In recent times, currency trading has become increasingly popular.
At the same time, many people have invested in the cryptocurrency, and the foreign exchange (forex) market has lost money, while on the other hand, many have gained massively from it.
But a question arises; how do the unfortunate ones lose money?
Did they engage in a transaction with others that led to direct loss of funds, or did they use the WRONG trading platform?
Well statistically, most people get scammed or lose a lot of money because they used the wrong trading platform.
We do not want you to fall prey to these bad trading platforms, and that is why we have made this detailed article to review Currency.com, one of the best trading platforms that we recommend for both beginner and expert traders.
First, let us consider what exactly Currency.com is.
What is Currency.com?
Currency.com is a trading platform, where you can trade cryptocurrency and over 1,500 tokenized assets! What makes this amazing is the fact that everything is fully regulated, in the sense that you can be sure that your money is safe when exchanging.
But it’s also best that we know more about Currency.com. Here are some basic information:
Basic Information About Currency.com
- Location: Minks Belarus
- Site: Currency.com
- Mobile App Available:Yes
- Does it have a parent company, and Name: Yes It has a parent company, and the name is Currency Com BCL LLC.
- How do customers move funds? : Bank Transfer, Credit Card, Debit card, and cryptocurrency transfer.
- Does it Support Fiat Deposits, and Which?: Yes, it does support Fiat Money like USD, RUB, EUR, BNY.
Now let’s dive deep and see what this trading platform has to offer. We bet you’ll love it.
All to Know about Currency.com
Currency.com is a trading platform that makes use of tokenized assets that represent the underlying product that is being traded. It breaks down trading to its simplest form, making it easy for anyone to start trading within a few minutes.
Unlike other platforms, using Currency.com means that you don’t need to convert your cryptocurrencies to fiat before you can start trading assets beyond cryptocurrencies. Instead, you can use these cryptocurrencies, either Bitcoin or Ethereum as collateral to invest in diverse markets.
If you’re a little skeptical about their credibility, it will interest you to know that they are already licensed and it is properly regulated, and authorized by HIGH TECHNOLOGY PARK OF BELARUS. Hi-Tech is a regulatory body for blockchain-based startups in Belarus and regularly audits its members.
Interestingly too, the intuitive mobile app for Currency.com won the most transparent service provider as of 2018, in the whole of Europe since it allows trading in over 1,500 assets, allowing traders to take advantage of any trending asset at any time!
But why should you use Currency.com?
- You get to trade 1,500+ assets which are tokenized.
- Tight Market Spread of $0.05 for BTC and highly liquid markets across diverse markets.
- Competitive commission rates when compared to other exchanges, and there are no hidden fees.
- Trade assets with leverage up to 1: 500.
- The platform is FULLY regulated as they make sure they are compliant with AML and KYC laws governing their jurisdiction.
- They offer a robust affiliate and referral programs, and you can rest assured you’ll be paid for promoting the platform.
- You can make a profit from government bonds and corporate bonds investment not available on other exchange platforms. For instance, you can trade Belarus Government bonds via Currency.com.
Want to know who is behind this excellent service? It’s not hidden at all:
- Project CEO – Ivan Gowan
- General Manager – Alexander Shevchenko
- Head of project management – Victor Pergament
- Head of Compliance – Nigel Crome
- Head of Development – Dmitry Ogievic.
What Can You Do on Currency.com
Trade Crypto-to-Fiat Pairs
You can buy bitcoins with Currency.com, one thing I love about this is the fact that the platform offers a wide range of fiat currency pairs that are not readily available on other cryptocurrency exchanges like Coinbase.
Supported fiat-to-crypto pairs on Currency.com include Russian Rubles, Swedish Krona, Belarusian Rubles, Singapore Dollar, etc. You can trade these fiat currencies against Bitcoin, Ethereum, XRP, Litecoin, and Bitcoin Cash.
Interestingly too, the platform allows you to buy with your CREDIT card. Some vendors don’t allow that, as it’s sort of like a loan that you’d pay off later, but Currency.com allows it, making it easy for anyone to buy bitcoins at any time.
If you love leveraged trading, then you’ll love Currency.com since you can trade assets with up to 1:500 leverage.
At this point, it is also vital to point out that leverage trading is inherently risky since money can be lost and made quickly. The highly volatile nature of cryptocurrencies further heightens the risk.
Therefore, we recommend leverage trading only for experienced traders. New traders could use lower leveraged trading margins, and increase their risk ratio as they gather more experience on how to identify crucial market moves.
Reliable Customer Support
There will undoubtedly be times when you need some assistance either with deposits or accessing some technical features on the exchange. At such points, you’d readily appreciate having a reliable customer service desk to call on.
Well, Currency.com offers professional customer support via email, and the LiveChat option available on its website. We tried contacting the exchange for a non-trading issue. We received assistance within a few minutes, suggesting that a higher priority could be attached to handling requests by registered users.
Note, however, that the exchange also offers a FAQ page where you can find answers to most of the questions you can have when using the site to trade.
