Since late 2017, the crypto industry gained traction when the prices of all cryptocurrencies in existence recorded their all-time highs. The milestone prompted many players, including traders and firms, to venture into the crypto world to tap from the enormous opportunities associated with the industry.
Prior to this time, trading one crypto asset against another was the norm, but investors’ demands to trade assets across the traditional financial markets using cryptos prompted firms to think of ways to bridge the gap between the crypto and traditional financial industries. Thus, tokenized security exchanges such as Currency.com were launched.
The launch of several tokenized securities exchanges with enticing features and services got investors confused in identifying the best platform to choose. However, not all exchanges have all it takes to weather the storm that has haunted the industry since its inception. Traders need to consider the following criteria before signing up with an exchange.
Criteria For Selecting A Good Crypto Exchange
It is assuring to know that the exchange you’re using to trade is under the regulations of a relevant authority. When a firm is operating under the rules of a nation, it is rare for your funds to go missing overnight without being compensated.
Good Customer Support Service
The quality of an exchange’s customer service would go a long way toward determining your trading experience in the event of arising issues.
Access To Multiple Assets
As your trading journey advances, the possibility of venturing into other assets across various markets is high. It is best to choose an exchange that offers multiple assets to enable you to switch when the need arises.
Other important criteria to take note include selecting an exchange with a user-friendly trading platform and multiple payment methods to ensure swift withdrawal and deposit services.
Based on the above criteria, let us review Currency.com, a Belarus-based tokenized exchange.
What is Currency.com
Currency.com is both a cryptocurrency and a tokenized security exchange. It enables holders of cryptocurrency like Bitcoin (BTC), Ether, and LTC to trade assets in traditional financial industries such as currency, shares, government-issued bonds, commodities, and indices.
Launched in January 2019, the exchange offers these traditional assets by issuing their tokenized version that is pegged to the prices of the underlying asset.
Trading of tokenized traditional financial assets on Currency.com does not imply that customers are directly buying the real assets, but are only speculating their price value over a particular period.
According to Currency.com, its business is regulated by the High Technology Park (HTP) of Belarus under decree no. 8 ‘On the Development of a Digital Economy.’ Its regulation with the Belarusian authorities has prompted the firm to comply with all rules prescribed by the country, including Anti-Money Laundering (AML) and Know-Your-Customer (KYC) regulations.
Tradable Product Offerings On Currency.com
Since the exchange is only offering the price movement of these traditional and modern financial assets, Currency.com has listed over 1,500 tradable assets that cut across varying markets. They include:
This offering is similar to what most investors know as Forex. The Forex space has been saturated in recent times due to its ability to transform average income earners to overnight millionaires. Although the industry has its risks, it has not deterred people from trading its assets.
With Currency.com offering tokenized currencies, anyone who holds Bitcoin, Ethereum, or Litecoin can trade several currency pairs in the forex market without having to convert their crypto assets into fiat.
The exchange supports both major currency pairs, including GBP/USD, EUR/USD, AUD/USD, USD/JPY, USD/CAD, and many more. Minor currency pairs are also supported on the platform, such as CHF/JPY, AUD/NZD, CAD/JPY, etc.
The interest in crypto-related assets keeps gaining traction, and more investors are still trooping into the space to have a share of its enormous opportunities. Since the first cryptocurrency, Bitcoin was created in 2009, more related assets have been launched over time, with their price values skyrocketing barely 24 hours after their launch. This potential has attracted several investors to the space.
Currency.com understands the growing interest in the crypto industry and has added several cryptocurrency pairs such as BTC/USD, ETH/USD, Ripple XRP/USD, ETH/BTC, LTC/BTC, BTC/USDT and lots more.
Indices are a collection of different companies’ stocks grouped based on the country they are located or the industry they represent. Using Currency.com tokenized indices, traders can speculate on the prices of assets in this category and gain reliable information about the state of the stock market. The following indices are currently available on the Currency.com trading platform: US500, DE30, CN50, NL25, EU50, US100, FR40, US30, SP35, IT40, etc.
It is near impossible to see someone who is not familiar with day-to-day commodities. The commodity market is regarded as one of the oldest because, in ages past, people have traded their wares via traditional settings, using either the barter system or fiat as a medium of exchange.
Many investors are still comfortable with assets in this category due to the familiarity gathered over the years. In trying to satisfy these investors, Currency.com has added the tokenized version of many popular commodities on its platform, thus giving clients the feel of trading the real assets.
The supported commodities include Brent oil, natural gas, US cocoa, copper, gold, silver, etc.
Another traditional financial sector is the shares market. Currency.com allows its clients to make profits from this market by adding the tokenized version of shares from most prestigious firms. The supported companies’ shares are Facebook, Amazon, Netflix, Apple, Twitter, American Airlines, Microsoft, Zoom, Delta Airlines, Spotify, Shopify, Alibaba, and more.
Tokenized Government-Issued Bonds
A government bond is a debt instrument issued by a government to investors to finance government spendings and obligations. This type of bond pays periodic interest named coupon payment to investors. Since government bonds are investments and attract investors, Currency.com has added its tokenized version. However, the exchange only offers the trading pair of Belarusian government bonds against the USD (Belarus252/USD).
