How to open an account and invest on Currency.com crypto exchange

Recently, news appeared on the Internet that the first cryptocurrency exchange had been created in Belarus. I would like to dwell on this issue in more detail, since after reading it I had many doubts regarding its reliability. One gets the impression that this is an ordinary Forex broker who pretends to be a crypto exchange in order to attract attention and get as many clients as possible. After all, it’s no secret that similar “kitchens” earn money depending on the number of clients.

In my opinion, the best exchange for trading cryptocurrencies is EXMO . The largest cryptocurrency exchanges receive a percentage of each transaction. It doesn’t matter whether the client earned money and how much he received from the purchase/sale of cryptocurrencies, the exchange is still guaranteed to receive a profit in the form of a commission. On the contrary, it is beneficial for them that clients continue to make transactions. Well, to achieve this, it is necessary to create a truly high-quality platform so that traders feel comfortable and convenient. And even more so, there should be no deception here, otherwise all the clients will run away and the company will go bankrupt.

How to avoid becoming a hamster on any exchange, read here , and this is a robot for cryptocurrencies .

Opening an account

To receive a 10% discount on commissions, as well as cryptocurrency up to $100 as a gift*, register using this referral link.

* On January 31, 2022, Currency.com has a “Bring a friend, both get a bonus” promotion. To receive the bonus, you must register before 01/31/2022, confirm your identity, top up your account and make at least 1 transaction. All this must be done within 30 days after registration.

To receive cryptocurrency after fulfilling all the conditions, you need to go to the “Account” tab in the application and click on the “Get cryptocurrency” banner at the top.

Link to PDF with detailed terms and conditions of the promotion.

Thank you for registering using my link! I have already received $50 worth of Litecoin as a gift.

Step-by-step account opening:

• Enter your email and password (go to your email a little later and confirm your address)
• Select your country of residence and citizenship, indicate whether you are a US resident (residents will not be able to register)
• Full name, date of birth
• registration and residence address if they are different

• your phone number
• take a simple six-question blockchain technology test

Detailed instructions for registering individuals and legal entities on the crypto platform - link to PDF.

For those who have long wanted to invest, but did not know where to start - How to invest in Belarus in 2022?
Based on my experience, I’ll tell you what options are available with a Belarusian passport. You can start with literally $100. Subscribe to our telegram channel @FinBel so as not to miss interesting articles and news on finance in the Republic of Belarus.

After successfully passing the test, a form for replenishing your account may immediately pop up. Close it and look at the account status in the upper right corner:

Not verified - you need to confirm your identity.

To do this, click the LIVE button and Complete registration. Upload scans of your passport or residence permit.

You need to scan the last and second to last pages of your passport. If you cannot upload to the site, send the documents to

Now you need to wait for account verification (account approval), usually within 24 hours. After successful verification, an email will be sent to you.

Additionally, support may request a document to confirm your address - a bank statement, a utility bill, etc.

Margin Call Alert, Trade Completion and Liquidation Levels

A margin call alert is a notification we send when the prepayment amount becomes insufficient to support current trades and other orders. In this situation, your current trades may be automatically completed.

Levels:

1. If your capital falls to 100% of the required prepayment, we will send you the first margin call warning. You can no longer make new trades or place orders.
2. If your equity to prepayment ratio falls below 75%, you will be sent a second margin call alert. You still cannot make new trades or place orders.
3. If your capital reaches 50% of the prepayment, we automatically complete all your transactions and cancel current orders.

Once the client's equity falls below 50% of the prepayment, transactions will be completed in the following order:

1. First, all pending applications are completed;
2. If the prepayment level is still below 50%, then all unprofitable current trades in the open markets are terminated.
3. If the prepayment level is still below 50%, then all profitable ongoing open market trades are terminated.
4. If the prepayment level is still below 50%, then all remaining trades are completed as soon as the relevant markets open.

