Currency.com is known as one of the decentralized exchange offers a wide range of high-quality services including buying crypto by fiat currencies. Today, Cove Markets will join you guys to find out what is Currency.com and learn in detail about the derivatives exchange that has a lot of trading assets on both the derivatives platform and the spot exchange.
What is Currency.com?
Currency.com is a digital currency exchange that allows users to buy, sell, and trade cryptocurrencies. Currency.com is one of the few exchanges that allow users to trade crypto with leverage.
Company Overview
Currency.Com Bel Limited Liability Company is a legal entity registered (incorporated) in the Republic of Belarus under number 9313130368. Currency.Com Bel Limited Liability Company is a resident of Hi-Tech Park (Republic of Belarus) and is authorized under the law of the Republic of Belarus to carry out all kinds of activities related to virtual assets.
Pros Explained
- One of the main advantages of using Currency.com is that the company allows users to exchange cryptocurrencies with leverage. This means that users can trade with more money than they have in their accounts. This can be a great way to make profits, but it can also be a great way to lose money if the trade goes against you.
- Another advantage of Currency.com is that the company has a very user-friendly platform. The platform is available in 10 languages and is very easy to use. The company also has a mobile app available for Android and iOS.
Cons Explained
- Can only trade in USD; USDT cannot be traded.
- The USD withdrawal charge is a little expensive, but the deposit fee is present.
Currency.com Review
Currency.com Products and Services
Spot Trading
The Currency.com dashboard is typical of crypto exchanges for spot and contract trading. The vertical trading menu is located along the left edge of the screen, where you can choose your asset and trade type. Two perspectives are layered on top of one another in the center of the screen. The “order book,” or pending trade flow, is located on the top section. A graph that displays price movement and trading volume is directly below that. The “Buy” and “Sell” buttons are located on the trading interface for Currency.com on the far right. To assist traders in limiting losses and maximizing gains, the dashboard supports a number of different limit order types.
Margin Trading
You have the option of trading on the Currency.com exchange with or without leverage, so you must determine the level of risk you are comfortable with. When compared to traditional tokenized assets, which can be traded with up to 500x leverage, crypto assets can be traded with a 20x leverage.
Tokenized Stocks
You can purchase and sell Currency.com’s tokenized equities from anywhere in the world. Since the tokens can be bought and sold using Bitcoin or Ethereum, a bank account is not necessary.
The tokens can be traded on the Currency.com exchange and are kept on the Ethereum blockchain. The advantages of tokenized stocks are as follows:
- Access to a bigger selection of equities: Anyone in the globe can purchase Currencycom’s tokenized stocks.
- Cheaper fees: The Currency.com exchange charges lower fees than conventional stock exchanges.
- Trading is available round-the-clock on the Currency.com exchange for the tokens.
- Increased liquidity: The Ethereum blockchain, which has a wide user base and a high level of liquidity, is where the tokens are traded.
Read more: Litecoin Vs Ethereum Overview: What Crypto You Should Invest 2023? Full Review
Leveraged Tokens
Popular cryptocurrency exchange Currency.com also provides leverage on cryptocurrencies as well as tokens of several significant cryptocurrencies. The main distinction between leveraged tokens and futures contracts is that the former are issued by Currency.com directly rather than an exchange.
Leveraged tokens have the advantage of being exchanged around-the-clock, whereas futures contracts are only accessible during trading hours. They are more liquid than futures contracts, so you can buy or sell them at any moment. This is another benefit.
In relation to any Leveraged Token, Currency.com does not offer any investment, financial, tax, legal, or other advice. You must determine for yourself if purchasing a Leveraged Token is right for you in light of your unique situation, goals, financial situation, risk tolerance, and other pertinent criteria.
Volatility
Currency.com has an total trading volume of $445,948,201 in the last 24h, rank #45 on CoinMarketCap by trading volume with 259,633 visits during the last week.