Features Of Currency.com
Despite its multiple assets offerings, Currency.com still has enticing features that make it stand out.
Safety Of Funds & Information
Currency.com understands the importance of keeping users’ funds and information safe at all times; that is why it has employed specific measures to make this a reality. For instance, in trying to protect users’ information provided during signup, the exchange adheres strictly to the requirements of the EU General Data Protection Regulations (GDPR) by using encryption technology to render this information safe.
Furthermore, several partnerships have been sealed with blockchain-based security firms like Chainanalysis, Elliptic to ensure users’ deposits are secured.
24/7 Professional Customer Service Support
There is no need to bother about encountering any issue while trading as Currency.com has made adequate preparations to handle any of such matters, including clients’ inquiries.
The exchange’s team of professionals is always available every step of the way, rendering 24/7 support via the firm’s LiveChat widget, email, and phone numbers. All that is required is for clients’ to choose any of the exchange’s communication mediums, and a customer representative would promptly address your concerns.
Multiple Payment Options
Not only has Currency.com added several communication channels, but the exchange has also added different means to make payments on the platform more accessible. The exchange supports both fiat and cryptocurrency payment methods.
For fiat alternative, payments can be made using either credit cards (Visa and Mastercard) or bank transfer, while for the crypto payment option, users can decide to fund their account with crypto assets like BTC, ETH, or LTC. However, each of these payment methods comes with its dedicated fee.
It is rare to see a licensed crypto-related exchange based on the backlash the industry has suffered since its inception. Trading on a regulated exchange assures users that if things eventually go south, they would be compensated duly. The exchange stated that it has an operating license under Belarus’ laws, a European nation, and, as such, made it describe itself as the “first tokenized security exchange.”
Availability of Trading Education and Demo Account
Trading tokenized securities require some sort of expertise to help clients excel. Although there are useful random trading materials available on the internet today, having concise materials compiled specifically for traders on a platform is far better.
Currency.com has taken time to compose relevant articles on how to trade assets on the platform for experienced and inexperienced traders. Exclusive guides have been prepared to give users the knowledge on how to trade BTC, LTC, Ripple XRP, ETH, and tokenized assets.
Once users are convinced they are ready to trade, they can use the platform’s demo account option to gain more exposure to the platform. This service is similar to live trading. However, the only difference is that it does not require the use of real funds.
Currency.com Unique Service Offering
The exchange has further equipped itself with relevant services that are considered among the best in the market, and they include:
On Currency.com, users can trade both traditional and modern financial assets with leverage up to 100x. Leverage position allows users to trade any assets with more than what they have in their accounts. However, the exchange’s leverage is offered based on the type of asset chosen, and they include:
- 10x leverage on cryptocurrencies
- 20x leverage on tokenized indices
- 100x leverage on tokenized commodity and indices.
Currency.com uses an advanced but easy-to-use trading platform for all investors, irrespective of their experience in trading. The guides provided by the exchange would further provide clients with the right technique to conveniently navigate the platform without encountering any issue.
The Currency.com trading platform is also equipped with relevant tools like more than 75 advanced trade charts, stop-loss, and take-profit setups, etc. The trading platform is available on both web and mobile. For the web alternatives, traders can gain access using any browser on their devices, while the mobile version is available for download on Android and IOS devices.
Deposit & Withdrawal
Each payment option has its stated minimum and maximum deposit limit. For credit card transactions, including Visa and Mastercard, the minimum deposit is $100, while clients using the bank transfer method can fund their account with a minimum of $50.
Investors using Bitcoin as a method of funding their accounts would be required to make a minimum deposit of 0.002 BTC.
On the other hand, Currency.com clients who use Visa or Mastercard to withdraw funds on the platform are subjected to a $3 compulsory fee and an additional 2.4% and 1.9% of the withdrawal amount, respectively.
For the bank transfer withdrawal method, investors in Belarus would be prompted to pay $8 fee for every withdrawal, while those located outside the country would pay a withdrawal fee of up to $150, depending on the amount of the transaction.
In addition, crypto withdrawals using BTC attract 0.0005 BTC, while ETH withdrawal comes with a 0.02 ETH fee.
You Should Also Know This
Despite claiming that the exchange is regulated in Belarus, there is no license number anywhere on the platform to back up this claim. With this negligence, clients would find it challenging to conduct adequate research to know the firm’s status with the Belarusian government.
For sure, Currency.com also boasts a partnership with Capital.com, a brokerage company, and trading technology provider licensed by both the CySEC, the FCA, and recently, Belarusian authorities
Currency.com complies with the Belarusian government requirements on KYC and AML laws. This compliance requires the firm to demand several sensitive information, hence removing an essential feature of cryptocurrency, anonymity.
Although the step is in the right direction to keep the bad guys away, some legit users would still not be comfortable with the arrangement as they may like to remain anonymous.
Furthermore, there is still room to add more assets, especially from the crypto industry as more important assets are being added daily.
Currency.com is one of the best regulated tokenized securities exchanges that offers support for major assets, across varying markets.
Even though the exchange is new, it is focussed on bridging the gap between the modern and traditional financial markets. The trading platform is equipped with numerous tools, techniques, and strategies, and professional customer service support to address all your concerns.