After accouncing the official launch of Trade Leaders Program following the acquisition of social trading network Currensee in the end of 2013, OANDA now plans to cease the operation of Currensee.
Amid the rise of social trading, it seems that not all forex brokers could sustain their in-house copy trading service. Early this year in March, we reported that OANDA announced the official launch of OANDA Trade Leaders Program following its acquisition of social trading network Currensee in the end of 2013. However, now they are planning to cease the operation of Currensee.
At the end of last week, the issue spread around. Today, upon accessing Currensee website, a message appeared on the white screen:
Important Notice: Please note that on October 31, 2014, Currensee and the OANDA Trade Leaders Program (OTLP) will cease operation. Following a strategic review including feedback from our customers around the world, self-directed trading remains their priority. As such, we will continue to focus on core OANDA principles of superior execution, competitive spreads, integrating with industry leaders like MT4, providing analysis tools from partners like Autochartist, and premium educational resources. Questions can be directed to OTLP@oanda.com.
The announcement suggests that OANDA clients are less interested to social trading and more into optimalizing individual trades. As it comes just under a year of OANDA Trade Leaders Program operation, it raises question into how they decided to acquire and integrate Currensee in the first place. We have noticed that this year, more forex brokers are looking into providing social trading for their clients one way or another. However, at this point, we start question whether social trading is something that brokers pushes forward, or if it really is something that traders desired?
Do you have any opinion on this? tell us on the comment space below. For more information about OANDA, visit the broker's official website here.