Account replenishment and commissions

You can top up your account with Belarusian rubles:

• by bank transfer (minimum 100 BYN): deposit fee 0% + commission fee of the sending bank
• at the time of publication in Alfa Bank the fee for BP was 7 BYN
• crediting 1-5 banking days

Depositing with cryptocurrencies is 0% commission, but there is a minimum input amount:

• BTC 0.0001
• ETH 0.004
• USDT 20

Check current commissions on the official website https://currency.com/ru/komissii-i-sbory

Example

The client decided to make a transaction with leverage to purchase two tokenized assets Aaa.cx with a leverage size of 1:5 and a price of 300 USD.cx

Reserved = Current price * Amount of tokenized asset / Leverage amount.

*Please note that this is just an example and does not imply other transactions using tokens registered in the client’s account in the corresponding wallet, as well as payment of leverage commissions and fees in general.

Cryptocurrencies - is it legal in Belarus?

The rights of individuals and legal entities in the Republic of Belarus to tokens, what they are and how they differ from Forex, can be read here https://img.currency.com/docs/currency_com_belarus.pdf

Most importantly, according to Decree No. 8 of December 21, 2022 “On the development of the digital economy”:

• persons have the right to own tokens, mine and store tokens in virtual wallets, exchange some tokens for others, buy and sell them for Belarusian rubles and foreign currency, electronic money, give and bequeath tokens.
• until 2023, transactions with tokens are not subject to income tax for individuals and legal entities.

Tokens are tokenized assets and are also cryptocurrencies.

At the same time, it is necessary to take into account that by purchasing a tokenized asset, for example, an Apple share, you will not own a share of the company (AAPL), but a token (AAPL.CX) issued by Currency.com

Tokenized assets can only be sold on the Сurrency.com crypto platform, unlike cryptocurrencies, which can be withdrawn to your personal wallet, sold on another crypto exchange, etc.

Technical part of the project

The site is too overloaded with visual and textual information. It is, to put it mildly, inconvenient to use. Of course, admins understand this very well, but they don’t care - why bother with the site if clients are coming anyway.

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As for legal information, for a long time the exchange was reproached for its complete lack. Now it exists. We understand that the site is owned by Currency Com Limited, which is registered in Gibraltar and is also regulated by the Gibraltar Financial Services Commission (GFSC).

Currency Com Bel LLC is registered in the CIS, specifically in the territory of the Republic of Belarus. This organization represents the interests of the exchange in this region.

Registration in a dubious place, as well as an incomprehensible license that can only protect citizens of Gibraltar, raises serious doubts. Why are there no attempts to obtain a license in Belarus? In any case, this company has no right to work in the CIS market.

What cryptocurrencies and tokenized assets can you buy?

Available for trading on the crypto platform:

• More than 150 pairs with cryptocurrencies. For example: Bitcoin, Ethereum, Doge, Shiba Inu, etc. Here is the complete list

• Tokenized Stocks and Funds (ETF): Tesla, Apple, Alibaba, Facebook, Virgin Galactic, SPY ETF and 1600 others

• Tokenized currencies
• Commodities: oil, gas, gold, silver, coffee and others

Commission for trading without leverage:

• cryptocurrencies 0.2%
• tokenized assets (stocks, ETFs, indices and commodities) 0.05%

How to buy Bitcoin for Belarusian rubles on Currency.com:

1. deposit rubles into an account at the exchange - for example, by bank transfer through Alfa-Bank for 7 BYN
2. find the BTC/BYN pair (type BYN into the search)
3. make a transaction, the commission will be 0.2% of the amount
4. withdraw bitcoin to a third-party wallet - commission 0.0001 BTC, this is about 13 BYN (at a BTC rate of $50,000)
5. total: 20 BYN + 0.2% of the amount

Comparison of currency.com with the largest foreign cryptocurrency exchanges

As I mentioned earlier, all world and real exchanges make money solely on the commissions that the client must pay on each transaction made. And for similar organizations that engage in over-the-counter trading, all deposits made remain exclusively within the company.

In other words, here the client is trading against the broker, and not against other speculators, as in the real market. And it’s not hard to guess that if the client constantly wins, the broker will simply go bankrupt. Therefore, it is not profitable for him for the investor to be successful. As a result, the broker can deliberately “put a spoke in the wheel” in order to prevent the client from being successful and making money on his platform.

Look at the screenshot above. Even a beginner can easily identify a classic platform for Forex trading. It even has the same built-in market analysis indicators, with which the trader determines whether the price will go up or down. Well, then the trader enters into a downward or upward transaction, making money on the price difference. Here you do not buy any real assets, like on the same real cryptocurrency exchanges.

