Currency.com Scam or a Legit Exchange For Traders?

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Cryptocurrency trading has evolved in recent years. Numerous crypto trading activities are carried out daily from different parts of the world. And as such, there are a large number of crypto trading platforms springing up in the financial market. Traders and investors alike have been advised to tread with caution when dealing with most of these trading platforms.

Currency.com Exchange Review

A review of this kind is necessary to enlighten traders about the features of the different trading platforms. We shall be looking at a renowned digital trading platform known as currency.com. The currency.com review is divided into four separate categories, which include deposits and withdrawals, general info, security, and fees.

General Information about currency.com

Currency.com.is not just regarded as a platform for trading cryptocurrency. It is also referred to as an exchange for tokenized securities. What then is a tokenized security? In a simplified form, tokenized securities are assets that are none crypto-based but can be traded as crypto assets. These asset types are known as tokenized securities. Tokenized shares of Netflix, Apple, Facebook, and Tesla may be traded using the currency.com exchange platform.

These asset types, including indices, are traded without the need for crypto withdrawal and conversion into fiat currency. Such kind of trading may be beneficial, especially when it comes to the issue of tax.

The three most popular cryptocurrency types, which include Ethereum, Bitcoin, and Litecoin, are traded on the platform. Currency.com is a Belarusian owned company, and it operates under the authority of the country’s high technology park, which is a regulator in the European blockchain industry.

Residents from the United States may not be permitted to carry out trading activities via the platform. Residents in countries like Ghana, Bahamas, Botswana, Denmark, Ethiopia, Syria, Trinidad and Tobago, Iran, Pakistan, Yemen, Tunisia, Bermuda, and Ethiopia may be permitted to make use of the platform whenever they wish to carry out trading activities.

Currency.com Scam or Legit?

Is Currency.com a scam? No, Currency.com is not a scam. It is a trustworthy exchange for traders from all around the globe and it is one of the first and only exchanges to get a license from an actual financial regulator.

Trading Views in currency.com

Every trading platform has it’s unique trading views; hence there may not need to say one is better than the other. You, as a trader, can better make your choice on the trading platform that best suits your preference. The similarity of views in each trading platform is that they all display the order book, order history, or a chart of the selected crypto.

Most exchanges provide a buy or sell option. we suggest you pay close attention to the trading view layout of any exchange before deciding on the trading platform to use.

Cryptocurrency.com has a lot of advanced features and functions, which adds credence to the structure of its trading view. Many tokenized security and cryptocurrency traders may be comfortable with this arrangement. It provides a reliable platform for carrying out trading activities.  Most of the features are advanced and may be suitable for executing several trading strategies. It may also come in handy for both experienced and first time traders.

Leverage Trading

Traders can carry out trading using leverage that is provided by the broker. Leverage trading offers you an opportunity to trade at a much higher stake than your deposited capital. A trader with an investment capital of $1000 is allowed to trade with $10000 if he is given leverage of 10x.

There are several leverage levels available on the currency.com platform. They include a maximum of 10x for crypto, 100x for tokenized commodities, 20x for tokenized stocks, and 100x for tokenized indices.

It is worthy of note that the use of leverage for trading may have a significantly positive outcome as well as a drastic negative result or loss. Let us take a scenario where your deposit capital is $10000, and you place a $100 bet on the possibility of Bitcoin increasing in value using the leverage of 100x. If the value of Bitcoin should increase by a factor of 10%, it means that betting a $100 without the leverage would have won you $10.

However, with the 100x leverage you used in placing your bet, you are then entitled to a winning of $1000. This amount is about $990 greater than your expected earnings without utilizing the leverage feature.

In the same vein, if the value of Bitcoin has taken a downward slide by 10%, your total loss would amount to $1000, which is about $990 more than your expected loss if you had traded without the 100x leverage. There is a possibility for rising in earnings and a high potential to lose when using the leverage feature in currency.com.

