Currency.com Review 2021

Introduction

Currency.com is an online tokenized exchange designed to make the complex trading fast and easy. In addition to offering crypto trading, Currency.com supports the trading of more traditional asset classes.

Founded in 2019 and headquartered in Belarus, Gibraltar, and the UK, Currency.com offers more than 2,000 tokenized asset classes.

Tokenized assets range from equities and indices to commodities and bonds, while also supporting both crypto and fiat trading. Currency.com offers investors exposure to amongst the largest blue-chip stocks such as Apple Inc. and Amazon.com. Tokenized indices include the majors, such as S&P500 and the DAX30, with commodities including crude oil and gold.

For investors looking to enhance returns, Currency.com offers leverage of up to 500x.

Unlike many platforms, Currency.com allows investors to trade directly in cryptos across multiple asset classes and book profits in cryptos, without the need to convert back into fiat.

The platform delivers novice and seasoned traders with a one-stop-shop trading platform that covering all of the main stream asset classes.

As an online exchange, Currency.com is also regulated and falls under the purview of HTP, DLT, FINTRAC, and FinCEN.

Currency.com Platform Attributes

Key attributes of the Currency.com platform include:

• Demo account allows users to become familiar with the platform before going live.
• Supports the deposit and withdrawal of both fiat and crypto.
• Extensive multi-asset offering of more than 2,000 tokenized assets.
• Simple to use.
• Appropriate tools on offer to manage risk and carry out technical analysis, with over 75 technical indicators to choose from.
• Negative balance protection feature allows users to eliminate losses.
• AML and KYC compliant as a regulated exchange.
• Global reach. As at 29/06/21, 26 countries fell under Currency.com’s prohibited jurisdiction list.
• Mobile friendly, with the Currency.com app compatible with iOS and Android.
• 24/7 customer service available via Facebook, Livechat, Telegram, Viber, and WhatsApp.
• “Learn to Trade” section delivering on-line lessons and more.

The Pros and Cons

Pros

• Technical analysis: More than 75 technical indicators available to carry out technical analysis.
• Security: A high emphasis on security, with 2FA, cold storage, and more to protect investor assets and personal data.
• Regulated: As a fully regulated exchange, Currency.com is AML and KYC compliant.
• Negative balance protection: minimises market risk by protecting users from negative balances.
• Multi-asset class offering: Currency.com offers more than 2,000 tokenized assets as well as fiat and crypto trading.
• Leverage: Users may trade with up to 500x leverage.
• Deposits and Withdrawals: Users may deposit and withdraw in crypto and fiat currencies.
• Demo account: Users can familiarize themselves with the platform before trading in a live environment.
• Training: Video tutorials are available for users to view in order to become familiar with the platform and trading assets.

Other positives include

• Transparent: Publishes audit results under the “About Us” section.
• Generous Referral Program: Currency.com pays 50% of referral trading commissions to referrals in the first 6-months.

Cons

• Supported cryptos are amongst the largest by market cap, limiting access to smaller cryptos available in the marketplace.

Table of Contents

• Introduction
• Brokerage Services, Supported Cryptocurrencies & Payment Methods
• The Details
• Currency.com Wallets
• Deposit & Withdrawal Options
• Trading Platform
• Key features of the Currency.com platform
• Privacy and Security
• Customer Support
• Additional Information
• Conclusion

Brokerage Services, Supported Cryptocurrencies & Payment Methods

Currency.com provides an online platform supporting the investing and trading of cryptos and more traditional asset classes by way of tokenized assets.

Investors have the option to deposit an extensive number of supported cryptos. These include the most popular, such as Bitcoin and Ethereum to lesser known cryptos, such as Bancor (“BNT”) and Synthetics (“SNX”).

Additionally, users are able to purchase cryptos by depositing supported fiat currencies by bank transfer or by credit/debit card.

Users who already own Currency.com supported cryptos may transfer these to the compatible Currency.com crypto wallets.

Registration

To open an account, go to the Currency.com homepage and click on the ” Sign Up” icon as shown below:

• • • • Enter your email address and choose a password.
      • Verify your email address via your email account and then click “Continue”.
      • Select your country of residence and nationality and then click “Continue”. If you are a U.S tax resident for tax purposes untick the box before proceeding.
      • Enter your name and DoB and then click “Continue”.
      • Then enter your address as prompted and then your phone number.

Upon signing up, your status will be reflected as “Not verified”. In order to have access to all the account features, you will need to complete the verification process.

