Currency.com is a new cryptocurrency exchange advertised as the “world’s first regulated tokenized securities platform” and operates under legislation developed “from scratch” by Belarus for cryptocurrencies.
The platform is owned and operated by Currency Com Bel LLC, a company registered (incorporated) in the Republic of Belarus under No. 193130368, with address at Minsk city.
Why Currency.com Sucks In 50 Words
This unclear regulation is actually the thing that bothers me the most. Whenever they can, they insert “first regulated” platform and it actually seems forced at times. But then, they don’t show a license number anywhere. Show it to us, let’s see it!
Why Currency.com Doesn’t Suck In 50 Words
I’ll give you just 3 words: Negative Balance Protection. This means that you will never end up owing money to the exchange in case your investments go south in a big way. I know it might seem normal to never owe money to the broker/exchange, but trust me, it can happen with companies that don’t offer negative balance protection.
Is Currency.com A Scam?
It is definitely too early to tell because this exchange was just launched in April 2019 (or at least that’s what their T&C document leads us to believe). According to their website, they are “authorized to perform activity of cryptoplatform operator in the meaning of Decree of the President of the Republic of Belarus No.8 “On development of digital economy” dated December 21, 2017”. That is a bit vague, to be honest, and I don’t really understand what it means but in my opinion it doesn’t mean that the President of Belarus is directly supervising their activity, so don’t go thinking something like that.
They are transparent about their name and address but they claim to be the first “regulated” exchange so I would like to know more about that because just citing a presidential decree doesn’t quite cut it. That’s a general decree, not their regulatory license. On the other hand, it’s hard to find an exchange with full, proper regulation, given the nature of cryptocurrencies, so I am not sure what to believe here. What’s clear is that so far there haven’t been any scam allegations.
Should I Open A Currency.com Account?
The main concern I have about this exchange is their very short time in business and to be honest I wouldn’t risk giving them a lot of money until they get more experience under the belt. Don’t get me wrong, the trading conditions are normal and the platform is feature-rich but user-friendly at the same time, however, I cannot fully trust their competence until they put in more work.
One of the biggest features of this exchange is the 1:10 leverage for crypto, which means that if you want to open a 10 BTC trade you will only need 1 BTC as margin. Indices and commodities even go as high as 1:100. Keep in mind that using leverage is very risky and you should fully understand how it works before you invest. The good thing is that you can choose lower leverage or even no leverage, which offers a lot of flexibility.
Another highlight of Currency.com is the fact that here you can trade “tokenised securities”. Basically what this means is that you can trade indices, shares, and commodities with cryptocurrency, without first needing to exchange your coins into fiat. However, you will not own the security you are trading, instead, you will profit from price fluctuations, assuming you got the direction right. It’s similar to CFD trading in a way.
Minimum deposits start at 50 USD/EUR or 0.01 BTC, or 0.1 ETH, so it’s not really a big investment if you only want to test their services. All in all, this looks like a good exchange, which allows you to trade shares, indices, and commodities with crypto but keep in mind that at the time of writing, the Gold price per ounce was $1,285 and that’s what their platform showed as well. In other words, the Gold price was not shown in cryptocurrency but in fiat, which leads me to believe that even if you deposit crypto, it will still be converted to fiat before executing the trade.
The company can be contacted via phone (+375293757075) and via email ([email protected]).
Currency.com Online Presence And Reputation
It’s too early to talk about their reputation because of their short time in business. On the website, they show the logos of Forbes, Business Insider, BBC, The New York Times and other reputable publications with the advertisement “Featured In” but they were NOT featured in any of those publications. At least I couldn’t find them and besides, if a Belarus-based company makes it to The New York Times, you would think they would provide a link, which they don’t.
Currency.com Special Features
The leverage for cryptocurrency goes as high as 1:10, which is not very common and as high as 1:100 for other assets. As a special feature, we can include regulation but I would like to know more about it and I would like them to show us their license. I am not saying they don’t have one, I just want to see it.
Currency.com Overall Ratings
User Friendliness 15/20
The website is translated into 4 languages and most of the information is easily available. The platform has a nice balance between functionality and ease of use but Demo accounts are not available. Mobile versions can be downloaded from the respective app stores.
Range Of Markets And Volume 12/20
The asset basket is huge when it comes to anything else other than cryptocurrencies, so most traders will be disappointed to see that only Bitcoin and Ethereum are available to trade, albeit against more than one fiat currency (tradable against USD, EUR, BYN, and RUB). The volume for cryptocurrency is very low but from the looks of their Order Book, it seems like Currency.com is making up for this lack of trader volume by adding their own liquidity. However, we cannot confirm this.
Fees And Support 15/20
Deposits come with a 3% fee for Visa and Mastercard, while wires are free as long as you deposit more than $1,000, otherwise, you will pay a fee of $20. Withdrawals come with fees of 2.4% + 3USD for Visa and 1.9% + 3USD for Mastercard, while wires will incur a 9 USD fee. This is somewhat normal for crypto exchanges but a bit on the steep side. Crypto deposits are free but a small fee will be paid for withdrawals (again, this is normal). There’s also an overnight fee which will be paid for each trade you keep overnight.
Live chat support is available, which is a big plus because many exchanges just work on a ticket system.
Deposits And Withdrawals 14/20
The available methods are Visa, Mastercard, wire transfers and cryptos but the time it takes is a bit longer than you would expect: up to 3 business days to process a withdrawal. BTC requires 2 confirmation and ETH, 12. It is unclear if crypto withdrawals will be manually processed (which means you will have to wait for their approval) or if the network confirmation starts as soon as you enter your address and click Send.
Currency.com Extras 13/20
Leverage, regulation, and a White Paper. I don’t really understand the need for a White Paper, which is usually something you see with coins and tokens, or maybe if the exchange has launched its own coin, which is not the case here.
Currency.com Overall Rating: 69/100