Currency.com is a crypto exchange that supports tokenized assets. It is the first officially regulated trading platform, a bridge between cryptocurrencies and financial markets. The crypto exchange complies with global AML and KYC standards. Investment, acquisition and trading of cryptocurrencies Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, etc. are available; DeFi tokens; tokenized S&P500 and FTSE100 indices, shares of global companies, raw materials, ETF instruments, bonds. Depositing or withdrawing funds is carried out using Visa/MasterCard cards, bank transfers, and cryptocurrency. Fiat currencies available: US dollar, euro, Russian and Belarusian ruble, British pound sterling.
Trading on the Currency.com exchange is available both debt-free and with leverage of up to 500x for tokenized traditional markets and up to 100x for cryptocurrencies. There is the possibility of limiting losses (stop loss) and fixing profits (take profit).
Official website of the exchange : https://currency.com/.
We are currently running a “Welcome Bonus” promotion. If the conditions are met, you can receive 50 USD to your Currency.com exchange account. See the website for details.
Currency.com
From the start, 2000+ tokenized assets are available, which are tied to the market price of the underlying instrument. There are plans to increase their number to 10,000 by 2023. Investors now have a real opportunity to invest in popular financial instruments using cryptocurrencies and fiat. The Currency.com trading terminal is represented by partner company Capital Com, which is regulated by the financial regulators of the UK (FCA) and Cyprus (CySEC). Technologically, it allows servicing 50 million transactions per second. The servers are located on LD4 Equinix hosting servers.
In 2022, the Currency.com crypto exchange received the “Breakthrough in Cryptocurrency Trading” award from the ADVFN International Financial Award and was added to the ratings of Coinmarketcap and Coingecko services.
Currency.com Crypto Exchange Awards
The editors of Profinvestment.com made a full review of this trading platform and tested it in operation.
Exchange Currency.com for cryptocurrency trading
The Currency.com exchange (Currency Com Bel LLC) is registered in Belarus and operates in the right field of current legislation, in particular in accordance with the decree “On the development of the digital economy.” The company is a resident of the Hi-Tech Park and operates in accordance with the regulations of the decree. Management: CEO Dmitry Ogievich; COO (Currency Com Limited) Mark Berger; General Manager (Director) (Currency Com Bel LLC) Alexander Shevchenko and others. Investors: Victor Prokopenya and Said Gutseriev.
Review
| Exchange | Currency.com (Russian Currency.com) |
| Official site | www.currency.com, www.currencycom.by |
| Beginning of work | 15.01.2019 |
| Legal address | 220030 Republic of Belarus, Minsk, st. International, 36-1, office 521. |
| CEO | Dmitry Ogievich |
| (LLC "Currency Com BEL") | |
| Manager of Currency Com Bel LLC | Alexander Shevchenko |
| Payer account number | UNP 193130368 |
| Auditor | |
| contact number | +375293757075 |
| Support | [email protected] |
| Registration in the Hi-Tech Park | Protocol No. 08/NS-6pr dated December 19, 2022 |
| Regulator | High Technology Park of the Republic of Belarus |
| Laws governing activities | Decree of the President of the Republic of Belarus of December 21, 2022 No. 8, other legislation of the Republic of Belarus |
| Investors | Larnabel Ventures, VP Capital |
| Development plan | WhitePaper |
| Trade turnover in 24 hours | more than $153 million |
| Number of trading instruments | more than 2000 |
| Margin trading (leverage) | Yes |
| Leverage | Cryptocurrencies: up to 100x. Commodities (oil, gold): up to 200x. Currencies: up to 500x. |
| Initial Margin | from 1% |
| Input and output | bank cards, bank transfers, cryptocurrencies |
| Fiat accounts | USD, EUR, RUB, BYN, GPB |
| Deposit commission | Cards: 3.5%. Bank transfers: 0%. Cryptocurrencies and tokenized assets: 0%. Details about commissions and limits. |
| Minimum input/output limits | Cards: 20 USD, EUR, GBP; 1500 RUB; 50 BYN. Bank transfers: 50 USD, EUR; 3500 RUB. Cryptocurrency: 0.0004 BTC (withdrawal – 0.0008 BTC), 0.004 ETH (withdrawal – 0.008 ETH), 0.015 LTC (0.03 LTC). Tokenized assets: 100 USD equivalent |
| Maximum deposit amount | No limits |
| Commission for withdrawal | Cards: 3% + 3 USD (3 EUR; 200 RUB; 7 BYN). Bank transfers: 0.15% (min 20 USD, EUR), 300 RUB. Cryptocurrency: 0.0004 BTC, 0.004 ETH, 0.015 LTC. Tokenized assets: 1.5% (min 30 USD equivalent) |
| Regulations for withdrawal | up to 3 working days |
| Account Verification (AML) | Yes |
| Advanced Verification | Yes |
| Checking qualifications for knowledge of blockchain technology and cryptocurrencies | required for registration for residents of the Republic of Belarus |
| Account security | 2FA Google Authenticator, PGP/GPG, discrete security system, high level encryption |
| Data center (server hosting) | LD4 Equinix |
| Copying data | daily |
| Cryptocurrency storage method | cold |
| Leveraged trading commission | BTC/USD, BTC/EUR, ETH/USD, ETH/EUR: 0.06%; other cryptocurrencies: 0.075%. Tokenized assets 0%. Learn more about trading commissions. |
| Exchange fee | Cryptocurrency: 0.2%. Tokenized assets: 0.05%. Tokenized bonds: 0.03%. Tokenized currencies: 0%. |