To complete the verification process, users will need to upload proof of identity and also proof of residence. Once Currency.com has completed the verification process, you will have access to the full range of platform services.

Post Registration Deposit

At this stage, you will now need to make a deposit to begin trading.

Users may deposit Currency.com supported cryptos by completing a simple wallet-to-wallet transfer.

In order to make a crypto deposit, click the “Deposit” icon at the top of your page and select the crypto that you wish to deposit.

Either scan the QR code or copy the Currency.com wallet address and complete the transfer from your external wallet.

Do note the minimum deposit amount. Any amount less than the minimum will not be credited. Also ensure that you are depositing to the correct wallet address to avoid loss of funds.

Additionally, users may deposit fiat currency by bank card or bank transfer. See “Deposit” section for more details.

Supported Cryptos and Other Tokenized Assets

Currency.com gives investors and traders access to the most popular cryptos in the market place.

These include Bitcoin (“BTC”), Bitcoin Cash (“BCH”), Chainlink (“LINK”), Ethereum (“ETH”), Litecoin (“LTC”), Ripple’s XRP (“XRP”), and USD Tether (“USDT”).

Currency.com also supports the following cryptos:

Aave, Aragon, Augur V2, Bancor, Band Protocol, Basic Attention Token, Compound, Dai Stable Coin, Kyber Network, Ocean Protocol, OMG Network, Ox, Polygon, Ren, SushiSwap, Synthetic, UMA, Uniswap, USD Coin, Wrapped Bitcoin, and Yearn. Finance.

Other tokenized assets available for trading include but are not limited to:

Commodities: Aluminum spot, brent oil, copper, natural gas, platinum, silver, and more.

Exchange Traded Funds (ETFs): Fidelity MSCI Health Care Index ETF, Hang Seng CEI ETF, First Trust Global Wind Energy ETF, and more.

Forex: AUD, CAD, CHF, CNH, EUR, GBP, HKD, JPY, USD, and more.

Indices: CAC40, DAX30, FTSE100, FTSE China A50, DJIA, NASDAQ, S&P500, U.S Dollar Index, and more.

Shares: Apple, Amazon, Alibaba, China Evergrande, Tesla, BMW, Air France, BP, and more across the world’s major boerses.

In order to select your preferred pairing, go to the “Trade” page. To view the available pairings, you can scroll down the watchlists located on the left-hand-side of the “Trade” page, edit by asset class, or search for an individual asset.

The Details

Currency.com supports the investing and trading of crypto and fiat currencies, as well as commodities, equities, ETFs, and indices via tokenized assets.

Supported mainstream crypto pairings for trading include, but are not limited to:

BCH/BTC, BCH/EUR, BCH/USD, BTC/BYN, BTC/EUR, BTC/RUB, BTC/USD, DOGE/USD, ETH/BYN, ETH/BTC, ETH/EUR, ETH/RUB, ETH/USD, Chainlink/USD, LTC/BTC, LTC/BYN, LTC/EUR, LTC/RUB, LTC/USD, XRP/BTC, XRP/BYN, XRP/EUR, XRP/RUB, and XRP/USD.

Other crypto pairings include MANA/USD and Uniswap/USD.

Tokenized assets available can be summarised as follows:

Commodities: Oil and oil stocks, gold, silver, platinum, etc.

Exchange-Traded Funds: Amongst an array of ETFs, Currency.com offers the SPDR umbrella among others.

Indices: These include, but are not limited to the S&P500, NASDAQ100, FTSE100, FTSE China 50, DAX30, and CAC40.

Shares: Currency.com offers tokenized shares found across the world’s major indexes, including Apple Inc. and Amazon.com.

Tokenized Bonds: Bonds issued by the Ministry of Finance of Belarus.

Investors trading tokenized assets do not own the actual asset class. Tokenized asset values match the value of a particular asset and mirror the actual asset in terms of performance, dividends, and so on.

Investors can trade the supported pairings via the “Trade” page by either depositing supported fiat or pre-owned Currency.com supported cryptos.

Designed to cater to both novice and seasoned traders, Currency.com delivers fast transaction speeds in a secure trading environment.

For the more advanced crypto traders, the platform also offers traders leverage of up to 500x to enhance returns.

Charts

The Currency.com platform provides traders with charts, which include more than 75 technical indicators.

Additionally, users are able to adjust chart parameters, including time periods, chart time, as well as use drawing tools to assist in technical analysis.