Fiat Supports
The United Kingdom’s Financial Conduct Authority (FCA) has registered both Currency.com and its parent organization BelFX. They are consequently bound by the FCA’s regulatory obligations, which include segregated client accounts, anti-money laundering checks, financial reporting, and other compliance practices.
The business has also implemented a customized risk management program called Smart Risk Management (SRM). By monitoring customer portfolios and automatically terminating trades as needed, this technology reduces the chance of loss for clients.
One of the few exchanges, Currency.com, lets users swap fiat money and cryptocurrency. Limit or stop-limit orders, market orders are among the different order types that the exchange provides.
Fiat currencies such as USD, EUR, GBP, RUB, and UAH are accepted on the exchange. BTC, ETH, LTC, DASH, and XRP are additional cryptocurrencies that are supported by the exchange.
Read more:
- Ethereum Vs Ripple: ETH Vs XRP. Which Crypto Is Better In 2023
- Algorand Vs Ethereum: Which Crypto Is Better To Invest In 2023
Lending
Since the platform is a copy of Bitfinex, it makes sense that the lending system is Currency.com’s biggest feature. A lot of loans are available for shorting and longing, and the lending market is quite active.
You can even lend your own cryptocurrency assets and receive interest in return. The interest rate is affected by the asset, how much you want to borrow, and how long the loan will last. The annual interest rate on Bitcoin, for instance, is 0.15%.
Similar to other exchanges, there is a currency loan system. You can lend your cryptocurrency assets and receive interest for a predetermined amount of time (one day, one week, two weeks, one month, three months, or six months).
Read more: Day Trading Cryptocurrency: The Best Strategies for Success
Digital wallet options and security
Users of cryptocurrencies should take certain safety measures to protect their money. You wouldn’t, after all, divulge your banking PIN to a total stranger on the street.
It’s frequently preferable for desktop, cloud-based, or mobile wallets to retain a small amount of cryptocurrency on hand – just enough to cover short-term transactions – and to store the balance in cold storage.
Along with this, Security should also be promoted. Two-factor authentication checks a user’s identity in two ways during login. Fake emails from a credible crypto wallet provider should also be avoided. Phishing communications are sent to naïve individuals to steal their usernames and passwords. Updating software protects users against security issues.
Currency.com offers security and digital wallets. Ledger Nano S, Trust Wallet, and Metamask are also available. These secure wallets can send and receive payments, hold numerous currencies, and more.
Trading Fee
Transparency is at the heart of Currency.com, driven by requests from investors and traders for fairness and transparency in its fee structure.
Currency.com charges four types of fees to its customers.
Exchanging fees (leverage)
- BTC/USD, BTC/EUR, ETH/USD, ETH/EUR Fees: 0.06%
- Other Cryptocurrencies: 0.075%
- Crypto Assets (Stocks, ETFs, Indices, Commodities): 0%
- Cryptocurrencies: 0%
Exchange fee
- Cryptocurrencies / Cryptocurrencies – 0.2%
- Crypto/cryptocurrency – 2%
- Digital Assets (Stocks, ETFs, Indices, Commodities) – 0.05 %
- Crypto-bonds – 0.03%
- Company tokens – 0% (buy), 1.5% (sell)
Sponsorship Fees
Fees will be charged on continuously leveraged trades held at market rates, which vary depending on the instrument type.
Overnight funding amount
Your account will be debited or credited based on whether the order is placed after a certain period, totaling the overnight funding cost.
Credit Card, Bank Transfer And Other Payments
Currency exchange does support deposit and withdrawal with your credit card and bank transfer if they support online payments. The minimum crypto deposit amount is 0.001 BTC, 0.03 ETH, 0.1 LTC. If the amount is less than specified, the funds will not appear on your balance. The funds will appear on your balance once the deposited amount exceeds the specified minimum.
Customer Service
Currency.com has a dedicated customer-supporting center. Here, users can:
- Search the Currency.com FAQ.