| Order types | market, limit |
| Stop loss and take profit function | provided |
| Technology partner | Capital Com (UK) Limited; Capital Com SV Investments Limited |
| Cryptocurrencies | Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, etc. (54 coins) |
| Tokenized Assets | stocks, indices, commodities, exchange-traded assets, ETFs, bonds |
| Language support | English, Russian, Spanish, Indonesian, Portuguese, Vietnamese, Korean, Chinese, Malay, Thai |
| Currency prices | LMAX Exchange Group quotes |
| Cryptocurrency prices | crypto exchange quotes: Bitstamp, Bitfinex, Gaincapitals |
| Prices for tokenized assets | Thomson Reuters |
| Mobile application for trading | There is |
| Multi-accounts | prohibited |
| Social media | Telegram, , Twitter, Youtube, Facebook |
| API | There is |
| Age restrictions for registration | from 18 years old |
| Rating from Profinvestment.com | 8 out of 10 |
Safety
Client safety is ensured not only through regulatory requirements for the exchange, but also through internal security measures. Clients' personal data is securely protected by cryptographic encryption and stored on LD4 Equinix servers, whose services are used by industry giants such as the NASDAQ exchange.
The company strictly complies with FATF requirements regarding AML and CTF (counter-money laundering and counter-terrorism financing) and monitors suspicious transactions to detect fraudulent activities using software from leading blockchain industry companies: Chainalysis, Coinfirm and Elliptic. In addition, the site undergoes regular safety audits.
You will not buy Bitcoin there that was previously involved in the financial schemes of terrorists or drug traffickers. Accordingly, avoid the potential risk of questions arising to you as a participant in these operations.
Available tools
There are currently more than 2,000 tokenized financial assets available for trading on the Currency.com exchange:
- Cryptocurrencies: Bitcoin, Ethereum, Litecoin, XRP, etc.
Cryptocurrencies on the Currency.com exchange - Commodities: Gold Spot, Brent Crude Oil, Spot, US Natural Gas Spot, US Crude Oil Spot, Silver Spot, Platinum Spot, Palladium Spot, etc.
Commodities on the Currency.com exchange - Indices: US Tech 100, USA 30, USA 500, Germany 40, CBOE Volatility Index Futures, China A50, etc.
Indices on the Currency.com exchange - Stocks: Tesla, Rivian Automotive, Alibaba, Lucid Group, Apple Gazprom and many others.
Shares on the Currency.com exchange - Currency markets.
Currency markets at Currency.com - Government bonds.
Bonds on the Currency.com exchange
In the future, their number is planned to be expanded to 10,000.
Conditions for trading
First, let's look at the ease of use of the platform, the choice of trading tools and the size of commissions.
Platform
In some cases, there are problems logging into your personal account (a connection error occurs), but after refreshing the page, as a rule, the error disappears.
The trading platform, although quite simple, is “heavy” - sometimes it takes a long time to load. The interface has all the functionality a trader needs - a chart with 8 timeframes, the ability to add various indicators (more than 70). You can also select the chart type (various candles, bars, lines, etc.).
The platform is available for download on Android and iOS; the mobile terminal is not inferior in functionality and convenience to the web version.
Tools
Currency offers 6 cryptocurrencies for trading (bitcoin, ethereum, ripple, litecoin, bitcoin cash, tether), which form 23 pairs:
- With dollar and euro – Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple.
- With Belarusian and Russian rubles – Bitcoin, Ethereum, Litecoin, Ripple.
- There are also pairs ETH/BTC, LTC/BTC, BCH/BTC, XRP/BTC, Bitcoin/Tether.
In addition, more than 1,300 tokenized assets (stocks, indices, commodities, bonds, etc.) can be traded on the exchange. You can read more about the tools in the article “Description of tokenized assets in Currency.com.”
Commission
The size of the commission depends on the type of trading instrument, as well as on whether you are making an exchange or trading with leverage:
Point: 4
Registration on Currency.com
Registration on the official website currency.com is a prerequisite for trading. The process of creating an account involves filling out a standard form with an email and password, but in order to use the functionality of the exchange, you will also need to confirm your country of residence and enter personal data, that is, undergo verification. Residents of the Republic of Belarus also pass a test on their knowledge of the basics of blockchain and cryptocurrencies (to confirm their qualifications). To create an account, the user must be over 18 years old; multiple accounts are prohibited. If the account is not used for more than 6 months, it is deactivated, notification of this is sent two months before this date. You will need to withdraw the remaining funds. Therefore, you need to log into your account periodically. Here are step-by-step instructions for creating an account at Currency.com :
- In the registration form, indicate your email and come up with a complex password to log in that meets the following conditions: at least 8 characters, must contain numbers, letters, special characters
Register on Currency.com - Go to the platform to familiarize yourself with its functionality or fill out your profile.