However, the possibility of losing out with leverage via this platform is mitigated by two factors. “Negative balance protection and stop losses.” With these two protective features, traders are offered some slight reprieve from losing out big. But the risk is also there, which means that traders must be careful when making trading decisions regarding the use of leverage.

Fees on the currency.com platform

Makers and takers fees are charged from makers and takers, respectively, when trading with most trading platforms. Those who accept already placed orders and tend to remove liquidity in the order book are referred to as takers. Makers are responsible for placing orders. An alternative and viable option to this is to ensure a flat fee for both makers and takers.

A flat fee charge is what is attainable on the currency.com platform. A 0.2% flat fee is charged for takers and makers. The average fee that is a global industry standard is 0.25%. However, several exchanges are beginning to charge lower as fees for takers and makers. It may be suggested that fees charged by currency.com are in line with global industry standards.

Withdrawal Fees in currency.com

The fee charged for making withdrawals on the platform is about 0.0005 BTC when the trader is withdrawing Bitcoins. The amount charged is much lower than the average industry rate of 0.0008 BTC for each withdrawal. The withdrawal fees in currency.com are said to be lower than the average industry rate by about 40%, which is commendable.

Methods of making deposits in currency.com

Traders on this Exchange may make use of wire transfer or credit cards, which has been available since the middle of June in 2019. Credit cards accepted on the platform include Visa and MasterCard. Traders are expected to pay a minimum of $100, 7000 RUB, 100 EUR, or 250 BYN when using the credit card payment option.

The acceptance of fiat currency on the platform has been seen as a positive point by traders, investors, and industry experts. Currency.com is recommended for both advanced and new entry traders who are seeking to carry out trading via a reliable trading platform. New traders may find it fascinating to carry out their first trading on this platform due to its outstanding features.

The minimum deposit for traders seeking to deposit cryptocurrency is 0.01 BTC or 0.1 ETH as of April 2020, even as the world faces the COVID-19 pandemic.

How secure is currency.com

Mozilla’s observatory test is a strategy used in ranking the security of most exchanges. The result of running all the exchange platforms through this test was low. However, this is one of many security checks used in accessing the security of an exchange.

Currency.com has made it clear when you visit their website that all its employees are highly vetted and every decision about the most minute data inputted into the system, passes through strict security protocols before approval.

They also explain that users’ data are stored in their server under a military-grade protection system, which is highly efficient. Verification of emails is done using PGP/GPG, which is said to be a highly secure technology for securing the upload of documents.

The Exchange also claims to use the most advanced global encryption tool in preventing the tampering of the client’s data or any other sensitive information provided on the platform. Trader’s holdings are also protected from hackers or other forms of cyberattacks.

PGP encryption data has been known to be impregnable and is seen as one of the highest and most reliable data protection techniques used in protecting highly classified information from getting into the wrong hands.

No known computational or cryptographic means have been identified to break through PGP encrypted data. What this means is that it is subject to the highest form of data security scrutiny from authorities and regulatory bodies in Belarus.

The Exchange believes that it would maintain a cull reserve at all times and would never in any way run out of its reserves. According to currency.com, they will at no time experience a bank run. Funds on the platform are stored in a bank account that is different from that of the operator, and as such, it may be practically impossible to borrow or lend out such funds. The funds can not also be used for funding any operation on the platform or for margin trading

Currency.com is also known as an exchange for entry-level traders. New cryptocurrency or tokenized security traders may be able to trade with minimal supervision. since the Exchange provides a simplified user interface.

The reason behind the establishment of currency.com

The Exchange was created at the start of 2019 with a view of changing how people perceive the crypto market, especially from potential traders. The latter may be skeptical about joining the industry.  It is reported that currency.com is the first Exchange dealing with tokenized security that was regulated.

There are more than one hundred teams of professionals that make up the staff strength of the Exchange. Each staff working with the Exchange is said to work with a zeal that will drive the company to achieve its set out goals. The CEO of currency.com is Ivan Gowon while the Managing Director of currency and General Manager is Alexander Schevchenko.

