Currency.com Review

Dubbed a world’s first regulated tokenized assets exchange, Currency Com Bel is a limited liability company registered in Gibraltar and the legal entity behind the currency.com site. The company was registered by the Minsk City Executive Committee in the Republic of Belarus in 2018. Currency.com is directly authorised and regulated by the Hi-Tech Park (HTP) of Belarus. Currency Com Limited is authorised by the Gibraltar Financial Services Commission as a distributed ledger technology service provider under the Financial Services Act 2019. The company has a licence registered with FINTRAC (Canada) as a Money Services Business and it’s registered with FinCEN (USA) as a Money Services Business. 

Source: Currency.com

The exchange gives access to over 2000 tokenized assets for digital asset and fiat holders and it’s available on web and mobile (iOS and Android). Users can use digital currencies such as Bitcoin or Ethereum and even fiat over 1000 of the globe’s largest markets, such as gold and NASDAQ 100, to trade tokenized assets. The platform offers charts, price alerts, and risk management functions. 

Strengths

• Opening a Currency.com account is fast and easy. 
• Users can buy or sell over 2000 tokenized assets including commodities, shares, forex and indices.
• Currency.com tokens give access to investments in top global markets. On the platform, a token’s performance is pegged to that of the underlying asset.
• Platform offers cutting-edge charts with 75 technical indicators and a wide range of drawing tools.
• Fast trade-matching engine – apparently their core order-matching and execution engine can handle up to 50 million transactions per second. 
• Users can purchase deliverable tokenized assets and they can be available for withdrawal and private storage.
• Deposits via bank transfer are commission-free.
• Currency.com supports the following blockchains for deposits: Bitcoin, Bitcoin Cash, Litecoin, Ripple, Ethereum (ETH, Tether USDT and ERC20 tokenized assets). Users can also deposit funds into their trading accounts using Wire Transfer in addition to bank and credit cards. 
• The platform uses PGP/GPG for email encryption and verification. This offers secure document upload and verification. The platform appears to be safe and users can enable a separate 2FA channel (a Master Key) in case they lose access to their accounts. 
• Apparently when users make deposits, the coins go directly into a cold wallet. 

Weaknesses

• Although they endeavor to process all withdrawal requests on the same day, it can sometimes take up to 3 business days to process a withdrawal.
• Fiat deposits can also take several days to appear on your account due to banking system delays.
• Minimum crypto deposit amounts are 0.001 BTC, 0.03 ETH, and 0.1 LTC. If the amount is less, the funds will not appear on your balance.

How Currency.com works

Traders deposit crypto or fiat on the exchange and then have the option to buy crypto or tokenized assets. On Currency.com, liquidity providers stream executable buy and sell prices to the exchange. The platform then tries to offer competitive spreads and favorable order execution. The price a user sees is the result of order competition from the exchange’s clients and liquidity providers.

They have a regular supply and demand pricing model, however, their prices are backed with additional liquidity from liquidity providers. In essence, Currency.com is able to match user orders with other users’ orders and hedge them through Capital.com, LMAX Digital and other exchanges such as Binance, Bitstamp, Kraken, NASDAQ, NYSE and Gain Capital.

Currency.com offers the best bid and ask prices and volumes in their order book which are kept safe on their servers which are said to be housed in an ultra-secure locked private cage protected by armed guards and video surveillance.. If a user’s order is not matched with another trader’s order, it is then filled with extra liquidity. The platform enables hedging of user trades with a liquidity provider with the best price and the exchange makes profits from commissions. 

On the platform, traders can effectively then sell their tokenized assets and withdraw crypto or fiat. The platform also offers leverage trading.

Fees

It is important to note that Currency.com utilizes a Russian payment service provider and that transactions made on the site using bank cards (Visa, MasterCard) are executed with an exchange to Russian rubles or US dollars. This means that final sums may differ. Also, if they charge an extra offshore fee of 15% to withdraw funds to an offshore client.

*Fee applied if the sum of client’s token exchange and withdrawal of funds from the platform is less than or equal to $50 000 in token equivalent. 

**Fees may vary depending on the selected asset for the transaction.

Referral Program

If you sign up on Currency.com via a referral link, you will get a 10% discount on trading commissions for the next 3 months. In addition, if you share your referral link with peers, you will earn 50% commission off their trading fees for the first 6 months of their trading.

Affiliate Program

If you choose to become an affiliate of Currency.com, they will pay you 40% commission for 24 months. In addition, you will also get a 10% sub-affiliate fee. Your affiliates will also get a 12% discount on trading commissions. Commissions are earned in USD and they will make payments via wire transfer directly into a bank account of your choice. Please note that they are not allowed to advertise in some countries.