Currency.com strives to offer an award-winning service that’s easy to use, secure, and transparent, but does it achieve its goals? And more importantly, is it the right service for you? We explain the key features as well as the pros and cons in this in-depth Currency.com review.
Currency.com was founded in 2019 and has already won multiple awards such as the “Best Cryptocurrency exchange in the CIS” Blockchain Life Award, which is impressive for such a young company. They offer a wide range of tokenized assets such as cryptocurrencies, government bonds, indices, shares, currency pairs, and commodities.
At the moment Currency.com offers over 2,000 of the top traded tokenized assets and cryptos, and with a minimum withdrawal of only 10 dollars, Currency.com makes it easy to jump right in and start trading. But does that mean they’re worth your time and investment? Keep reading for our full review.
What is Currency.com?
Founded in Belarus and currently led by C.E.O Johnathon Squires, Currency.com is a centralized exchange platform that is designed to allow cryptocurrency investors to trade in the global financial markets directly with their cryptocurrency holdings.
Founded with the idea of democratizing finance, Currency.com allows traders to invest in top traded equities, indices, and commodities with a digital token that mirrors the value of the asset. Tokens function as a non-crypto-based asset that has been made into a crypto. So you could trade stocks of Apple or Tesla without having to withdraw cryptos, like Bitcoin, and convert them into a fiat currency.
How Secure is it?
In short, very. Currency.com has, at this time, has never had a single breach in its security. Its servers are stored in the LD4 data center alongside the Dow Jones, Nasdaq, and the London Stock Exchange. According to the companies website, when you make a deposit your coins will go directly into a cold wallet, which is a data storage device that is not connected to the internet and therefore out of the hands of cybercriminals. Trader funds are stored in a separate bank account that cannot be borrowed or lent from, and on top of all that military-grade physical security keeps your investments under tight lock and key day and night. You can rest assured knowing full well that your money won’t be going anywhere unless you move it yourself. You even have the option of buying deliverable tokenized assets, which gives you the option of withdrawing and storing the tokenized assets you’ve purchased under your private security.
So Why Should I Choose Currency.com?
Aside from the sheer amount of tokenized assets available for trade, they also advertise a tight market spread which makes profiting off your trades easier assuming the market moves in your favor. Currency.com's trading fees certainly arent the lowest, but they are definitely competitive. They will even pay a rebate for placing a limit order, ie buying a given quantity of stocks at a specified limit price or better. Their cryptocurrency taker fee is low 0.075%, compared to other top margin trading platforms like BitMex which charge the same commission per trade. They also offer a referral program if you’ve got friends or family interested in trading with them as well. In addition to these other benefits Currency.com offers leverage up to 1:500, which means that for every one dollar of their capital, traders receive five hundred dollars to trade with. It is worth mentioning that, sadly, Currency.com is not currently permitted to allow citizens or residents of the United States to participate in trading on their site.
What About Customer Service?
Good customer service is important for any business, but even more so when your finances are on the line, thankfully, Currency.com offers 24/7 customer support to help you with any problems you might run in to. You can reach their support staff through a variety of different methods, such as Facebook, Whatsapp, Telegram, or Viber, you even have the option to live chat with a customer service representative to help ensure your issues are solved as quickly as possible.
Ease of Use
Currency.com is easily one of the most user-friendly trading sights I’ve personally ever used. They offer a variety of charts allowing me to keep track of trade values spanning from the month, all the way down to the hour so you can keep an eye on how the market is trending. Transactions are taken care of instantly and you’ll be alerted the instant prices start to shift. They also provide negative balance protection, ensuring that you won’t lose a cent more than you’ve already put in. Another feature offered to make sure you don’t lose any more than your willing to is Currency.com’s guaranteed stop-loss system. That means you set the price, and Currency.com will close you out of a trade if it goes over the price you set. Currency.com also processes trades at an extremely quick trade matching speed of 50m/sec.
Making Deposits or Withdrawals
Currency.com processes deposits and withdrawals daily, but it may take several days for fiat withdrawals to process. The platform supports numerous different currencies including a variety of cryptocurrencies for both deposits and withdrawals.
Still Not Sure if Investing is For You?
Currency.com offers a variety of educational trading videos to help you make the most out of your stocks. With videos on a wide range of subjects ranging from tips for beginners to tutorials on crypto mining, odds are that if you have a question about trading crypto, Currency.com's learn to trade section will at least be able to point you in the right direction. Currency.com also presents new users with the option of creating a demo account, which allows you to learn the basics of how the site operates without risking any of your own money. I would also like to add that Currency.com hosts a frequently updated news section with numerous articles available to help you keep up to date on current market trends.
