One of the biggest introductions that have been made in the financial world is the introduction of cryptocurrencies. Bitcoin was the first cryptocurrency that was launched by Satoshi Nakamoto in 2009 and its goal was to bring about decentralization in the world of finance. Fiat currency is manipulated by banks, governments and other financial institutions, but cryptocurrency is free of any such interference. The boom in the market in 2017 added to the appeal of these cryptocurrencies as people rushed to buy them in hopes of earning the same kinds of profits as others had done.
With the increase in demand, the number of trading platforms in the markets also surged in order to cater to customers. But, the influx of hundreds of trading platforms in the financial market has exposed the need of having quality options. Not every exchange that was introduced was able to live up to the market and a number of them died down on their own. Some exchanges even turned out to be scams and robbed people of their hard-earned money. Cryptocurrency investors and traders began looking for an exchange that offered them a huge variety of crypto, along with a strong foundation and services necessary for the virtual currency industry.
This demand was fulfilled by Currency.com. As a cryptocurrency exchange, this particular platform was developed to fulfill the gap between crypto trading and the exchange market. It is not just a cryptocurrency exchange but is also a tokenized securities exchange. Wondering what tokenized securities are? These are non-crypto assets that have been made into crypto. Currency.com has become renowned for being an award-winning tokenized securities platform that has the ability to transform the complex trading procedures into something fast and easy. One of the best things about this platform is that it allows people to trade fiat currencies as well as for cryptocurrencies at the same time.
But, before you sign up with it, you should take a close look at what it offers. Here is a complete Currency.com review and guide about how this platform was created and what it can provide to you:
Launched in early 2009, Currency.com was intended to change the perception of the people regarding the cryptocurrency market. It didn’t take long for it to become the first regulated tokenized securities exchange in the world. There are more than a hundred professionals working behind the scenes to keep it running for people who are interested in trading cryptocurrencies. The CEO of the company is Ivan Gowan and the Director of Currency and General Manager is Alexander Shevchenko. Currency.com was incorporated in Belarus, Minsk and its founding company is also named Currency.com BCL LLC.
The company has two offices; one is based in Gibraltar and the other is based in London. It has been awarded the title of being the most transparent service provider in all of Europe and one of the most innovative cryptocurrency exchanges. Amongst the different accolades that it has received so far, one was that of the best cryptocurrency exchange in 2019. In that year alone, the exchange’s trading platform was downloaded on 37,000 mobile phones.
Not only does its trading platform boasts unparalleled speed and trading power, it offers about 1300 tokenized assets for trading and intends to increase this number to 10,000 in the near future. Even though it is a relatively new exchange, the people behind it have a wealth of experience in both the technological and financial sectors. Along with having a huge variety of assets for its clients, Currency.com can offer 50 million per second trading speed. Their trading conditions are also competitive and the trading platform is quite user-friendly. In fact, it surpasses the quality of trading platforms that have been offered by other exchanges for years. In addition, people can also find unique trading features available that can come in handy for trading tokenized securities. Clients don’t have to convert their crypto to fiat if they want to trade commodities, indices, shares, and even bonds. No other platform is capable of offering such facilities to their clients.
Regulations and Security at Currency.com
There are hundreds of cryptocurrency exchanges in the market, but not all of them are regulated. If you take a look, you will discover that mostly unregulated brokers are the ones at the heart of scams or security breaches. Therefore, it is wise to opt for an exchange that is fully regulated because it can give you peace of mind. The good news is that Currency.com falls under this category because it is regulated by the Hi-Tech Park (HTP) in Belarus. It remains under the strict scrutiny of the blockchain technology legal authority. This means that the regulatory body is dedicated to protecting the investments and rights of the customers who sign up with Currency.com.
User Security Measures at Currency.com
Regulation is just one aspect of security when it comes to a cryptocurrency exchange. There are numerous other areas where security needs to be tightened in order to protect people from any mishaps. First and foremost, Currency.com grants its customers full control of their accounts on the exchange and don’t give access to anyone else. In order to make sure no one else can do so, two-factor authentication has been implemented by the exchange for different functions. You will have to use it for logging into your account, sending and receiving funds, executing trades, and other functions that are performed via API keys.
The purpose of doing this is to protect the investments and cryptocurrencies of their clients from any cyber criminals. Additional security has also been provided to clients in order to enable the two-factor authentication channel, which is referred to as the master key. This can come in handy in case the customer loses access to their account. Security is of the utmost importance to Currency.com and this is obvious when you check their email encryption and verification system. As customers are required to provide sensitive personal documents for verification purposes, this discreet system ensures their documents are not tampered or compromised in any way.