Successful registration on the exchange - Confirm your country of residence. If you are using a VPN or proxy, then you need to select your country from the drop-down list. It is important to note that registration on the exchange is not available to clients from the United States and is prohibited for a number of countries: Botswana, Bahamas, Ghana, Democratic People's Republic of Korea (DPRK) and some others.
Confirmation of country of registration - Indicate your first and last name and date of birth.
Filling out personal data - Provide your residential address, which can then be confirmed.
We indicate the address - Enter your phone number.
Enter your phone number - After registration, it is recommended to enable two-factor authentication in the appropriate section of the settings (the settings button is located in the lower left corner of the exchange). To do this, you need to download and install the Google Authenticator application on your phone. Then scan the QR code or enter the key manually. A six-digit code will be generated that is valid for 30 seconds. Enter the code in the line and confirm the inclusion of 2 FA. Important: the key must be saved in case you lose your phone or delete the GA application.
Enable two-factor authentication - Confirm your identity. Currency.com exchange follows AML and KYC rules, so you will need to upload supporting documents. Without this, entering fiat or cryptocurrency will not be available. The verification section is located in the account settings (“uploading documents”), and verification is also automatically launched upon registration after email confirmation. You must upload a scanned (photographed) page of your passport/residence permit/passport.
Identity verification on the Currency.com exchange - Upload a document confirming your residential address. This could be a notice for utilities, a bank statement, etc. The main thing is that they contain the data (name, surname and address) that was indicated at the beginning of registration. List of documents that can be provided:
Documents to confirm Currency.com client address - During the registration process, you will receive a confirmation email. You need to click “Confirm email”.
Confirmation email - Next, confirm your knowledge about cryptocurrencies and answer simple questions ( for residents of the Republic of Belarus ). It's better to do it yourself without looking at the answers below.
- The first question is: “What is blockchain technology?” Answer: “A sequence of blocks with information about operations...”
Second question: “What is cryptocurrency?” Answer: “Bitcoin or other digital offering...”
Third question: “What is a cryptocurrency wallet?”
Fourth question: “What is a token?” Answer: “This is a record in the blockchain...”
Question five: “Who guarantees the stability of the cryptocurrency exchange rate?” Answer: “Nobody.”
The answer to the sixth question is: “Investing in crypto tokens involves risk.” - After completing all the steps, a notification will appear indicating that you can begin to get acquainted with the trading terminal of the Currency.com platform.
Personal Account
The verification process will take a little time, but until it is completed, the status “Under Verification” will be displayed in your Currency.com personal account. Notification of the completion of the check will be sent by email:
In your personal account at the Currency.com crypto exchange you will be able to top up your account and trade:
Challenges encountered when implementing asset tokenization
Cryptocurrency startups have repeatedly attempted to provide access to the stock market for all cryptocurrency traders. This can be done by tokenizing assets. Any assets existing in the world can be turned into tokens. And tokens of exchange assets can be traded on a cryptocurrency exchange, just like any other tokens. But here a big problem arises. A matter of trust.
The fact is that on stock exchanges there is a real transfer of assets. To tokenize a digital asset for its further sale on a cryptocurrency exchange, you first need to own it. That is, each token must have real collateral in the form of the exchange asset from which it was tokenized.
Tokenization of exchange assets opens access to the stock market to 10 million cryptocurrency traders. To work with exchange assets in many jurisdictions you need a license from the regulator. Most existing cryptocurrency startups have stalled in obtaining licenses. The idea of tokenizing exchange assets usually remains at the implementation level, including due to government regulation and the uncertainty of legislation regarding tokenized assets. Tokenized assets are not subject to legal regulations.
The idea of asset tokenization is interesting, but its implementation is hampered by 2 main problems:
- Lack of trust in the cryptocurrency industry,
- Legal uncertainty
How Currency.com solves existing problems
Let's start with the second problem, legal uncertainty. Currency.com solves the problem of legal uncertainty by choosing a jurisdiction where there is no such legal uncertainty. This is the Republic of Belarus, which is the first country in the world to officially legalize smart contracts, having adopted Decree No. 8 “On the development of the digital economy” on December 21, 2017.
Thanks to the introduction of Decree No. 8, the status of tokenized assets, which are created on the basis of smart contracts of the Ethereum blockchain, has been legalized in the Republic of Belarus.
