Currency.com is fast becoming one of the best reliable crypto exchanges and trading platforms in the world.
Beyond offering investors and traders the opportunity to access a regulated financial market, the platform unlocks access to diverse assets by tokenizing the underlying asset and allowing trading.
In this review, we will take a closer look at Currency.com and how the platform solves these problems.
Currency.com brands itself as the first regulated tokenized security exchange, providing a robust market to trade over 1,300 tokens alongside cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and XRP.
The platform has set a target to expand its tokenized securities list and offer up to 10,000 instruments to its clients, including indices and government bonds, which are not readily available on other exchanges.
Another unique offering is the chance for investors to trade other financial markets using their cryptocurrencies as collateral. In other words, traders can invest in stocks, bonds, currencies, commodities, without directly swapping their crypto for these assets and also receive profits in crypto.
Meanwhile, it would take an experienced trader or someone knowledgeable in blockchain technology to understand what tokenized security is. We’ll explain this next since it is the first message you will meet on the Currency.com website.
What are Tokenized Securities?
Tokenized security is a digital version of traditional securities such as bonds, shares, real estate, etc. This time though, these assets are represented by a blockchain-based token that you can redeem for the underlying asset at any time.
Most times, tokenized securities are confused with security tokens, but they are two different things. Tokenized securities are real-world assets that are tied to blockchain technology, meaning that they primarily exist outside the blockchain.
On the other hand, security tokens are unique digital assets that represent a venture system and embody qualities of traditional securities. They are blockchain native assets that do not exist off the blockchain but utilizes either traditional income sharing model or their conditions.
The only similarity between the tokenized securities and the security token shares is that they are regulated, unlike initial coin offering (ICO) tokens.
Features of Currency.com
A primary benefit of tokenization is that it unlocks access to markets that were previously difficult to access. Currency.com makes use of this technology to allow investors to buy and sell stocks, commodities, and indices tracking the world’s largest companies and precious metals.
In summary, you can use the platform to trade:
- Tokenized Shares
- Tokenized Commodities
- Tokenized Indices
- Currency Pairs
Deposits and Withdrawals
The ease of moving money off and on an exchange is another factor that customers consider when choosing a cryptocurrency securities exchange or trading platform.
On Currency.com, users can deposit and withdraw funds using traditional payment methods, including different credit cards, such as Visa and Mastercard, Yandex Money, SEPA, and Wire Transfer.
Meanwhile, cryptocurrency holders looking to trade on the platform can also fund their accounts via Bitcoin or Ethereum. This option is preferred by many since these cryptocurrencies are more reliable when traditional payment systems go offline.
Stories of investors losing funds or personal information on a cryptocurrency exchange are no longer new. While many would blame traders for leaving funds on such a platform, it is fair to consider that the trading platform owes it to its users to secure funds using the best possible means.
To a significant extent, Currency.com implements strict security standards. The exchange’s servers are stored in the LD4 data center while all its employees utilize standard military encryption to store and protect clients’ data. Every single communication is encrypted using HTTPs.
Interestingly, Currency.com claims to store almost 97% of the user’s fund in a cold wallet to prevent substantial losses as a result of hackers. Also, the exchange maintains a separate account from the one used to store customer funds, and would never use this money for even lending traders on its platform.
Lastly, while some do not like submitting their personal information on a third-party platform, Currency.com adheres strictly to Know Your Customer (KYC) and the Anti-money Laundering protocols.
You have to submit some personal data to access the premium features of the platform, even though you can trust that this information will be encrypted and secured to prevent third-party access.
To further boost security, users can protect their trading accounts with a strong password and two-factor authenticator (2FA) from Google.
Currency.com is designed in a way that makes trading easy for both beginners and expert traders. It is easy to navigate between elements and windows, while the automatic interface is easy to master for even new traders.
Guaranteed stop-loss, ability to set profit levels when placing orders, charting tools to mention but a few, are some of the variety of trading tools that traders can enjoy on Currency.com.
Web and Mobile
Aside from offering a fully-padded trading interface, Currency.com also provides an easy to setup mobile app that is available both on Google Play Store and Apple Store. This way, traders could profit from market moves that take place outside their usual trading window on the web-interface.
Company Regulation and Audits
In the early parts of 2019, Currency.com was launched, and in that same year, it became the first regulated tokenized security exchange in the world, leaving a model for other exchanges to follow.
The company is owned and managed by Currency Com Bel LLC. It is located and registered in Minsk, Belarus, with registration number 193130368. It also has other branches in London and Gibraltar.
As of today, the company boasts of up to 100 employees with Ivan Gowan as its CEO, Alexander Schevchenko, as the General Manager, Nigel Crome, as the Head of Compliance, Victor Pergament, as the Head of Project Management and Dmitry Ogievic as the Head of Development.
