Currensys is a Forex trading system claiming to provide traders with a collection of indicators which they can use for generating signals. However, unlike most of the MetaTrader products we review here including the best trading products forex, Currensys is designed for trading on platforms like the NinjaTrader, eSignal, and MCFX/MultiCharts. Also, most of the people who trade out there are very much familiar to MetaTrader than the other options which are available to traders. The mission of this vendor is to help traders learn and grow by providing them with on going support and access to a community of like minded traders.
Currensys is a product of MVP holdings. This is located at located at 30 Broad Street, Suite 1450 New York, NY 10004 and the owner of the company is known as John Correnti, who used to be a home renovator before he moved to trading. The software that we are reviewing at the moment has been around since 2009, and we thought it was a good time to talk about it. Support is provided through email, so any burning questions must be directed to the developer of the software through email.
The one message that this vendor wants us to understand is that with proper trading plan and discipline, anybody can be a successful trader. They also claim that this software contains multiple signals systems which are in built and their function is to work simultaneously to produce signals for any market condition. In other words, this is a group of indicators which are always monitoring the financial markets in order to see if conditions for generating movies are met. If that will be the case, then signals can be generated. If that is not the case, then the software will stay put until a time reaches when these conditions have been met.
The Currensys website has a collection of videos which are readily available for the public to watch. This is indeed a good thing because it shows that the developer has been putting a lot of effort on the product to make it informative and persuasive. The system in question incorporates a number of indicators which include MACD Dots, Bollinger Reversal and Bollinger Breakout.
We have analyzed each of these videos. They last for a minute or more and they show that the developers of this system truly understand their job and the Forex market place as a whole. The strategy that is being used here is reversal and breakout. The software in question trades all pairs in all time frames.
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However, something is peculiar with this system. Many Forex indicators are priced below $100. So this catches us by surprise that Currensys is priced at $1045. There are a few quality Forex indicators out there but they don’t cost this much.
We have listened to the developer very keenly and in our analysis, we understand that the reason they are charging such a high price is because they claim to provide a high level of support. Therefore, most of the money you are paying for this software appears to be going towards the level of service that you will receive from these guys as opposed to the trading algorithm that you will be purchasing.
The other setback with the Currensys is that it does not utilize the MetaTrader platform, which is the favorite among traders. Its price tag too will easily put you off.
This website is old enough and we believe it’s only fair that they show us their trading results. They have surely built a track record over time and it shouldn’t be an uphill task showcasing what they have done in the past. In the FAQ section, the vendor tells us that if we want trading results, we can email them for the recently concluded PDF trading results but this does not appear to be what we are looking for when considering proof of valid trading results.
Everyone out there knows that PDF trading results can easily be manipulated to suit the vendor’s message. Of course they will never show us the losing trades here. They will only show us the winning ones because they are cherry picking trades.
So this calls for a complete revamp of the site and a provision for transparent trading results which can be achieved with the help of statement sharing platforms like myfxbook and FXblue.
If Currensys has been trading all this time and developing products that meet expectations, they should be documenting their results in these platforms. It is the best way to track results in the long term. This would simply be concrete proof that Currensys works and has been working for the past 9 years. Otherwise, there is no telling whether or not this system works. The reason for that doubt is that the developer is doing a rather poor job at presenting us with results.
Feedback on this system looks out dated as majority of the reviews were published between 2012 and 2013. While rating looks good, there are a few people who have negatively reviewed Currensys and are trying to dissuade us from using Currensys.
Now, these complaints are worrying because users reported that the forum is dead and support is non existent. It feels like a ghost town or an abandoned website. We are not so sure why the developers are still selling copies for that price tag when they cannot revamp their site or even include professional support in place.
Currensys appears to have started very well. However, in 2018, it looks as if the developer has zero interest in this product. They are just hosting the site to collect hundreds of dollars from people who would be too naive to realize that the site is outdated. Perhaps we should check it out in another 3 months or so. If they don’t revamp it, we should never sign up. In the meantime, use these Forex trading resources as they are very reliable.
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