Currency.com Review: Here’s What We Found Out

The quest to find a trading platform that can grant cryptocurrency holders simultaneous access to the financial market has led thousands of investors into signing up with fraudulent online platforms that defraud them.

Little wonder many traders are flocking to Currency.com. This trading platform grants investors, and traders access to regulated financial markets, while also allowing people to trade with fiat currencies and cryptocurrencies simultaneously.

We reviewed the platform, and here’s what we found out.

About Currency.com

Currency.com is an exchange that is incorporated into Minsk, Belarus. It is owned and operated by Currency.com BCL LLC. It was launched in the early periods of 2019 in a bid to create a common ground for trading in both cryptocurrencies and the traditional financial assets.

The company has two offices in Gibraltar and London, which provides its services to a large number of customers from various regions in the world. The platform prides itself as being the “first regulated tokenized securities exchange.”

Despite being a relatively new exchange in the market, Currency.com has onboarded many new traders, thanks to its massive advertising campaigns on the internet, especially on trading-related websites.

Currency.com has a large number of trading tools for its many clients all over the world and claims a trade matching speed of 50 million per second. Clients have the opportunity of trading without any need for converting their cryptocurrencies to fiat.

Security:

Currency.com is a platform that appears exceptionally conscious when it comes to matters regarding security. It is widely known that a tiny breach in the security of an online platform, especially one that handles clients’ funds and sensitive personal information, can result in enormous consequences.

In recent years, the activities of cyber thieves have been on the increase. They take advantage of even the smallest loopholes in the security of online platforms to defraud people. It is for this reason that Currency.com has taken extreme measures that can guarantee the safety of the funds and information about their clients.

The platform ensures that your account is strictly yours alone. And to prevent anyone else from gaining access to your account, it has enabled the best two-factor authentication measures on every one of its platforms, including logging in and trading.

The Currency.com website has also employed the highest level of global encryption that protects clients’ information and assets. This discrete system is utilized to verify emails securely, and it is the Pretty Good Privacy (PGP) and the GNU Privacy Guard (GPG), which is the highest encryption in the world.

The only coins that are stored in highly secured hot wallets, according to the website, are funds used in operational liquidity. Apart from that, the vast majority of coins are kept in encrypted cold wallets and the rest few are kept in semi-cold wallets. 

In terms of clients’ funds, the company stores them in bank accounts that are different from the ones that it utilizes for taking care of various operations. The funds can neither be lent nor borrowed, so you can be assured that a bank run will never occur.

In a bid to get up-to-date Anti-money laundering (AML) and Know Your Customer (KYC) compliance, a purpose-built regulation by the Belarusian authorities, Currency.com maintains a strict approval protocol for any decision made with regards to sensitive data.

The exchange provider has also put in place several physical security measures. The Currency.com servers are located within the territory of the LD4 center, which is well protected by heavily armed guards and advanced video surveillance cameras. The services of the LD4 are also utilized by many of the world’s largest platforms, such as Dow Jones, NASDAQ, and even London and Frankfurt exchanges.

Lastly, in order to maintain a great deal of transparency with regards to its transactions, the company claims to employ one of the four biggest accounting firms in the world, Ernst & Young, to audit its activities at least once a year.

All these security measures, which are put in place to protect users’ funds and sensitive information from the activities of cyber thieves as well as maintaining the transparency of transactions, show that Currency.com wants its user to trade in a safe and secure environment.

Tokenized Trading:

Currency.com is well known for its tokenized securities trading. In fact, it is what has given the exchange its global recognition. The platform currently offers over 1300 tokenized securities and has so far been able to issue more than 10,000 tokenized assets to clients.

You can access a wide range of market via tokenized assets, including:

  • Tokenized shares allow you to speculate on the stock prices of various multinational companies. You can be able to trade on the tokenized shares of such companies as Coca-Cola, Amazon, Netflix, Google, Apple, Tesla, and others.
  • Tokenized indices such as EU50, US100, S&P500, Dow Jones, NASDAQ, and FTSE100. 
  • Tokenized commodities, which gives you the opportunity of engaging in some of the world’s largest commodity markets and speculating on the prices of various communities such as gold, silver, platinum, natural gas, palladium, cocoa, and many more.
  • Tokenized government bonds, which are well-known debt instruments issued by the government of a country so as to finance both short-term and long-term spending, including the Belarus 252/USD, can also be traded on the Currency.com platform.
  • Tokenized currency pairs, which makes it possible for you to trade on a variety of currency pairs and actively engage in the Forex market. On the Currency.com platform, you can trade currency pairs like EUR/USD, USD/CAD, GBP/USD, and more.
  • You can also trade various cryptocurrencies on the Currency.com platform. As a crypto exchange, the platform provides you with a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, and many more.

This wide variety of tokenized assets makes it possible for you to diversify your portfolio and take advantage of various markets to make huge profits.

Trading Prices:

Currency.com tries as much as possible to provide its clients with the standard prices of the tokenized assets that it has to offer. It is able to do this with the help of its partner company, Capital.com, which provides the original price of the trading firm. 