When it comes to coin storage, cold wallets have been used by Currency.com. Some have also been stored in semi-cold wallets on machines protected by encryption or any locked device, except for the crypto coins that are set aside for operational liquidity. Every wallet is also encrypted to keep it secure. For protecting your fiat funds, the broker has maintained segregated accounts for their customers. The exchange’s own operational accounts are kept separate. It is not possible to lend or borrow the funds for any purpose on the platform.
Some of the other security features that you will find on Currency.com include:
- Regular audit of the company and its activities from one of the ‘big four’ accountancy firms at least once a year.
- Military-grade physical security protocols for servers that hold sensitive user data.
- Compliance with a robust Anti-Money Laundering (AML) and Know Your Customer (KYC) policy.
- Encrypting all communications made between the exchange and their clients via HTTPS.
- Properly vetted personnel and strict approval protocols for processing data.
- Regulation of all activities of the exchange by the Belarusian authorities.
- A scalable and reliable order engine designed to handle up to 5 million orders every second.
Making Deposits and Withdrawals at Currency.com
In order to buy crypto or any other tokenized securities, you have to first deposit funds with Currency.com. Likewise, you may also want to withdraw your funds at some point in the future. Either way, you want to make sure that the process is easy and that the requirements can be easily met. There are exchanges that have some outrageous requirements, which can be extremely difficult to fulfill. One of the best things about this exchange is that it processes withdrawal requests as quickly as possible. Their goal is to process them on the same day they are made, but some requests can take up to two business days.
The clients have the option of making a withdrawal to their crypto wallets or their bank accounts, depending on what is convenient for them. As far as methods are concerned, traders can make a deposit to their accounts via bank wire transfer, which doesn’t involve any commission, or they can use a credit card. On the other hand, cryptocurrency deposits come with a minimum deposit requirement of 0.1 ETH, 0.002 BTC, 0.2 LTC, and 0.05 BCH, depending on which crypto you choose. But, it should be noted that the crypto funds will only be reflected in your account when your deposit amount is higher than the minimum amount.
Every crypto payment you make, which includes deposits and withdrawals, will have to be verified and confirmed. As far as the number of confirmations is concerned, they depend on the number of your deposits. You can also make deposits by using your Visa or MasterCard. The minimum deposit requirement by card is 100 USD, 100 EUR, 7000 Russian Rubles, or 250 BYN, depending on what currency you prefer.
One of the good things about Currency.com is that it has always been open and transparent about the fees and costs that are associated with deposits and withdrawals made by their clients. Both fiat and crypto payments are supported by the exchange and the currencies that can be used include the United States Dollar (USD), Belarusian Rubles (BYN), Russian Rubles (RUB), Euro (EUR), Litecoin (LTC), Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH).
Fee for Deposits
As mentioned above, a minimum requirement of USD 100 is applicable for making deposits via Visa or MasterCard. There is also a deposit commission of 3.5% on the two platforms. The minimum deposit is USD 50 when you are using bank wire transfer and there is no deposit commission. The maximum deposit that can be made by either of the methods is set at USD 240000.
Fee for Withdrawals
The minimum withdrawal amount through Visa or MasterCard is USD 100. The withdrawal commission that has to be paid is 2.4% and USD 3 for Visa and 1.9% and USD 3 for MasterCard. The minimum withdrawal through bank wire transfer is USD 50. For Belarus residents, the withdrawal commission is USD 8 whereas non-Belarus residents have to pay a commission of 1.15% on withdrawals.
Trading Platform at Currency.com
The trading platform of exchange is important because it determines whether trading is easy or difficult for you. When people talk about their experience with a trading platform, they are essentially talking about the trading platform. Currency.com has developed a user-friendly platform, which has been designed to ensure easy and smooth navigation. The trading interface is innovative and well-designed to provide users with a pleasant trading experience without any breakdowns or lags. They have kept it simple because the exchange is catering to newcomers in the market as well as experienced traders and investors.
You will also come across a wide range of trading tools that can facilitate the trading process, such as advanced charting tools and risk management tools including negative balance protection, stop loss, take profit, etc. Traders are also given the option of using the desktop version of the trading platform, but if they want a more flexible option, they can go with the mobile app provided. The app is available for both Android and iOS smartphones and tablets. The app allows traders to execute transactions regardless of where they are or what time it is.
Leveraged Trading at Currency.com
One of the most impressive features of Currency.com exchange is that they have a leveraged trading package to offer to their clients. In this way, people are able to take positions in the market that they wouldn’t be able to take with their existing capital. But, traders should always use leverage carefully because there is also a risk associated with it. It is true that even if you have just USD 100, you can open a trading position worth USD 1000, which means you can make 10 times more profit, but if the trade doesn’t go your way, it would mean 10 times more loss.