Speaking of them. During my career, I have come across many foreign cryptocurrency exchanges. And none of them have such concepts as leverage, stop losses and take profits. This is where real trading takes place with real cryptocurrencies. And not in currency pairs and stocks, as on currency.com.

What is a cryptocurrency exchange? This is a special platform that allows users to buy and sell cryptocurrencies, make exchanges, or store their funds in digital assets, investing their own money and capital in them.

Among the TOP foreign cryptocurrency exchanges are the following:

• Binance;
• Huobi;
• OKEx;
• Bitfinex;
• Bittrex;
• Poloniex;
• Yobit;
• Livecoin.

And none of them contain any concepts or terminology from Forex. Here, for example, are screenshots of how to open a transaction to exchange, buy or sell cryptocurrencies on the EXMO exchange:

There are no pending orders. You must monitor the market yourself and close the trade yourself.

Well, now let’s compare these real cryptocurrency exchanges with our currency.com. Here you can already see with the naked eye that the company is not what it claims to be. This is a classic Forex broker. Well, such deceptions are quickly revealed. Therefore, I would not be surprised if the company is soon liquidated from the market.

Briefly about the interface

Briefcase

To view all your assets, go to:

• in the Portfolio > Wallets application, the total value of the portfolio in BTC and USD will be displayed
• below there will be balances for currency tokens, cryptocurrencies and at the very bottom - tokenized assets

You won’t be able to see a graph of changes in the value of a portfolio or individual assets unless there is such a function.

Finding the right assets

In the application: Search > Trades (or Leverage for trading with leverage) > Ticker or name

In the web version: Trading > Ticker or name

Dividends

By purchasing a token for a share on which the issuer pays dividends, currency tokens will be sent to your account.

This is how I received dividends from Coca Cola:

Since you owned Coca Cola - USD on 2021-09-14, the number of tokens in your Account has been increased in proportion to the amount of dividends paid by the corresponding company to the owners of its shares.

To find such credits, go to the Reports - Transactions section, filter by “Dividend adjustment”.

Support

When registering about a year ago, I was dissatisfied with the support; there was practically no support. But it’s been several months since my opinion has changed - support usually responds within half an hour.

Explanation of wallet indicators

There are a total of 5 wallet indicators, each of which has a unique calculation formula:

1. “Equity” - the balance for all completed transactions, as well as the amount of capital excluding P&L for unfinished transactions in the “trading with leverage” section;
2. “P&L” - profit or loss on unfinished transactions in the “trading with leverage” section;
3. “Capital” = Funds + P&L, this indicator reflects the amount of funds deposited, (un)realized profit or loss minus fees charged and withdrawals made;
4. “Reserved” - the amount of funds taken as an advance payment for any orders in the “trading with leverage” mode, as well as for limit orders in the trading mode. In the “trading with leverage” mode: Reserved = Current price of the tokenized asset (offer or demand price depending on the direction of the transaction) * Quantity of the tokenized asset / Leverage size;
5. “Available” = Capital - Reserved; the amount of funds that are currently available for withdrawal.

Thus, the following formula can be derived: Capital = Available + Reserved = Funds + P&L.

Please note that wallet metric values ​​may vary depending on the wallet you choose (namely the tokenized currency).

Withdrawing money: commissions and taxes

You can withdraw money from your account in different ways:

• BYN by bank transfer to your bank account free of charge, min 100 BYN
• to the card with a commission of 3% + 9 BYN, min 25 BYN

Withdrawals are not made to a bank account located in an offshore zone.

When withdrawing money to a bank account, you do not need to file an income tax return, but you must indicate it in your income and property declaration. More details in the response from the Ministry of Taxation https://currency.com/static/mns.pdf

The tax authority has the right to request additional information that income was received from the sale/mining of tokens. Evidence may include:

Detailed explanations are in the PDF document

You can read more about filing a declaration and explaining the sources of income in case of selling cryptocurrencies on Onliner.by: Do you need a declaration and When do you not have to pay taxes?

An interesting article is a comparison of the Currency and EXMO crypto exchanges (UK).