The platform also creates the prices of its tokenized assets to match the updated market data from various websites such as Reuters and many other top sites. The prices of these assets can also be influenced by traders, depending on how the orders are fulfilled.

Deposits:

Currency.com provides its clients with a variety of ways to deposit funds into their accounts. You can be able to make the deposits either via bank wire transfers or through debit or credit cards such as Visa and MasterCard.

You can as well deposit either fiat currencies like the United States Dollar (USD), Euro (EUR), Russian Rubles (RUB), Belarusian Rubles (BYN), or cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Lite coin (LTC), and Bitcoin Cash (BCH).

If you are making deposits with a debit or credit card, you can pay in a minimum of 100 USD and a maximum of 24,000 USD with deposit commission charges of 3-5 percent on both Visa and MasterCard. Bank transfers, on the other hand, have a minimum deposit of 50 USD and a maximum of 24,000 USD deposit, and there are no deposit commission charges.

Withdrawals:

You can withdraw funds from a Currency.com account using the same methods that are utilized when making deposits. If you are using a debit or credit card to make withdrawals, you can take a minimum of 100 USD, and you will be charged a withdrawal commission of 2.4% + 3USD on Visa card, and 1.9% + 3USD on MasterCard.

Withdrawals made via bank wire transfers have a minimum of 50 USD, and the commission charged on the withdrawal varies depending on your location. For Belarusian citizens, the withdrawal commission charged is 8 USD, while non-citizens will be charged 1.15% for their withdrawal commission.

Leverage Trading:

The company provides its clients with leverage trading packages. Trading with leverage in the financial market entails taking certain positions in the market, which you would otherwise not be able to take. For instance, you can be able to take a 5,000 USD market position while you have just 500 USD to trade with.

Currency.com gives you a variety of leverage trading packages that you can choose from based on your risk tolerance level. They include:

  • Up to 10x leverage for cryptocurrencies
  • Up to 100x leverage for tokenized commodities
  • Up to 20x leverage for tokenized stocks
  • Up to 100x leverage for tokenized indices

Before you choose to engage in this type of trading, you need to bear in mind that leverage trading is a very risky trading option as it can come with huge gains as well as extremely huge losses that could potentially cause you to lose everything you have invested. 

However, trading on the Currency.com platform helps you to limit the risk of suffering huge losses. This is made possible by two things: that the exchange supports Stop-loss orders and “Negative Balance Protection.” This helps to provide some extra level of comfort for the leveraged traders, but there are still certain inevitable risks involved in trading with leverage, so you need to trade with caution.

Margin Trading:

Currency.com offers clients the option of margin trading. You can be able to trade certain cryptocurrencies on the platform with a leverage of up to 100x on certain pairs. The cryptocurrencies that can be traded with leverage on the trading platform include Bitcoin, Ethereum, and Litecoin.

They can be traded against the US dollar, the Belarusian ruble (BYN), Euro, and the Russian ruble (RUB). They can also be traded against each other, For instance, LTC/BTC and ETH/BTC trading pairs.

Regulations And Global Acceptance:

Currency.com appears to be a legally recognized platform and boasts a partnership with CySEC and FCA-regulated, Capital.com. The platform also claims to be regulated and authorized by the Hi-Tech Park (HTP) of Belarus. 

Linked to these regulatory bodies, suggest that Currency.com ensures that its activities in both the traditional financial markets and the crypto industry are very reliable.

Currency.com has attained a measure of popularity that might seem quite unbelievable for a brokerage or trading platform that is relatively new in the industry. This fame is likely owing to the quality of the services which it provides to investors from various parts of the world.

Efficient Customer Support:

Currency.com is a trading platform that values feedback from its clients and continually looks for ways to improve the quality of its services.

We tried reaching out to the support team and got feedback within five minutes via the LiveChat option on the website. Thus, it appears the platform has a fast, reliable, and secure customer support system where the customer care service is always ready to listen to the various questions that clients have and provide them with satisfactory answers.

Clients can reach out to the Currency.com Customer Support team through their various support channels such as emails, phone calls, Facebook, Whatsapp, Viber, Telegram, and LiveChat.

Unsupported Countries

Due to certain regulatory roadblocks, users from certain countries are geo-fenced from Currency.com. These include countries like Albania, the Bahamas, Barbados, Botswana, Cambodia, Ghana, Iceland, Jamaica, Mauritius, Mongolia, Myanmar, Nicaragua, Pakistan, Panama, Syria, Uganda, Yemen, Zimbabwe, Democratic People’s Republic of Korea (DPRK), Iran, the Islands of Bermuda and the United States of America.

Conclusion:

Currency.com appears to be an innovative trading platform with clear goals, top-notch security, and everything that you need to trade safely in the financial market. But the idea of tokenized assets is not largely different from CFDs that are offered by other platforms since the underlying asset is not traded.

The exchange provides users with a variety of assets that can help diversify their portfolio and a long list of trading tools and indicators that enable clients to make smart trading decisions. You may still want to do more due diligence before deciding whether or not you want to use the platform, although there are more green flags than red.

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