Trade What You Want, When You Want
Instant price alerts are a great feature, assuming you can take advantage of them quickly. Thankfully Currency.com offers a mobile app to help ensure that no matter where you are you won’t have any trouble managing your investments. Trading on the app is just as easy as trading on the website, you have access to all the same information, you can trade, withdraw and deposit your crypto securely while on the move. The Currency.com app currently sits with a 4.2-star rating on the Google Play store.
Making an Account
Creating an account on Currency.com isn’t exactly complicated, really all you have to do is provide some basic information. Unfortunately for traders who prefer to trade with a bit of anonymity, you are also required to upload your passport or ID card to verify your identity, in addition to a proof of address. While some may see this as overreaching on the part of the website, Currency.com does take security extremely seriously and has yet to show any signs of malpractice with the information they are provided with.
Currency.com is still an extremely young company, the fact that it’s already garnered so much success is certainly worth praising, of course, there is always room for improvement, so what are some things Currency.com could be doing better? Well for one, they are currently a centralized exchange, meaning that they maintain total control of all transactions done on their platform. This also means that users of their platform do not have access to their own private keys of their exchange account wallets. It is worth mentioning that Currency.com does hope to transition to a decentralized exchange by 2023. Another sore spot some users seem to have is the number of cryptocurrencies available for trade. While Currency.com does offer over 2000 tokenized assets they only offer 150 forms of cryptocurrency. So far I haven’t been able to find out whether or not they plan on adding more forms of crypto in the future, although Currency.com does plan to someday offer over 10,000 tokenized assets on their exchange. Given the modernistic approach the company has displayed thus far I’m certain that in order to reach that goal they will at some point be adding to their selection of cryptocurrencies.
Frequently asked questions about Currency.com
We’ve compiled some answers to questions we often get. Should you have any other questions, feel free to reach out below in the comments.
Is Currency.com regulated?
Yes, Currency.com is a resident of and is regulated by the Republic of Belarus and is authorized under the legislation of the Republic of Belarus to carry out virtual related asset-types of activity. Currency Com Bell LLC operates according to the existing legislation of the Republic of Belarus, namely following the decree of no. 8 of 21.12. 2017 “On the development of the digital economy” and are regulated by the High Technology Park.
What is a SOF and why is it necessary?
At times, users may be asked to provide a SOF, SOF stands for source of funds. As a regulated financial service institution, Currency.com is required to ask for a form of proof that the funds you deposit onto their site are from a legitimate source. This could be from your salary, your savings a loan, or a sale of a tangible asset. There are many other reasons to request a SOF, such as to ensure that transactions are being carried out by genuine trading account owners, as well as to help anticipate any financial crimes that may occur through the use of their site.
How Are Tokenized Assets Backed?
Each time a new investment into a tokenized asset is made within the Currency.com platform, either Currency.com or Capitol.com (partner) buys the real asset or a derivative of the asset depending on the asset type, which is considered to be a tokens backing.
How Does Currency.com Handle Deposits?
Some decisions simply arent left up to Currency.com, like for instance, modern banking speeds. Technically a deposit can take between one and five days to process, although they suggest you contact their customer support center if a deposit takes any longer than two. On the plus side, all deposits made on Currency.com are free of charge, though it is worth mentioning that all SEPA bank transfers are available only to verified users. Alternatively, you are allowed to top up your trading account with a VISA or Mastercard, these deposits are almost instant however they do incur a 3.5% commission fee. Deposits are unlimited with all currencies except the rubel, which has a maximum of five hundred thousand rubles. \ Each withdrawal made with a Visa or Mastercard carries a charge of three percent in addition to three dollars while a withdrawal into a bank account will charge somewhere between 0.10% to 0.15% depending on the currency. Withdrawing crypto or other tokenized assets varies heavily and in the interest of accuracy should likely be viewed via this link. https://currency.com/fees-charges
Our Final Thoughts on Currency.com
Cryptocurrencies aren’t going away anytime soon, as more and more people start looking towards crypto as a worthwhile investment more and more trading companies are going to be following Currency.com’s footsteps. But no matter what happens, Currency.com will have been there first.
By allowing cryptocurrencies to be traded for real-world assets Currency.com makes a huge step towards bridging the gap between traditional finances and cryptocurrencies. We would happily recommend currency.com to both beginners, and experts. Currency.coms sleek and easy to understand interface makes trading stocks easy and their 50m/sec trade matching speed grantees you won’t miss out on any of the action.