There is a dedicated “Charts” page. Users my add charts by going to the “Trade” page, selecting an asset from the search or listings and then clicking the “Chart” sign located to the right of the asset name.

History and Account Activity

Currency.com provides users with all the necessary tools in order to track activity across the platform.

Users may view open trades and orders as well as view transactions and account activity.

Portfolio

Here, users may view all open trades and working orders.

Reports

Via the “Reports” page, users may view transaction and activity histories.

Transactions:

Information provided includes date & time, type, status, market, result, balances, and ID. There are also filters available to narrow searches by transaction type, status, or over a given time period.

Activity:

Users can view date & time, type, status, quantity, price, market, funds, result, and ID.

There are also filters available to view specific trades, filter by status and / or view over a specific time period.

Balances

Via the individual crypto and fiat wallets, users may view available balances as well as reserved amount and wallet value in BTC.

Additionally, user may also view their balances at the top of the page. Information includes available balance, equity, funds, P&L, and reserved. Balances can be viewed in USD, BTC, or ETH.

Fees and Charges

Currency.com has a dedicated fee section, providing users and prospective users with transparency.

Trading Fee (Leverage):

• • BTC/USD, BTC/EUR, ETH/USD, ETH/EUR: 0.06%.
  • Other cryptos: 0.075%.
  • Tokenized assets (Shares, ETFs, Indices, Commodities): 0%.
  • Tokenized currencies: 0%.

Exchange Fee:

• • Cryptos: With an exchange amount of up to $50,000 equivalent: 0.2%*.
  • Cryptos: With an exchange amount of $50,000 in equivalent – an individual commission.
  • Tokenized assets (Shares, ETFs, Indices, Commodities): 0.05%.
  • Bonds (Tokenized): 0.03%.
  • Tokenized currencies: 0%**
  • Companies’ tokens: 0% (buy), 1.5% (sell).

Funding Fees: Will apply to continuous leveraged trades held according to the market rate**.

*This type of fee is applied if the sum of one or several (in aggregate over the last 12-months) client’s token exchange and withdrawal of funds from the platform is less than or equal to $50,000 in token equivalent.

**Fees may vary depending on the selected asset for the transaction.

Overnight Funding Amount: An overnight funding amount is either added to or subtracted from your account when having an order after a certain time.

The formula used to calculate the daily overnight funding fee:

Token quantity * current price – Reserved) * Daily Overnight Funding fee %.

Deposit and Withdrawal Fees

Cryptos

There are no maximum deposit amounts or deposit commissions. There are minimum deposit and withdrawal amounts and withdrawal commissions, however.

Minimum deposits, withdrawal amounts, and withdrawal commissions for all Currency.com supported cryptos can be view here.

For the majors, some of the amounts and commissions are as follows:

BTC: Minimum Deposit: 0.001BTC, Minimum Withdrawal: 0.001BTC, Withdrawal Commission: 0.0005BTC.

ETH: Minimum Deposit: 0.03ETH, Minimum Withdrawal: 0.03ETH, Withdrawal Commission: 0.01ETH.

LTC: Minimum Deposit: 0.1LTC, Minimum Withdrawal: 0.1LTC, Withdrawal Commission: 0.03LTC.

XRP: Minimum Deposit: 30XRP, Minimum Withdrawal: 30XRP, Withdrawal Commission: 5XRP.

Please note that the fee structure differs for legal entities.

For USD, the minimum deposits, withdrawals and associated fees are as follows:

Visa/Mastercard

Minimum Deposit: US$20, Deposit Commission: 3.5%, Minimum Withdrawal: US$10, Withdrawal Commission: 3% + US%3.

Bank Transfer:

Minimum Deposit: US$50, Deposit Commission: Free%, Minimum Withdrawal: US$50, Withdrawal Commission: 0.15% (min 20 USD / max 150 USD).

Minimum deposits and withdrawals and associated commissions vary by fiat currency. Please see fee section for full details.

Additionally, it is worth noting the following:

• Currency.com uses a Russian payment service provider. Transactions using bank cards are executed with an exchange to Russian Rubles or US Dollars, which means the final sum may differ.
• Currency.com does not carry out transactions to offshore bank accounts.

Currency.com Wallets

Users may access their Currency.com wallets via the Wallet’s icon. Additionally, users may access wallets via the “Deposit” icon or via the “Portfolio” tab located to the left hand-side of the interface.

Users have wallets for each of the individual cryptos supported by Currency.com.

In addition to supported crypto wallets, Currency.com also provides users with supported fiat currency wallets.