- Send require.
- Learn how to trade at Currency.com, following the platform’s instructions.
- Access the API documentation.
- In addition, there is a keyword or phrase search engine.
Customer Satisfaction
Currency.com has a 4.4 Trustpilot rating. Currency.com aims to please its users. The company offers a variety of customer assistance solutions. You can get your money back if you’re unhappy with the service.
A wonderful place to purchase, sell, and exchange cryptocurrencies are Currency.com. The website has many features and is simple to use. The business is committed to giving customers a wonderful experience and provides a range of customer care services.
Account Management
Currency.com offers an account management service for users. The account management service is a great way for users to keep track of their accounts and ensure they are secure.
How to use Currency.com: A beginner’s guide
How to open a Currency.com account?
Creating an account on Currency.com is a simple yet complete process. Click the “Exchange” link in the top navigation menu as soon as you are on the homepage.
Because the trading platform is overseen by the High Tech Park of Belarus and audited by Ernst & Young, a thorough KYC procedure is necessary. It adheres to KYC and AML requirements to safeguard customers from purchasing “dirty” cryptocurrency.
- When you click “Exchange” and the subsequent screen appears. You must first enter your desired email address and create a password that complies with the rules. Once you’ve completed that, you may click the button to continue the registration.
- Indicate your nationality and home country.
- Type in your current address.
- Enter your name exactly as it is listed in your passport. The immediate email verification step is the next step. Make sure you click the provided link in the email that was delivered.
- Verifying ID Send a photo of your legitimate, government-issued identification.
- Address confirmation. As stated in Step 3, you must present a document containing your address.
How to buy and sell cryptocurrencies on Currency.com?
- Click the “Trade” icon on the LHS of your Currency.com page to start a trade.
- Search for or choose your favorite asset from one of the pre-defined categories.
- Select the asset from the list to the right of the watchlists if you are choosing a predefined category.
- Enter the amount you want to buy or sell and click “Buy” or “Sell.”
- Select your funding wallet from the dropdown menu beneath the leverage meter and adjust your leverage as necessary.
- Click Sell or Buy after entering any stop loss and take profit settings.
- Your “Portfolio” page will update the trade information and P&L following trade execution. As seen below, users may add stop losses and/or take profits to limit risk.
Trading Experience
When it comes to trading experience, Currency.com is second to none. This site lets you trade currencies, commodities, equities, and indexes. Currency user-friendliness sets it different from other trading platforms. The platform’s modern design and user-friendly interface demonstrate this.
Currency.com’s attention to security also stands out. The platform protects user data using the newest security technology. A team of professionals monitors all transactions to guarantee they go successfully.
Lastly, Currency.com offers a dedicated support team that is always ready to help users with any issue they may have. The team can be reached through various channels, including email, live chat, and phone.
FAQs
Is Currency.com right for you?
Currency.com is a great choice for those who want to buy, sell, and trade cryptocurrencies. The platform offers a variety of features and services that make it a great choice for both beginners and experienced traders.
Is Currency.com Exchange safe?
Yes, Currency.com is a safe and secure platform to use. The platform offers a variety of features to keep your account and information safe, such as digital wallets and 24/7 client service.
What cryptocurrencies does Currency.com support?
Currency.com supports various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more.
Read more: Litecoin Vs Ethereum Overview: What Crypto You Should Invest 2023?
Litecoin Vs Bitcoin Comparison: Which Should You Invest 2023?
What happens if I lose my Currency account information?
If you lose your account information, you can contact supporting service to help recover your account.
Conclusion
Hopefully this article will greatly help you. This site is one of the major exchanges supporting a wide range of assets for trading on Derivatives and Spot platforms. Hope this will be a good choice for you to trade.
Disclaimer: The information provided in this article is not investment advice from Cove Markets. Cryptocurrency investment activities are yet to be recognized and protected by the laws in some countries. Cryptocurrencies always contain financial risks.
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