The company has two head offices which are sited in Gibraltar and London. In terms of transparency, this particular broker was highly commended for its transparent services. However, the company attained a full incorporation status in Belarus and has other annexes in several countries all over the world.

The Exchange boasts of over 1300 tokenized types of asset, and ten thousand tokenized securities earmarked for its future project. In 2019 alone, the Exchange had approximately thirty-seven thousand installations on its mobile platform alone. Though they may be relatively new in the financial market, their members of staff are experienced professionals with a vast knowledge of both the technology and financial sector. The Exchange also boasts of having a wide variety of instruments that are used for its numerous clients.

The Exchange claims that the matching speed for its trade is about fifty million per second with a favorable trading condition for its numerous traders and investors. The interface for this Exchange is friendly and very easy for new traders to find their way around the platform.  The features in the platform are outstanding and may be suitable for trading cryptos or tokenized securities. Clients’ may be able to trade on commodities, shares as well as indices with both fiat currencies and cryptos.

The currency.com customer support

Currency.com is said to have a highly responsive, secure and robust customer support program. The Exchange is ready to attend to complaints, query and also provide answers to several questions asked by clients or prospective traders. There are different channels that you may use in contacting currency.com’s customer support team. These channels of communication include Whatsapp, email Viber, Facebook, Telegram, live chat, and phone call.

Currency.com design and trading platform

The trading platform is designed to be friendly for users. It’s well structured template provides an easy means of navigation around the features and trading interface. The overall design of the platform is aimed at providing traders with an overall outstanding trading experience without any form of lagging. The Exchange prides itself on having several unique trading instruments such as stop-loss, , set-up of negative balance,  charting tools, etc.

Platforms that may be used in trading on currency.com

Currency.com offers traders from across different platforms an opportunity to carry out trading via their channel. Desktop users may be able to make use of the desktop software which may be installed into the desktop. Mobile phone users are not exempted as the currency.com mobile application is available for traders using both iOS and Android smartphones. Traders can get the application via their respective app store.

Traders using smartphones that are not compatible with the currency.com application do not have to feel left out as they can conveniently access the platform through the Exchange’s website. All that they may require is to have access to the internet, and they are on their way to having a unique trading experience.

Prices for Trading

The currency.com trading platform is in partnership with capital.com. Capital.com is responsible for providing the initial prices of the assets. These tokenized assets are priced by industry standards using available data from the financial market, Reuters, and other individual sources. The prices of these assets are also influenced by the rate of fulfilled orders by traders.

Demo Account

The demo platform is a measure put in place to allow new traders to carry out trading in a simulated trading environment. Traders may be able to learn how trading is carried out without having to risk their investment. Traders are given a first-hand experience of trading tokenized securities and how market trends influence them. The demo account is similar to the live trading interface and offers traders the chance to trade up to 300 different tokenized assets that may offer you a maximum leverage of 500x.

Other means of earning aside trading

Aside from the unique features embedded on the platform to encourage an increased ROI for traders on currency.com, they also provide their clients with an opportunity to earn money outside trading. Currency.com referral program, as it is called, offers up to 50% of the total trading commission paid by any of your referrals.

You are given your referral link, which must be used by your referee, as a means of signing into the platform. You are given this referral commission for six months after the referee’s account has undergone verification.

You are paid your entire bonuses as a referrer, and this amount is transferred to your account weekly. You may be able to access your bonus using the mobile or website platform. You are also entitled to have a discount of 10% charged as commission for your trading activities, which may last for three months.

Conclusion

Before you decide to start trading on cryptocurrency or other tokenized security, it is critical that you find a broker that offers you the best trading option. You have to know how the broker operates and the essential features that come with the Exchange.

We have explained in detail the features of the currency.com platform and how these features may be utilized in helping you excel in your trading career. Currency.com is innovative and may offer you what you need to carry out trading in the blockchain industry.

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