Currency.com Exchange Review 2023: Fees, Platform, App, Safety & More

Currency.com ReviewSummary

Currency.com is a cryptocurrency exchange that provides cryptocurrency, stocks, bonds, indices, and currency trading services in over 180 countries. The platform launched in May 2019 and is now a state-of-the-art digital asset trading provider that prides itself on being the first exchange that allows users to invest or trade tokenized financial instruments and pay in crypto. The platform is based in Minsk, Belarus, with offices in London and Gibraltar. It is a good fit for trading tokenized assets due to its wide variety of investment classes. My Currency.com has mainly tokenized assets on cryptocurrencies, stocks, indices, etc., but also allows customers to buy some spot coins.  In this article, we present you with a full review of Currency.com to help you decide if it is a worthwhile platform for you.

Pros & Cons of My Currency.com

Pros

Wide Range of Investment Asset Classes – As of this writing, Currency.com has over 2000 tradable tokenized assets and cryptocurrencies with a goal of reaching 10,000 soon. Users can choose the asset class to invest in or leverage multiple trading instruments to increase their earning potential.

Deposits and Withdrawals – Users can make deposits and withdrawals in fiat money or cryptocurrencies.

Training Materials – Currency.com provides superior training materials for new users to familiarize themselves. They include trading charts and video tutorials, plus the platform offers a free demo account for trials before trading on the live platform.

Excellent Customer Support – Currency.com’s customer support team is available 24/7 with a range of options to reach them. Users can contact them via Live Chat, Email, Phone, or Facebook, WhatsApp, Viber, and Telegram.

Low Minimum Deposit Levels – Currency.com maintains a minimum deposit requirement of $5, ideal for investors of all levels. The minimum withdrawal amount is also competitive at $100.

Leverage and Spreads – Currency.com provides tight market spreads, and users can trade with leverages of up to 500x.

Regulation – Currency.com is fully regulated by its home country, Belarus, and is compliant with the Anti-Money Laundering (AML) and Know Your Customer (KYC) laws.

Cons

Not Available for US Residents – The platform maintains a ban against US residents, so its services are not accessible from the US.

No Staking, Lending, or Borrowing – In the wake of the decentralized finance (DeFi) world, many cryptocurrency exchanges provide lending and borrowing services, but Currency.com is yet to add the feature.

Limited Regulation – Currency.com is only regulated by its home country, inadequate regulation for a platform providing over 2000 investment assets in over 180 countries.

Currency.com Review Regulations, Offices, and Supported Countries:

Regulations

Currency.com is regulated in its home country of Belarus under the Decree of the President of Belarus no. 8. It is governed by the High Technology Park of Belarus and is considered a legal entity authorized to provide tokenized assets and cryptocurrency trading services. It also has licenses to operate in Gibraltar and the UK.

Offices

Currency.com is based in Belarus, with its offices in Minsk. However, as an international company, the exchange is expanding operations and now has offices in London, the United Kingdom, and Gibraltar, which serve as the headquarters.

Supported Countries

Though there are a few exceptions like the United States, Currency.com is a global exchange providing its services in most parts of the world, including Africa, Europe, and Asia. The countries locked out by the platform’s regulations include The United States, Syria, Sri Lanka, the Democratic People’s Republic of Korea, Iran, Pakistan, Yemen, The Bahamas, Cambodia, Trinidad and Tobago, Bermuda, Tunisia, Panama, Philippines, Senegal. South Sudan, Nicaragua, Turkey, Uganda, Morocco, Mauritius, Mali, Myanmar, Malta, Jordan, Jamaica, Haiti, Cayman Islands, Albania, Zimbabwe, Turkey, Ethiopia, Botswana, and Ghana.