Moreover, the President of the Republic of Belarus, having legalized cryptocurrencies, decided not to stop there, but to go further. Namely, to develop blockchain technology and other innovative technologies, providing them with tax benefits and support from the state. For this purpose, a High Technology Park was created, the resident of which is the Limited Liability Company Currency Com Bel (UNP 193130368), developer of the Currency.com platform. (decision on registration as a resident of the Hi-Tech Park, No. 08/NS-6pr dated December 19, 2022).
Thus, the Currency.com platform operates absolutely legally in accordance with the norms of the current legislation of the Republic of Belarus. Moreover, located in the Hi-Tech Park, Currency Com Bel LLC even has tax and other benefits from the state. And any benefits from the state must be worked out, that is, to create innovative technologies, develop, and benefit society and the country. And submit a lot of reports on your work.
The fact that the work of the Currency.com exchange is fully regulated is evidenced by the fact that the company works with Visa and MasterCard payment systems, as well as with bank transfers.
How to solve the problem of trust. With trust, everything is much more complicated. Cryptocurrencies were originally created to operate in an environment where no one trusts anyone. Moreover, as life experience and practice have shown, in the field of cryptocurrencies, everyone wants to deceive each other and at the same time get away with impunity. Many of the problems with cryptocurrencies are related to this.
The very fact of official registration and receiving benefits from the state already inspires a bit of trust. But this trust is not enough. Currency.com works with real exchange-traded assets. And to operate and transfer exchange assets, exchanges require special regulatory permissions.
However, Currency.com does not directly transfer the assets themselves; the assets remain with the company as a means of securing the fulfillment of obligations.
How does the process of asset tokenization work?
- The client makes an application to purchase an asset. Makes an advance payment if this asset is not available on the exchange.
- The exchange, through a partner, buys an asset on the stock exchange and tokenizes it. The value of the token is tied to the price of an existing asset.
- When purchasing assets, an intermediary arises, since Currency.com cannot directly buy an asset. And, consequently, unnecessary costs and conflicts of interest arise. How interested will the buyer be in the price of an asset purchased from an intermediary? In any case, these are unnecessary costs. This is exactly what Currency.com is fighting and creating.
- The asset itself is stored on the Currency.com exchange, since it is not a stock exchange and cannot sell exchange-traded assets.
- By purchasing a token, the client acquires from the exchange an obligation to buy back the token from him at any time at the price of the asset owned by the exchange.
- The guarantee of fulfillment of the obligation is the presence of an asset on the exchange, which is a means of securing the token.
Thus, the investor does not buy the asset itself, but only Currency.com’s obligation to buy the token from him at any time at the price of the asset to which the token is tied.
And an intermediary is involved in the transaction, increasing the cost of purchasing the asset. The question arises: why is Currency.com better than brokers? They are also intermediaries.
Pros of asset tokenization
- Wider availability than the stock market. The stock market is beyond the reach of most people.
- Lower costs than brokers, but still you can’t do without broker intermediaries, so the savings are questionable.
Cons of asset tokenization
The asset itself is not sold, but stored in Currency.com accounts. The investor buys Currency.com's obligation to buy the token from him at any time at the price of the asset tied to the token.
There are more advantages, but they are not complete.
Thus, access to the stock market for all 10 million cryptocurrency traders is hampered by 100% verification, qualifications and strict requirements of anti-money laundering legislation. Yes, the conditions for access to stock assets on the platform are more liberal than those of brokers, but they will scare off many crypto traders. And existing stock market traders need the assets themselves, and not their derivatives in the form of tokenized assets.
The point of the platform is to remove intermediaries, but you cannot do without intermediaries. To buy exchange assets, you need a license for exchange activities, and therefore, you need a partner who will have this license. And the partner must be paid.
Trust but check. In an environment where no one trusts anyone, trust is earned only through numerous checks and regular audits. The state will inspect Currency Com Bel LLC. The state provides benefits and privileges to the company, and they must account for them. The management of Currency Com Bel LLC promises to undergo regular independent audits in order to report to investors and increase their confidence in the platform. And the greatest guarantee of fulfillment of obligations to investors is the authorized capital in the amount of 1 million dollars, which Currency Com Bel LLC has as the operator of the crypto platform and a constant amount in the accounts of 500 thousand dollars. It is very difficult to obtain a license and easy to lose. The fear of losing a license is a fairly significant guarantee for investors.
Features of the Currency.com platform related to the presence of legal regulation, which can turn into a problem of lack of traders
Currency.com positions itself as the world's first regulated crypto exchange for digital assets. All the features of working with the exchange are caused by its legal regulation. In order to obtain all permits and licenses, as well as benefits and preferences from the state, Currency.com is forced to strictly comply with all regulatory requirements.
Peculiarities:
- Mandatory verification of all user accounts. To work with the exchange, you will first need to undergo account verification, only then make a deposit and start trading.
- A trader must pass a certification on knowledge of the basics of blockchain and trading. He must understand the risks he carries. This is done simultaneously with verification. You need to answer a list of questions.
