Trade Leader is approved, Currensee regularly monitors the Trade Leader’s performance and risk levels for ongoing inclusion in the program.
How Much Does It Cost?
When you’re actively following a Trade Leader, Currensee charges a 2% annual service fee based on the average monthly equity in your trading account. In addition, the Trade Leader receives 20% of the profits generated in your account based on the results of the trades you followed from that Trade Leader. These funds are automatically transferred to Currensee at the end of each month, so you don’t have to worry about making this payment manually.
How the Program Works
How Does The Trade Leaders Investment Program work?
It’s simple to get started. You start by opening and funding an account with AvaFX. Once your account is open and funded, you will be contacted to complete necessary paperwork that authorizes Currensee to automatically execute the Trade Leader’s trades in your account. You can then select Trade Leaders to follow, allocate your funds, set your controls, etc.
Why Do I Need To Open a New Trading Account?
A trading account at AvaFX is required to execute your trades. Trade Follower accounts do need to have special permissions and other criteria associated with them that allow us to execute trades on your behalf. The best way for us to make this happen is to ensure that a new account is opened for each follower.
Can I Use a Demo Account?
We only accept real, live brokerage accounts. Why? The Trade Leaders Program is about real trades by real traders.
How Do I Minimize My Risk?
You are provided with tools in the form of a risk score and volatility metrics to assess the risk of each Trade Leader, but you should consult with your personal financial advisor if you have questions about what amount of risk is appropriate for you
How Do You Ensure I Don't Get a Margin Call?
The Trade Leaders program is designed so you cannot over-leverage your account. We scale trades to ensure that, as long as you’re not trading in the account on your own, you should not receive a margin call.
Why Do You Need My Brokerage Account Login Credentials?
The Trade Leaders program is set up to execute trades automatically in your account. Currensee must have trading access to your account in order to do this.
Why Do I Need To Sign a Letter of Direction or Limited Power of Attorney (LPOA)?
Currensee will be doing two things that require the acceptance of an LPOA/LOD. First, we will be executing trades automatically from the Trade Leaders that you select for your portfolio, second, we require permission for the broker to deduct service and success fees from your account.
How Do I Decide Who to Add to My Portfolio?
You can use the Currensee Leaderboard to see all the available Trade Leaders and decide which Trade Leaders you'd like to add to your portfolio. Please make your selections based on the performance and risk characteristic as well as trading style and strategy provided for each Trade Leader. Currensee can’t recommend who you should follow.
Can I Invest By Following a Trader Who Isn't On The Trade Leader List?
You can invest with Trade Leaders shown on the "Find Trade Leaders" page. We welcome your recommendations for adding a new Trade Leader. Please email your suggestions to support@currensee.com.
Managing Your Portfolio
What Does Allocations Mean?
Allocations is your means of making an 'investment' in a Trade Leader. By allocating, you will be taking a portion of your available capital and earmarking it to follow the chosen Trade Leader.
How Do I Add a Trade Leader to My Portfolio?
Visit the "Find Trade Leader" page to select the trade leader you think you would like to invest in. You are then directed to that trader's detailed profile page where you can do a thorough analysis and make your final Trade Leader selection. There is be a button in the upper right-hand corner of the profile that says “Select Trade Leader Name”; clicking this button will add the leader to the list of traders on your Portfolio Management tab. When you allocate capital to that trader, that Trade Leader's trades will start to be followed in your account.
How Do I Remove a Trade Leader From My Portfolio?
From the the Trade Leader screen, you can go to the Portfolio Management tab and click on the red 'X' next to the Trade Leader you wish to stop following. Once removed, any open trades will immediately be closed and new trades made by this Trade Leader will not be followed.
I'm getting an error that says "You cannot allocate less than the required amount of capital" What does this mean? There is a minimum capital requirement that has been determined for each Trade Leader to ensure that you are not over-leveraged; if the amount of capital you allocate to the Trade Leader does not meet this minimum requirement, you will receive this message and be unable to save your allocation and follow the Trade Leader. You may need to de-allocate some money from other Trade Leaders or deposit additional funds in your account.
Do I Need To Allocate All of My Funds?
You do not need to allocate all of your funds.
How Do I Allocate More Funds To a Trade Leader?
On the Trade Leaders tab, you can see your current allocations to your Trade Leaders. By clicking on the Edit (pencil) icon, you will be able to edit the amount allocated to the Trade Leader. Saving the changes will mean the trades going forward will be scaled according to the new allocation amount. You may need to deposit additional funds into your trading account to have enough funds to allocate.
Your Portfolio Performance
What Kind of Reporting is Available?
You will be able to receive two types of reporting initially- a Statement containing the trade details and fees, and a Portfolio Summary which will provide aggregated summary-level information regarding your Trade Leader trades.
How Do I Measure My Performance?
We provide a full investment summary on the Statement tab of your Portfolio Performance. You can export this report into Excel. You will also be able to track performance in the Portfolio Summary tab, by looking at the Realized and Unrealized gain/loss of your account or for each individual allocation.
• Open Time: The date & time a trade was opened.
• Closed Time: The date & time a trade was closed.
• Type: Type of position - long or short stance.
• Ticker: The ticker of the Trade Leader's account that is being followed; the ticker that the original trade was made on.
• Size: Lot size traded
• Currency: Currency pair traded
• Open price: Price at which the trade was opened, showing the difference between your price and the Trade Leader's price in parentheses next to it.
• Close price: Price at which the trade was closed, showing the difference between your price and the Trade Leader's price in parentheses next to it.
• Gain/loss: Total amount of the gains or losses made on the closed trade
Are the Trade Leader Executed Trades Identified Differently Than The Trades I Put In Myself?
Trades you add manually will not be displayed in the Trade Leaders Statement. All trades executed will show the same way in your broker statement whether you place the trades or the trades are executed on your behalf through the Trade Leader program.