The full list of supported countries includes:

Asia

America

Africa

Europe

Oceanic

Currency.com Review Available Coins

There are over 2,000 tradable assets on my Currency.com including several cryptocurrencies and crypto crosses that users can trade. Precisely, Currency.com provides you with over 50 coins and hundreds of crosses. Here is the full list of the available coins on Currency.com:

Available Crosses

Currency.com ReviewTrading Fees

Currency.com does not charge any commissions on crypto deposits, but fiat deposits attract a fee depending on the fiat currency and the deposit method used. You can make fiat deposits via the USD, British Pound, Russian Ruble, Belarusian Ruble, or European Union Euro.  However, withdrawals attract a fee based on the coin used. Also, withdrawals made to accounts outside Belarus attract an additional 15% fee. Besides the withdrawal fee, the platform maintains a fees structure that includes trading fees, exchange fees, funding fees, and an overnight funding fee.

For BTC/USD, BTC/EUR, ETH.USD, ETH/EUR, the trading commission is 0.06%, and 0.075% for other cryptocurrencies. On the exchange fee, a 0.2% charge is applicable with an exchange amount of up to $50,000. Exchanges with amounts above this limit will have a separate commission charge. Funding fees on Currency.com apply on continuously leveraged trades depending on the market rate. The overnight funding fee can be added or subtracted from your account with an order after a specific time frame. The amount is usually calculated using the formula (Asset Quantity x Current Price – Reserved) x Daily Overnight Funding Fee %.

Currency.com also earns from starting spreads of $0.05 for BTC and a crypto market taker and market maker of 0.075% and 0.025%, respectively. No hidden fees are charged on Currency.com.

Currency.com Review Currency.com Trading Platforms

Currency.com Desktop Trading Platform

Currency.com provides the cryptocurrency community with a highly user-friendly and interactive web-based platform with a complete set of risk management tools to safeguard their investments. The web-based platform is available in a single account type, a standard account, used to trade all the instruments offered by the exchange.

It has a simple user interface that even beginners will comfortably maneuver and start trading. The platform’s outstanding features include the 75 different technical charts, active trading news, and extensive user support.

Before you start to use the platform, you can explore the demo account that allows you to trade using virtual BTC. It reflects the platform’s live version, but you cannot use real money on the demo.

The live desktop trading account has a simple dashboard that features six sections: a Trade tab, Charts, Portfolio, Reports, Deposits, Referrals, and Contests.

Trade

The Trade tab allows users to choose their trading instruments such as cryptocurrency, stocks, indices, or securities.

Charts

On the Charts tab, you can view a live chart for the instrument you choose to trade.

Portfolio

The Portfolio section allows you to view your open trades and your working orders.

Reports

The Reports section will show your transaction and activity history.

Referrals

The Referrals tab allows you to refer a friend to Currency.com and receive half of their trading and exchange fees for the first six months. You will find a link that you can copy and use to invite friends.

Contests

Currency.com includes a Contests feature where clients can compete in a trading contest. You simply open an account then trade with profits to win the award. The top three traders get the award, and the exchange currently has a $2500 award pool.

How to Open an Account with Currency.com on a Desktop

Currency.com’s desktop platform has a reasonably straightforward signup process. Even a beginner trader can get through within minutes and start trading. However, identity verification is necessary, so be prepared to provide a verification document after verifying your email. The verification is proof that Currency.com is KYC compliant since it is a regulated exchange by the High Tech Park of Belarus. Here are the steps you should follow to open an account on Currency.com’s web-based platform.

Step 1: Go to the Currency.com HomePage and click on ‘Join In.’

Once you click on the icon, the page will direct you to begin the signup process. Start by providing a valid email address, then create a password. The platform will provide a list of requirements that your password must meet for security purposes.

Step 2: Specify your country of residence and nationality. Make sure you confirm that you are not a resident of the United States.

Step 3: Enter your details, i.e., your name, surname, and date of birth.

Step 4: Enter your current address.

Step 5: The exchange will send a link to the email address you provide. Go to the email and click the link to verify.

Step 6: Complete registration by providing an ID verification. You can give a clear photo of your passport or government-issued ID.