- All transactions undergo a thorough audit to ensure compliance with anti-money laundering legislation. Moreover, there are special programs that check the origin of money received on the exchange. If the program determines the illegal origin of the money, then most likely the trader will be asked to leave the exchange and the money will be returned. But the state can intervene in this situation. Then the fate of the trader will be decided by government agencies.
- If a transaction on the exchange is questionable, the exchange may block or cancel it.
- When withdrawing funds, if there are problems with the origin of the money or questionable transactions on the exchange, the money may be blocked.
All these features turn into problems and derail Currency.com. a large number of potential users. Not all critical enthusiasts will agree with such features.
There are no such strict rules on cryptocurrency exchanges. On the other hand, for the stock market, the rules set by Currency.com seem to be very liberal.
Many cryptocurrency exchanges are rife with fraud and market manipulation. For such actions, stock market traders face very severe financial penalties, including criminal ones, and are deprived of accreditation, and with it work in the stock market.
Currency.com does not have the same strict rules as the stock market, but compared to cryptocurrency exchanges, the requirements seem very strict and even excessive. And not all crypto traders are ready to work according to such rules.
Cryptocurrencies are famous for their anonymity and the impossibility of blocking accounts. On the one hand, such permissiveness gives rise to all sorts of market manipulation. On the other hand, knowing that someone will check the origin of your cryptocurrencies is not very pleasant. Often the origin of cryptocurrencies is questionable for the sole reason that the trader worked with dubious exchanges that have been found to launder money. And not because he was personally a drug dealer, terrorist or member of organized crime.
Many traders will not agree to be under the constant threat of verification of the origin of their money and account blocking.
What does the Currency.com platform offer?
The Currency.com platform offers:
- Tokenized indices: Dow Jones 30, CAC 40, Euro Stoxx 50, NASDAQ 100 and other popular indices traded on the world's leading exchanges. A complete list of existing indices can be found here https://currency.com/ru/tokenizirovannye-indeksy Due to their simplicity and comprehensive nature, trading indices are gaining increasing popularity among investors and are an excellent investment tool.
- Tokenized shares: Tesla, Facebook, Netflix, Apple Inc and other companies. The full list of shares can be found here: https://currency.com/ru/tokenizirovannye-akcii.
- Cryptocurrencies Bitcoin and Ethereum paired with the US dollar, euro, ruble, Belarusian ruble. All trading pairs can be found here: https://currency.com/ru/kriptovaluta.
Currency.com platform management promises that more assets will be tokenized in the future. There are plans to increase their number to 10,000; currently there are about 150 assets.
As for cryptocurrencies, the situation is somewhat more complicated. The fact is that in relation to Bitcoin and Ethereum, all mechanisms for controlling the origin of transactions have been clearly developed, which is necessary to comply with anti-money laundering legislation. With other cryptocurrencies, such mechanisms are not so perfect. In addition, there is always the issue of liquidity on exchanges. And usually there are no problems with the liquidity of Bitcoin and Ethereum.
Therefore, it is difficult to say which cryptocurrencies will be added to the exchange and when.
Trading cryptocurrencies is still not possible on stock exchanges. You can only trade cryptocurrency derivatives – Bitcoin futures.
Crypto enthusiasts decided to go a different route. Provide access to cryptocurrency owners to exchange assets. For now, only to derivatives of these assets – tokenized assets. True, this resulted in many restrictions and inconveniences.
Characteristics of the Currency.com platform
The Currency.com platform is the link between the regulated stock market and the cryptocurrency market. Many of the principles of the platform's organization are taken from the work of the stock market, where strict regulation and regulation reign. For the crypto community with its liberal views, this is very unusual, to say the least.
The platform's management wants to convince investors that such regulation is normal practice. Soon all cryptocurrency exchanges will work this way. Given the constant tightening of legislation by various states, most likely this will be the case in the future. But today it looks very unusual.
The platform provides market tools such as stop loss (limiting loss), take profit (taking profit), as well as more than 75 technical indicators such as Ichimoku and Bollinger Bands for more successful trading.
The trading platform for Currency.com was provided by partner Capital.com (https://capital.com/ru), which is licensed by the European financial regulators FCA and CySEC. The platform can perform up to 50 million operations per second. All platform client data is hosted in the secure LD4 Equinix data center, which is located in the UK.
On the Currency.com platform you can trade with leverage from 1:10 to 1:100.
Currency.com exchange problems
- Technical problems related to the operation of the platform. Despite the transaction processing speed of 50 million transactions per second stated in the Whitepapers, technical problems constantly occur with the platform. Important functions such as placing orders, depositing and withdrawing funds, etc. do not work. All this can be found in the customer chat: https://t.me/currencycom_group_ru. It is possible to assume that this is due to beta testing of the platform, since there is no finished product yet and the exchange is operating in beta testing mode. But the situation has not changed since January. While the beta testing mode involves eliminating shortcomings. Much of what is stated on the website is missing, for example, they promise to provide the opportunity to open short positions only in the second quarter. And short positions are one of the most popular and sought after trading methods.
