Review your experience with Currenex

LinkedIn pulled a keyword and offered review option to wrong guy… But I have something to say about Currenex though.

Once in a while in past life I developed an automated trading application which run on Currenex FX trading platform. One of the most eye opening technologies implemented by the platform at that time was so called “last look“.

Long story short this thing was nothing but high level scam: privileged market participants had the right to take or reject a deal with a significant delay after trade time when profit from particular trade was obvious. Imagine you bought $1M on a price move and then your trade is put on hold. Someone else, unnamed, puts it under consideration: “Oh boy, your purchase from us was so profitable… It does not go along well with our bonuses, so canceling.”

Due to specificity of logic we implemented, the trading agent was hit hard by last look, and the unfairness was something absolutely and immediately clear.

Even though the end of this story was predictable…

(this screenshot and link are unrelated to Currenex)

…the interesting part comes from comparison with another screenshot:


What keeps me amazing is that FX trading is still popular at, well, low level. There are ads in subway how to get trained to earn on high frequency trading, “FX trading for dummies” with smiling well-dressed people on ad posters. Given that at every level of providers of such services there is a scam that shaves profits in unfair way, what crumbles get the lame ducks seduced by the advertisement? How many of them end up with positive bottom line, one of hundred just because of blind luck?

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