These include BYN, EUR, GBP, RUB, and USD.

Users may transfer supported cyrptos from external wallets by way of wallet-to-wallet transfers.

Additionally, users have the option to fund fiat wallets by credit/debit card or by bank transfer.

Deposit & Withdrawal Options

Currency.com supports the deposit and withdrawal of crypto and fiat currencies.

Fiat Money

Deposits

Users may make deposits by way of credit/debit card or bank transfer. Depending upon country of residence, alternative fiat money deposit methods may also be available.

• Credit/debit card: Users may deposit fiat money with credit/debit card.
  • This is the fastest funding method.
  • US$ minimum deposit is $20
  • There is a deposit commission of 3.5%.
• Bank transfer:
  • Wire transfers are normally completed within 5 business days.
  • There is a minimum deposit of $10 and there is no deposit commission.

To make a deposit, go to the Wallets or Deposit page.

• Select your deposit method, which includes bank transfer or bank cards.
• In the case of a credit card deposit, enter your card details and then the amount that you wish to deposit along with deposit currency.
• Confirm that you are the card holder and then click the “Deposit” icon.

Please note that, for amounts in excess of US$20,000, users must provide Currency.com with information about source of funds.

Withdrawals

In order to make a withdrawal,

• Go to the “Wallet’s page and then click the “Withdraw” icon alongside the asset you wish to withdraw.
• For fiat withdrawals, users may withdraw by bank transfer or bank card. Please note that for a bank card to appear in your account as a withdrawal option, you will need to make a deposit first.
• Upon clicking the “withdraw” icon,
  • For pre-saved bank cards and accounts simply enter the amount that you wish to withdraw and complete the transaction.
  • In the case of withdrawals to new bank accounts, enter the account details and the sum and then complete the transaction.

Please note that only your personal external accounts can be used for withdrawals.

Cryptocurrencies

Users can make deposits and withdrawals from the Currency.com Wallet page as shown below:

Deposits

Users already holding Currency.com supported cryptos can make a wallet-to-wallet transfer.

In the case of transferring already held cryptos,

• Go to the “Wallets” page or the “Deposits” page.
• Select the crypto wallet that you wish to deposit by clicking the deposit icon.
• Copy the address to your external wallet or scan the QR code.
• In your external wallet, enter the sum that you wish to transfer and complete the transaction.

(In order to avoid making an error in entering the address details, it is recommended that you scan the QR code to transfer from your private wallet to your Currency.com wallet).

Withdrawals

For withdrawals, users are able to withdraw cryptos from Currency.com wallets to externally compatible wallets.

In order to withdraw your crypto, select the wallet from which you wish to withdraw your crypto and click the Withdrawal icon.

Paste your destination wallet address, enter the number of coins you wish to withdraw, and complete the transaction.

Ensure that you have entered the correct information. Incorrect information could lead to the permanent loss of your crypto assets.

Trading Platform

Currency.com delivers a simple to use trading platform supporting the trading of crypto and fiat currencies, bonds, commodities, indices, and stocks.

Traders can select from over 2,000 assets and trade long or short with leverage.

Via a dedicated trade page, users can create watchlists, search across pre-defined categories, or simply search for assets to trade.

In order to enter into a trade, click the “Trade” icon located on the LHS of your Currency.com page.

• Search or select your preferred asset from one of the pre-defined categories.
• If selecting a pre-defined category, select the asset from the listing located to the right of the watchlists.
• Click “Buy” or “Sell” and enter the amount that you wish to buy or sell.
• Adjust your leverage accordingly and select your funding wallet from the dropdown menu located below the leverage meter.
• Enter any stop loss or take profit parameters and then click Buy or Sell.

Upon execution of the trade, your “Portfolio” page will be updated with the trade details and P&L. Here users may add stop loss and/or take profit to manage risk, as shown below.

Some key points to note from the trading platform are:

• Guaranteed stop losses are required for trades with high leverage.
• Charts reflect the entry point and current P&L.
• The balances at the top of the trade page are updated live, reflecting available, equity, funds, P&L, and reserved amounts.

Key features of the Currency.com platform include:

Trading Features

Trade: User can trade crypto and fiat currencies, as well as commodities, indices and shares, thematic investments, ETFs, bonds and company tokens.

Traders can place trade orders via the “Trade” page or via the “Charts” page.

Additionally, existing positions can be adjusted via the “Portfolio” page. Here, users can add stop loss and/or take profit or close existing positions.