- Unsatisfactory support service. Support is available on weekdays from 09:00 to 19:00 Minsk time (GMT+3). For an online service that works with real client money, this is very inconvenient. We can say that other crypto exchanges perform even worse. Decentralized exchanges generally cannot be reached in the literal sense, since they have no support. But from the very beginning, Currency.com positioned itself as the world's first exchange. You need to match your status. Plus, Currency.com has quite complicated verification. To pass verification you need to pass a qualifying exam. Without verification, you cannot start working with the exchange. In general, support has a lot of work to do, but they don’t work long. As a result, in the exchange chat they often discuss situations where critical issues for the client (an order is not opened or closed, problems with depositing and withdrawing money, etc.) that arose on Friday afternoon are proposed to be resolved on Monday. Ideally, these issues should be resolved instantly.
- Problems associated with regulatory features. Already discussed above. Agree, it is not very pleasant when a trader’s account is blocked due to the dubious origin of his funds. These issues can significantly reduce the number of traders working on the platform.
- The platform’s operating scheme, in which the assets themselves are not transferred, but remain secured by the company. The investor is transferred to tokenized assets, which are essentially the platform’s obligation to buy back the tokenized asset at the price of the real asset at any time. According to the management of the platform, tokenized assets are secured in 2 ways: the asset itself, which is a means of securing payment obligations, and 500 thousand dollars constantly on the platform’s accounts, which is a prerequisite for the crypto platform operator’s license. On the one hand, these are indeed quite powerful guarantees, on the other hand, in an environment where no one trusts anyone, guarantees often have no force. Numerous scandals with the stablecoin Tether, which should be backed by US dollars, are proof of this. But a lot still depends on the jurisdiction and control of the state.
- The presence of intermediaries in the operation of the platform. Currency.com's goal is to cut out intermediaries and reduce costs. But it was not possible to completely get rid of the intermediaries. They are needed to buy exchange assets, and therefore, in any case, traders’ expenses will increase.
- Insufficient liquidity for cryptocurrencies due to the small number of platform users. Clients in chat complain about an empty glass and non-market quotes. And this despite the fact that there are only two cryptocurrencies: Bitcoin and Ethereum, which are traded in pairs with each other, as well as the US dollar, euro, Russian ruble and Belarusian ruble. If other cryptocurrencies are added, the glasses will most likely be completely empty, and liquidity problems will be most clearly visible. Liquidity problems exist on most exchanges. But not with Bitcoin and not with Ethereum. The problem with liquidity must be solved somehow, otherwise it turns out to be a vicious circle. There is no liquidity because there are no users. But there will be no users, since they will not go where there is no liquidity. First of all, in order to solve problems with liquidity, it is necessary to solve problems with the operation of the platform, so that it is convenient for traders to work with it and improve the support work, since without passing verification, it is impossible to work with the platform. And many people complain about verification delays, which greatly burdens the support work.
7. A small number of active traders. The Whitepapers indicate that 140 thousand applications have been received from potential clients who are in line to register. If there are 140 thousand who are interested in the services of the exchange and are looking for an opportunity to quickly register and start using these services, it is not clear why 1226 participants are subscribed to the official telegram channel https://t.me/currencycom_group_ru, and the video with the leader https:// www.youtube.com/watch?v=pRh7yu7ETUo, which was posted two weeks ago, was seen by 408 people.
Conclusion
Pros of Currency.com
The project is very interesting, its implementation deserves attention. Many startups have sought to tokenize assets, but most have stalled on licensing and legal frameworks. Here, a solution that is quite elegant from a legal point of view has been found. The decision may not be final, since no real transfer occurs during asset tokenization. But taking into account the current legislation, it is quite well thought out. It is clear that people worked on legal issues and did what they could.
Cons of Currency.com
Another thing is that there are still enough problems.
- It was not possible to finally resolve one of the important tasks - to get rid of intermediaries. When purchasing assets, you cannot do without intermediaries. And, consequently, traders’ costs also increase.
- Problems related to regulators cannot be resolved, and this will significantly reduce the number of potential users of the platform, since not all traders will agree to comply with the requirements of regulators. There are technical and support issues.
- You also need to pursue an active marketing strategy. As many potential traders as possible should know about the project. After all, the market is very large. If a cryptocurrency exchange has liquidity problems when dealing with Bitcoin and Ethereum, this is not normal.
Login to your account on the Currency.com crypto exchange
Login to Currency.com
Crypto exchange login form
To log into your account, you need to click “Login” in the top menu of the page. Enter your registration details, i.e. password and email, then enter the 2FA code generated by the Google Authenticator application.
Site Review
Currency.com platform
Let's look at the main sections of the currency.com platform : Top menu:
- “Selecting a trading mode”: trading and trading with leverage.
- "Wallets." Select an account (fiat or cryptocurrency) and top up its balance.
Topping up your crypto exchange balance - “Deposit funds.” A quick option for depositing money into a tokenized account selected from the list.
Deposit options on Currency.com - By clicking on the three dots, you can select options for displaying your balance.