Addendum 03/28/2021

Crypto exchange Currency.com denies its guilt in hacking a user's account and stealing $1,380

This story was told by a real trader who had a personal account and account on this cryptocurrency exchange. His email was hacked by attackers, who then easily gained access to his wallet and withdrew $1,380 worth of bitcoins from it. The man himself blames the management of the crypto exchange for the incident. According to him, the protection of personal user accounts has a lot of shortcomings and gaps, which led to the theft of funds. However, the exchange itself does not take responsibility for what happened.

How to easily hack your account

A former client of the exchange claims that he has been the owner of a mailbox on Rambler for 18 years. Somehow the scammer gained access to it, after which he found messages from Currency.com among the emails. Having combined the debit with the credit, the attacker immediately realized that the owner of the mail owned a personal account and wallet, which could well contain a good amount of money. The victim’s personal account was not protected by two-phase identification. Therefore, the fraudster logged into the account and found out the trader’s balance.

As the investor explains, he registered on Currency.com to carry out trading operations with cryptocurrency. At that time, the wallet contained an amount of $1,380. However, the trader says that he soon planned to increase the balance of his working account and top it up to $10 thousand.

The fraudster could not withdraw fiat directly, since according to the terms of Currency.com, this requires a transfer to a personal card or bank account. But this did not stop the hacker. He converted the currency into bitcoins and sent the coins to his wallet. The system rejected the first two transfers, but the third was successful, as can be seen from the screenshot below.

Apparently, the cancellation of these transactions occurred due to confusion by the attacker himself. It seems that he had several different wallets, in which the thief simply got lost. But having figured it out, he successfully transferred other people’s money to himself.

Communication with Currency.com managers

The trader discovered the account hack quickly. He immediately contacted Currency.com technical support. It came to a meeting with representatives of the cryptocurrency exchange. According to the victim, the managers responded to all his complaints that in order to avoid such a situation, it was necessary to enable two-factor user identification.

However, the trader strongly disagrees with Currency.com’s position. According to him, when logging into your personal account from a PC, no message about the need to connect such authorization appears. If you use the mobile version, then a single window appears asking you to set a PIN code. Most of all, the victim is outraged by the fact that the Currency.com security service did not make sure that it was the owner of the cryptocurrency wallet who was trying to make such strange transfers, and not someone else. There was no standard verification, which is present at every official exchange. But the attacker even changed the password in the trader’s account.

As soon as access to the wallet was restored, Currency.com management decided to partially compensate for the lost amount. The investor's account received approximately half of the stolen money.

However, the trader was not satisfied with this. He demands full repayment of the damage received from the hacker. The crypto exchange refused to accommodate its client, recommending that he contact law enforcement agencies, since theft is a criminal offense. The trader himself is sure that this will not bring any results. When it comes to cryptocurrency assets, it is almost impossible to make ends meet. The injured investor is not going to put up with what happened and intends to make the whole situation public by publishing his story on all major online forums of cryptocurrency traders.

Currency.com's reaction

The management of the exchange responded as quickly as possible and gave an official comment. Company representatives still maintain that the safety of their customers comes first in the organization. They focus on the ability to activate two-factor authentication and the voluntary refusal of the affected trader to protect his account properly.

Currency.com states that in such situations, the exchange is not obliged to compensate for losses incurred from the actions of attackers. Partial compensation is due to an exception to this rule and is explained by the supposedly client-oriented nature of the exchange. In fact, the trader’s account received a refund of all commissions paid for the entire period of using the wallet.

Representatives of Currency.com claim that the trader just a day earlier was very pleased with the decision and thanked him for his understanding. But the very next day he threatened to make it public and demanded the return of the remaining amount. To this end, Currency.com suggests that the trader contact law enforcement agencies and file a statement about the theft of funds.

To prevent similar situations from happening in the future, the crypto exchange is going to very soon make mandatory two-factor authentication for withdrawing money from the wallet. It cannot be disabled in the settings, as, according to Currency.com managers, the injured trader did.

Another additional level of protection against hacking of user accounts will be mandatory verification of passwords. This will be done to ensure timely detection of compromised access codes. If this kind of combination appears, the client will be asked to change it to a more reliable one.