There are different leverage packages that you will find at Currency.com as they are different for every asset they have available. If you want to invest in the tokenized stock, the leverage is 20x and 10x leverage is available for cryptocurrencies. There is 100x leverage available for tokenized indices and for tokenized commodities.
Tokenized Securities Available at Currency.com
As stated above, there are more than 1300 tokenized securities that are made available at Currency.com for clients to trade. Tokenized securities refer to securities in the market that are found in the form of blockchain technology tokens. As compared to regular cryptocurrencies, these tokenized securities are basically a financial trading instrument that are issued and regulated by the local authorities. Eventually, you will be able to trade more than 10,000 tokenized securities via Currency.com. For now, the offerings that you will come across are:
- Tokenized shares of big corporations and companies, such as Apple, Google, Coca-Cola, Tesla, Netflix and more.
- Tokenized indices, such as the S&P500, EU50, US100 and FTSE100.
- Cryptocurrency pairs including Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH), along with other major fiat currencies.
- Tokenized government bonds, such as the Belarus 252/USD.
- Tokenized commodities like natural gas, gold, silver, palladium and platinum amongst others.
You should know that tokenized securities offered by Currency.com are used on the Ethereum blockchain.
Availability of Currency.com
Since it is a reliable exchange company, Currency.com is offering its services all across the globe for reaching a huge range of investors and traders and delivering value to them in exchange for their trust. The company has grown quickly because of its excellent services and its goal is to become a fully decentralized exchange by 2023. One of the clearest indications about its reliability and performance in the cryptocurrency and financial industry is that it is regulated in three different countries. It is regulated in the United Kingdom by the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) in Cyprus and the Belarus 8th decree on the development of the digital economy in Belarus.
While Currency.com is a global exchange, there are some countries where it doesn’t provide its services. Some of the countries where it doesn’t offer its services include Democratic People’s Republic of Korea (DPRK), The Bahamas, Yemen, Iran, Cambodia, Iceland, Botswana, Pakistan, Trinidad and Tobago, Cambodia, Mongolia, The United States of America, Zimbabwe, Syria and Panama.
Trading Prices at Currency.com
The original prices provided by Currency.com is a partner company known as Capital.com. The prices of the tokenized asset are formed in accordance with the data obtained from various websites, including Reuters, and other sources. The traders also influence the prices, depending on how the orders are fulfilled.
Reliable Customer Support at Currency.com
Having reliable and prompt customer support is essential for every trader because you never know when things might turn upside down. In such situations, you will require immediate help and if it is not available, you can be left high and dry. To ensure their clients never have to face such a situation, Currency.com has a responsive, robust and secure customer support system.
They are always ready to attend to your concerns and inquiries via their different support channels. You can get in touch with them through email, live chat, and phone, Facebook, Viber, WhatsApp and Telegram. Apart from that, they have also developed a detailed and extensive FAQ section where you can find answers to various questions that you might have during the course of trading.
Demo Account at Currency.com
As Currency.com is dedicated to its customers, it has provided them the option of learning how to use their platform and the trading technologies they offer through a demo account. This account can be used by traders, regardless of the skill level of their experience. A demo account is different from a live trading account in the way that it gives you access to the trading platform, but doesn’t use your real capital for making the trades.
Instead, you use virtual currency and this allows you to have a firsthand experience of trading tokenized assets and learning how the market works. The best thing about this account is that it has the same interface as of a live account so it allows you to get acquainted. There are approximately 300 tokenized assets that can be traded and you can enjoy the leverage of about 500x.
A Referral Program at Currency.com
Along with the other notable services and features at Currency.com, the company is also providing its clients with an opportunity of making money through their platform in other ways than just trading. This opportunity can be found in the form of a referral program. Through this program, you will receive 50% of all the trading commission that’s paid by anyone who you have referred to the exchange. As long as they use your referral link for signing up with Currency.com, you will receive the commission.
The most interesting thing about this referral program is that this 50% commission is received for six months after the account of the person has been verified. All the bonuses that you earn will be given in your account on a weekly basis as a cash adjustment. This can be accessed through the web or through your mobile trading platforms.
When you wish to trade in the cryptocurrency market, it is essential that you find an exchange that knows the nitty-gritty of the crypto exchange in and out. No one wants to gamble with their investment for any reason due to which it is vital that they select the right platform. Currency.com is that sophisticated exchange that provides people with an opportunity to trade their crypto and tokenized securities all through one platform. They have a very reasonable pricing structure and have gone to great lengths to create a user-friendly trading platform that provides access to the best trading tools. You can trade in a secure environment and practice via a demo account to get the most out of crypto trading.