Asset balance - "Live". Sub-items: “Deposit funds”, “Video tutorials”, “Go to demo account”, “FAQ” and “Exit”.
Side menu of the Currency.com trading terminal
Side menu:
- "Trade". Go to the trading terminal of the Currency.com crypto exchange.
- "Charts". View added graphs.
- "Briefcase". Investments on the platform.
- "Reports". History of transactions and transactions.
- “Deposit funds.” Account replenishment.
- "Referrals". Information about the referral program. Here you can copy your referral link.
- “Settings” (at the very bottom of the panel). Change various user account settings.
Account verification
To verify your account, go to Settings - Account - Complete registration.
After this, you will need to upload scans of documents (passport, or residence permit or international passport) and wait for the data to be verified by exchange specialists.
The Currency.com trading platform complies with the legislation of Belarus and KYC/AML requirements.
Account settings
In the settings of the Currency.com exchange, you can change the following parameters:
- "Platform setup". In this section, the site language is changed, the chart is configured, the time interval and type are set, and the default leverage is set.
Platform setup - "Account". The account verification status and detailed information about its owner are displayed. Here you can start verification if it has not yet been completed.
Currency.com crypto exchange account details - "Change password". The function is only available through a support request.
- "Two-factor authentication." Turning on and off. We recommend enabling 2FA; this will protect your account on the Currency.com exchange from hacking by 99%.
- "Notifications". Subscribe to email notifications about various events.
- "API keys".
- “Video tutorials” on replenishing your account and working with the platform.
- "Downloading documents."
- “Device activity” - here you can track active sessions.
From any section of the settings you can also select a color scheme - dark or light.
Top up your account
Topping up the balance of the Currency.com exchange
To top up the balance of the Currency.com exchange, you first need to go through verification, i.e. confirm your registration data. Only after this can you transfer fiat or cryptocurrency to your personal account balance. You can make a deposit in the following ways:
- Click “Deposit funds” in the top menu of the site.
- Select “Live” - “Deposit funds”.
- In the side menu, click on the “Deposit Funds” button.
Selecting a method for depositing fiat or cryptocurrency into your currency.com wallet.
Purchases are available in fiat and cryptocurrency. Fiat is deposited using a bank card or account. You can select the desired asset type from the drop-down list.
- US Dollar (denoted by USD.cx). US dollar equivalent.
- Euro (EUR.cx). European currency.
- Belarusian ruble (BYN.cx). Belarusian ruble.
- Russian ruble (RUB.cx). Russian ruble.
Let's take a closer look:
- When replenishing via a card, you will need to indicate the amount (when replenishing a dollar account, the minimum amount is $20, the maximum is $1000) and select the currency to be purchased. Indicate the card number, expiration date and CVV code. When purchasing with a BYN (Belarusian ruble) card, the minimum amount is 50 BR, the maximum is 2700. For RUB (Russian ruble) 1500 and 80,000 RUB, respectively.
- Bank transfer is carried out using the specified details. They can be copied, printed or sent by email. With the details you can go to any bank and make a payment. Currency.com does not charge fees for bank transfers. But the sending bank can withhold its commission for this operation. Before translation you need to clarify this point.
Topping up your account by bank transfer
Depositing cryptocurrency
Topping up your Currency.com account with Bitcoin cryptocurrency
To deposit Bitcoin, Ethereum or any other cryptocurrencies on the Currency.com exchange, you need to transfer them to the generated wallet address. You need to select the desired coin and transfer coins from an external wallet or exchange to the specified cryptocurrency address (if you use a mobile wallet, it is convenient to simply scan the QR code). After the required number of confirmations in the blockchain network, the funds will appear in the wallet of the exchange account.
Registration process on the Currency exchange
To register, go to https://exchange.currency.com:
On the main page, go to the registration section (the “Registration” button). In the registration window that opens:
- if you are an individual, check the appropriate box;
- enter your email address and create a strong password;
- accept the agreement and privacy policy.
After entering the information in the registration window, click “Continue.” In the next window, select your country of residence and check the box next to “I am not a US resident.”
Next, you will be asked to link a bank card or make a transfer to top up your account balance. However, you can skip this step for now and look at the exchange from the inside.
Withdraw funds
Withdrawal of currencies is possible to a bank account or card. Regulations: up to three banking days. You need to click opposite the “Withdraw” token, indicate the amount and bank account or card details.
Cryptocurrency withdrawal is carried out to the specified cryptocurrency wallet address:
Commissions and limits of the Currency.com crypto exchange
The following types of commissions are established on the Currency.com exchange::
- For exchange, for trading with leverage; leverage fees:
Commissions on the Currency.com exchange - There is no fee for depositing cryptocurrency and tokens. Fee for confirming a transaction in the blockchain network (for cryptocurrencies and tokens) when withdrawing from the exchange: for Bitcoin – 0.0004 BTC; for Ethereum – 0.004 ETH; for a tokenized asset – 1.5%.