The modern trader wants to have access to the best trading functionalities, and Currency.com doesn’t disappoint in this regard.
Pro Trading Platform:
Mobile apps are cool, but any experienced trader would tell you that it does not come anywhere close to having a professional trading platform with all the charting tools, and technical indicators on a large screen.
Currency.com offers just such a fully-padded pro-trading platform, giving you the right blend of tools and functionalities that you need to beat the market and rack up more profits.
Pro Trading App
However, there are still times that you need to trade on the go to avoid missing out on big market moves. It is for such times, that the Currency.com mobile app available on the Google Play Store and Apple store for iOS was designed.
Trader reviews confirm that the app has all the features you’d need to trade on mobile, with the colors perfectly matched and the trading graphs clearly visible; a vital component of mobile trading.
If you want a bigger screen when trading you can put your phone on auto-rotate, and rotate your phone to landscape. This way, you’ll be able to see more of the graph information.
The Currency.com API
It’s one thing to offer a cryptocurrency exchange platform, and quite another to provide an API that is easy to use and properly documented.
Currency.com offers a combo, and API that can easily be integrated with other trading platforms, and potentially could be used by experienced traders to build standalone apps in the cryptocurrency niche .
What Are Other Features Available on Currency.com?
Trading News Section
Currency.com has a news section, which passes off the impression that the operators are concerned with providing timely information to help customers make well-informed trading decisions.
Yes, instead of using news aggregators or using Google News search now and then, you can find timely information about what’s going on in the market on the same platform where you’re trading.
Although most of the news content and analysis on Currency.com are cryptocurrency-related, they also cover the currency and stock markets, providing filtered news that you can count on to place the right trades.
In summary, the exchange wants customers to succeed while they make their own money in the process. They could easily build such a highly insightful news platform and monetize it alongside offering a trading platform.
Beginners Learn how to Trade Section:
For those who are new to the financial markets, this section teaches you how to trade, and the guidelines to know while trading.
Let’s take a closer look at how it is designed.
The training has four main sections.
- The Basic
- Trading Guidelines
- Trading dictionary
- Bitcoin Trading
Armed with information from these free training materials, even a person who doesn’t know much about trading on any platform can catch up, and eventually place their first trade on Currency.com.
Such a beginner-friendly approach can save new investors the stress of having to scour YouTube for trading videos on tutorials that they probably won’t understand.
Experienced traders under that fund security do matter more than flashy features. Who wants to lose their hard-earned money after all?
As we mentioned at the onset, though, stories about investors losing money on an exchange are not new. Even one of the most popular cryptocurrency exchanges, Binance, lost 7000 BTC ($41 million) to hackers in 2019.
Well, Currency.com has reversed engineered their platform to make sure that it’s all security tight, so you can rest assured that your money will be safe while trading bitcoin. In fact, you can focus on maximizing market moves instead of worrying about fund safety.
When paying for bitcoin and other assets, you will most likely use your credit card. CURRENCY.COM does not collect your card details and store them somewhere, they simply let you pay your charges safely without any risk on your end.
Your money in the account is not attached to the company’s funds and WILL NEVER be collected to fund companies’ operations or projects, neither will they borrow or lend the money even to traders on its platform.
- Crypto taker fee: 0.075%
- Crypto maker fee: -0.025%*
- Tokenised assets (Shares, ETFs, Indices, Commodities): 0.0125%
- Tokenised currencies: 0.002%
As you can see, the fees are low while trading compared to other platforms out there.
- Cryptos: 0.2%
- Tokenised assets (Shares, ETFs, Indices, Commodities): 0.05%
- Tokenised bonds: 0.03%
- Tokenised currencies: 1%**
- Companies tokens: 0% (buy), 1.5% (sell)
Overnight Funding Amount / Fee:
An overnight funding amount is either added to or subtracted from your account when having order after a specific time.
The formula used to calculate the daily overnight funding fee: (Tokens quantity * Current price – Reserved) * Daily Overnight Funding fee%.
What You Should Also Know
If you are looking to trade derivatives such as cryptocurrency-based futures contracts, then you may want to check with another exchange. At the time of writing, such products are not available on Currency.com.
Also, the platform is not open to U.S investors or visitors from any of the sanctioned countries. Using a VPN to try to boycott these restrictions could result in substantial losses if the address is uncovered.
As we’ve considered in this Currency.com review, the platform offers what is arguably one of the best venues for anyone looking to invest or trade cryptocurrencies, and other sectors of the financial market via tokenized securities.
Beginners can take advantage of the learn how-to-trade section and the Demo account feature to get the boost they to trade with any of the 1500+ assets offered by the platform. The Demo account allows for up to 1:100 leverage with a virtual 10 BTC balance to trade.
Experienced traders can use powerful charting tools and functionalities on the platform to improve their trading experience and realize more profits.
In summary, we’d rate this exchange by 80/100, meaning that traders looking to begin their trading journey or replace their current trading platform may want to consider using Currency.com.