Tracking Options

Portfolio: Via the “Portfolio” page users may view existing trades and orders.

Information provided includes leverage, entry price, last price, cost, and P&L.

Reports: A dedicated “Reports” page allows users to view transactions and platform activity.

• Transactions: Information includes: date, time, type, status, market, result, and balance. There is also a filter option, where users may filter by type, status, and time period.
• Activity: Information includes date, time, type, status, quantity, price, market, funds, and result. Users may use the filter options and also export the report to email.

Wallets – Balances: Users may view their respective wallet balances on the Wallets page.

Total Balance: Finally, users may view available, balance, equity, funds, P&L, and reservices funds at the top of the Currency.com page.

Earning Options

Referral Program: Currency.com users can earn 50% of their referral trading and exchange fee income for the first 6-months.

Communication

SUPPORT: Users are able to raise a support ticket via the support page by submitting a request. Alternatively, users can contact customer support via the “Support” link.

Social Network Platforms: Currency.com has a presence on YouTube, Twitter, LinkedIn, and Facebook.

Privacy and Security

Currency.com is authorised and regulated by the Hi-Tech Park (“HTP”) of Belarus. Under the purview of HTP, Currency.com is subject to the legal regulation of business based on blockchain technology.

Security features include:

• 2FA: Currency.com requires the use of 2FA in all aspects of the platform, including login, funding, trading, and actions that are performed using API keys. You may also enable a separate 2FA channel in the event that you lose access to your account.
• Encryption: Currency.com uses PGP/GPG for email encryption and verification. This ensures secure document upload and verification and the highest level of global encryption to prevent tampering of information and holdings.
• Server Protection: Servers are held in a locked private cage, protected by armed guards, video surveillance, and retina eye scans. Wherever possible, data is encrypted, replicated, and backed up securely each day.
• Coin Storage: Coins are stored in cold wallets that are air-gap isolated from the outside world.
• Segregation: Currency.com maintains full reserves, protecting individuals from a bank run. All client funds are segregated from the Currency.com operations account.

Customer Support

Currency.com has a dedicated customer service center. Here, users can:

• Search through the Currency.com FAQs.
• Send a request.
• Learn how to trade at Currency.com, following the platform user guides.
• Access API documentation.
• Additionally, there is a keyword or phrase search engine.

Other means of contact include:

Chat Icon: Via the Chat icon, users may contact customer support by Livechat, Viber, Telegram, WhatsApp, and Facebook.

Social Media: Currency.com also has a social media presence.

Facebook: https://www.facebook.com/currencycom/

LinkedIn: https://www.linkedin.com/company/currencycom//

Twitter: https://twitter.com/CurrencyCom

YouTube: https://www.youtube.com/channel/UCDF1PEjEWqMW4nak3YBtNQw

Additional Information

FAQ

Frequently submitted questions by way of the FAQ section include:

How long does it take to verify an account?

We strive to process all submitted documents within 24 hours. If the number of incoming documents is large, review may take longer.

Can I deposit and trade before verification is complete?

Most users can deposit money (up to the equivalent of €1,000) and trade for 15 days before full verification. However, residents of the Republic of Belarus are allowed to deposit no more than US$1,000 or €850 [equivalent] and trade for 15 days before a full verification.

If the account verification is not completed within 15 days, the account will be temporarily suspended until the verification process is completed. Please note that if your account is suspended, active Leverage operations and Leverage orders are automatically terminated.

What is the difference between “Exchange” and “Leverage” modes?

In “Exchange” mode, you can place market and limit orders for buying and selling. Please note that in this mode, selling is possible only if you already have the corresponding tokenised asset or cryptocurrency in the “Wallets” tab.

“Leverage” trading mode allows you to increase the traded amount for operations. For example, Leverage 1:10 means: you will be able to open a Leverage-operation of up to 10,000 USD.cx with a prepayment of 1,000 USD.cx.

In “Leverage” trading mode, you can place market, limit, and stop orders and set stop-loss and take-profit conditions.

Conclusion

While only established in 2019, Currency.com is a one-stop-shop multi-asset platform giving investors access to over 2,000 assets.

User friendly, with a dedicated support center, Currency.com caters for both novice and seasoned investors.

With more than 75 technical indicators, leverage, and competitive fees, investors have all the necessary tools to carry out technical analysis, manage risk, and enhance returns.

As a regulated entity, with a global presence and high emphasis on security, Currency.com is an attractive option for investors looking to trade cryptos and more traditional asset classes.