Commissions for depositing and withdrawing cryptocurrencies - Fee for depositing or withdrawing funds in USD:
Fee for depositing or withdrawing funds in USD
Depositing or withdrawing in EUR:
Depositing or withdrawing in EUR
Depositing or withdrawing in RUB:
Depositing or withdrawing in RUB
Depositing or withdrawing in BYN:
Depositing or withdrawing in BYN
Deposit or withdrawal in GBP:
Deposit or withdrawal in GBP
As you can see, commissions on the Currency.com crypto exchange are small, and depositing cryptocurrency is carried out without commission. There is also a separate tab for legal entities on the fees page.
Deposit and withdrawal
There are 11 wallets available in your personal account - 6 cryptocurrency (bitcoin, ethereum, ripple, tether, litecoin and bitcoin cash) and 5 fiat (dollar, euro, pound, Russian and Belarusian rubles).
What deposit and withdrawal methods does the exchange offer? For fiat – bank cards (Visa, Mastercard), bank transfer and Yandex Money (deposit to RUB wallet). You can also top up your account with cryptocurrency.
As for commissions, look at the tables for various currencies:
USD:
EUR:
RUB:
BYN:
GBP:
Crypto:
Please note that when depositing and withdrawing using a Mastercard card, as well as when withdrawing to a Visa card, payments are processed by a Russian processing center, therefore, they are converted into Russian rubles. Therefore, the final amount may vary slightly.
Point: 3
Trading, buying and selling cryptocurrency and tokens
To trade on the Currency.com exchange, you need to log in to the platform and go to the “Trading” section.
Trading on the Currency.com exchange
Further instructions:
- Select a tokenized asset: stocks, commodities, indices or cryptocurrency. You can view actively growing, falling, and highly volatile markets.
- For example, we are going to trade Bitcoin cryptocurrency. Select “Crypto”, trading pair and click on it. A chart of the asset of interest will appear. Bitcoin to US Dollar means that Bitcoin is traded in pairs with the US dollar.
Trading Bitcoin cryptocurrency at Currency.com - You can add various technical analysis indicators, levels, channels, figures to the chart; change display type; set the desired timeframe; expand to full screen; increase, etc.
- Select the trading mode: “Trading” or “Trading with leverage”. The leverage size is different for each instrument (maximum 500x)
Trading without leverage
Trading without leverage
When trading without leverage, you need to indicate the amount of the asset to be purchased (enter a number or click on the percentage scale) and click “Buy”. This will be a market purchase. If you select “Buy when the price is”, it will be a limit purchase with the specified price. In a limit order, you can specify the date for its cancellation if it is not executed.
Trading with leverage
Trading with leverage
When using borrowed funds (trading with leverage), you can open transactions with a larger volume than you have in your account. For example, the balance is 0.1 BTC. When choosing 5x leverage, you can create an order with a volume of 0.5 BTC. This increases the amount of possible profit, but trading risks will also increase. When submitting an application, you must indicate the amount and size of leverage. You should click “Prepayment” to find out the trading commission and the necessary funds on your balance to open a transaction with the specified volume. For example, when buying 0.0001 BTC with a leverage of 20x, you need to have 428.94 rubles in your account, and the commission will be 0.25 rubles.
To protect against risks, it is proposed to set a stop loss and take profit. Specify the amount of profit or loss upon which the transaction will be closed. To exchange fiat or cryptocurrency for another exchange asset, click “Buy”.
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.
Advantages of a crypto exchange
The Currency.com crypto exchange is fundamentally different from all other existing platforms. Let's note the main advantages :
- Officially regulated by the Hi-Tech Park. Accordingly, low non-trading risks.
- It operates in accordance with Decree of the President of the Republic of Belarus No. 8 “On the development of the digital economy” dated December 21, 2022, according to which funds received from the exchange (for citizens of the Republic of Belarus) are not subject to taxation.
- Trading of tokenized assets: stocks, indices, raw materials.
- Official purchase of cryptocurrency.
- Large number of available financial instruments: 2000+. Their number is planned to increase to 10,000 by 2022.
- Investing in tokenized exchange assets using cryptocurrencies and fiat.
- High degree of customer data protection.
- Deposit/withdrawal of funds from a bank card, bank transfer.
- High data processing speed.
- Compliance with AML and KYC.
- Low commissions. There are no fees for depositing cryptocurrency.
- Trading with leverage up to 500x.
- Stop loss and take profit.
- High liquidity.
- Advanced trading terminal.
- Competitive offer on the market.
Margin trading
Currency provides the opportunity for margin trading (with leverage). Maximum leverage:
- For almost all cryptocurrency pairs – 1:20.
- For LTC/BYN, LTC/RUB, XRP/BYN, XRP/RUB – 1:10.
- For BTC/USD, BTC/EUR, ETH/USD and ETH/EUR there is a choice of 1:50 and 1:100, but with the mandatory installation of a guaranteed stop loss.
- For tokenized shares – 1:20.
- For tokenized commodities – up to 1:200.