The three regulators of Currency.com are the U.K Financial Conduct Authority, Cyprus Securities and Exchange Commission, and the Belarusian 8th decree on the development of the digital economy.
With all these regulators in place, Currency.com strictly adheres to the Know Your Customer (KYC) and the Anti-money Laundry (AML) protocols. It is also noteworthy that Currency.com takes good care of consumer data because they follow the guidelines on consumers’ data protection.
Currency.com is audited by a major accounting firm, “Ernst and Young.” With this accounting fame inspecting the exchange, it is easy to sense that tokenized securities are valid.
With all these features in place, it is not surprising to see Currency.com earn its name as one of the best innovative and trustworthy brokers. It has bagged many awards. It got an award for being “the Best cryptocurrency exchange CIS” in 2019 and received many accolades from different sources for a job well done.
For easy access to the platform, it has been translated into several languages; English, Russian, Korean, Spanish, Portuguese, Vietnamese, Thai, and Chinese.
Learn-to-Trade With a Demo Account
The journey of a thousand miles begins with a step. Currency.com offers an extensive gallery of resources that can help new traders hone their trade and go from beginner to professional traders within the shortest possible time.
For instance, you will find a trading dictionary and guides covering different sectors of the financial markets, including cryptocurrencies.
To crown it all, you can try to acquire hands-on experience of what it means to trade without putting any money on the line. The platform offers a 10BTC demo trading account with up to 1:100 leverage to help you build confidence.
Margin trading is the practice of trading the market with more capital than you have in your account, using funds borrowed from the exchange platform. The benefit is that profits would be multiplied based on the leveraged amount, in the same way that a wrong trade could result in substantial losses.
Currency.com offers margin trading across its broad market with up to 1:500 leverage available to verified account users with substantial amounts as collateral.
Note, however, that margin trading is risky, so we wouldn’t recommend that you use this option if you’re new to trading. If you must, use lower margins to trade and increase your ratio as you get more experienced.
News and Analysis
One challenge that traders often experience is finding a single place to aggregate news that can help them place the right trades.
Currency.com provides such a service via its ‘News Section’ covering every nook and cranny of the financial market. You can find news on cryptocurrency, forex, real estate, stocks, and international trade.
Additionally, the site publishes daily analysis for different markets, giving traders a hint of which trades could be profitable, and which ones to avoid.
Affiliate and Referral Program
Currency.com also has a robust affiliate and referral program for site owners looking for a new revenue source.
Aside from providing you with the right marketing tools and daily reports, promoters can expect up to 50% of the revenue brought in by their referrals during the first six months, while the referred client will enjoy a 12% trading discount over the same period.
The only limitations are that the platform is yet to integrate cryptocurrencies as one of its withdrawal options for affiliates, while ads are not displayed to internet users in certain countries.
Commissions are paid in USD and must be withdrawn via bank transfer.
Minimum Deposits and Fees
The barrier to trading on the exchange is lowered for new trading with the minimum deposit amount fixed at 0.01BTC and Ethereum at 0.1.
Similarly, the fees that are associated with trading tokenized securities and marginal trading are very competitive on Currency.com compared to other exchanges. Customers are even given a refund for placing limit orders on the books with 0.075% is the cryptocurrency taker fee.
Still, on the fees, Currency.com charges withdrawal and deposits. The rate of charges comes down to the payment method a trader decides to use for these actions.
For example, when a trader uses a card such as VISA or Mastercard to make payments, the minimum deposit is 10 USD/EUR, while the maximum is $20,000 or its equivalent in the deposit currency..
If a trader decides to use bank transfer, the minimum deposit may be 50 USD/EUR, there are no deposit fees charged while only a 0.15% fee is charged for withdrawals done via bank transfer.
Card purchases for crypto on Currency.com is slightly lower when compared to exchanges like Coinbase.
For example, when a cryptocurrency is bought via card by a trader on Coinbase, it could cost up to 0.4% to settle the fees. On Currency.com, the fee is just 3.5%, making moving into a crypto a little cheaper for investors.
Meanwhile, depositing cryptocurrency on Currency.com is free, but a fraction will have to be paid for withdrawal.
Like most offshore cryptocurrency and trading platforms, Currency.com is not for U.S residents, or anyone residing in any of the OFAC sanctioned jurisdictions. According to its website, the platform does not accept users from Albania, Bahamas, Barbados, Botswana, Cambodia, Ghana, Iceland, Jamaica, Mauritius, Mongolia, Myanmar, Nicaragua, Pakistan, Panama, Syria, Uganda, Yemen, Zimbabwe, Democratic People’s Republic of Korea (DPRK), and Iran.
In this article, we have covered most of the information you need to know about Currency.com, including the platform’s features, regulatory and security standards, deposit and withdrawal fees, and a lot more.
On a scale of 1-10, Currency.com would score a high 8 mark, and should be considered by beginner traders looking to start their trading, or experienced traders seeking new trading platforms to explore.