How to Buy Crypto with Currency.com on the Desktop Platform

To buy cryptocurrency on Currency.com;

Step 1: Log in to your new account using the email and password you created.

Step 2: On the dashboard, proceed to the ‘Trade’ section and select the crypto coin you want to purchase.

Step 3: Customize your order with the number of coins you want to buy.

Step 4: Select your preferred payment option from the list to fund your account.

Step 5: Click on ‘Place Order’ to complete the purchase.

Currency.com Mobile Trading App (Available on Google Play and Apple App Store)

My Currency.com provides users with a simple, easy-to-use, and award-winning crypto trading app to serve you even while on the go. The app comes with all the web-based platform features included, so you can use it as a gateway to over 2,000 trading instruments and buy or sell to profit from the markets.

Additionally, it provides a powerful cryptocurrency market app that prides itself on having a split-second order management system. It is not limited by the speed hurdles associated with blockchain technology. Instead, it features an unparalleled trade-matching engine operating at high speeds of up to 50 million trades per second.

The taker or maker fees are always competitive, plus the app comes with a complete set of risk management tools. Traders can use isolated margins to manage risks and limit potential losses. The margin can also be controlled manually, allowing traders to decide the aunts they are ready to stake.

How to Open Your Account Via the Currency.com Trading App

1. Download the app from the Google Play Store or Apple App Store, depending on your mobile device version, then install the app.
2. Once your app gets installed, choose to sign up, or you can first try the demo.
   
3. Provide your email and create a password.
4. Provide the address of your residence, specifying your country and nationality.
5. Enter your first name, middle name, and last name. The middle name is optional.
6. Provide your address or postcode.
7. Enter your date of birth.
8. Provide your phone number.
9. Select your deposit currency from the list provided and deposit to start trading.

Once your account is fully set up, you can start trading or choose to watch tutorial videos on how to trade. Remember, you also have the demo account for trials.

How to Buy Cryptocurrency on the Currency.com Trading App

Trading on the Currency.com app is in no way different from the desktop platform. The only noteworthy difference is that you will have to download the application first unlike the web-based platform where you access it directly on the internet. After that, everything else runs similarly.

Step 1: Open the app on your mobile device and log in to your new account.

Step 2: Access the Trades tab and select your preferred crypto asset.

Step 3: Customize your purchase and place your order.

Currency.com Review Deposits & Withdrawals on  Currency.com

Currency.com will not charge you even a cent when making your deposits via bank transfer. The first deposit using bank cards is also free, but you will pay a 3.5% commission if you use a Mastercard or Visa. The exchange allows crypto and fiat deposits and provides a range of payment and withdrawal options for fiat currencies. Crypto deposits are completely free and there are no maximum deposit limits. However, there are minimum deposit and withdrawal amounts and withdrawal charges.

If you have some crypto coins in an external wallet, you can deposit them to Currency.com by following these steps.

1. Go to the wallets page or the deposits page and select the wallet you want to deposit.
2. Copy the wallet address to your external wallet as the destination wallet.
3. On your external wallet, specify the number of coins you want to transfer and confirm the transaction.

You can also withdraw crypto coins from Currency.com by:

1. Go to the wallet you want to withdraw and click on the ‘Withdraw’ icon.
2. Copy the destination wallet address (an external wallet).
3. Specify the number of coins you want to withdraw and confirm the transaction.

For fiat deposits and withdrawals, Currency.com accepts six different currencies, and you can only withdraw to a bank account, bank card, or crypto wallet. The accepted fiat currencies include the US Dollar (USD), Euro (EUR), Belarusian ruble (BYN), Russian ruble (RUB), and the British Pound Sterling (GBP). However, the fee structures differ from one fiat money and one payment method to another, but everything remains the same for the fees and minimum deposits when using the USD, EUR, and GBP. Also, the fees structures for individual traders are different from what the exchange charges for legal entities.

Deposits and Withdrawal Times

Cryptocurrency deposits on Currency.com are typically processed within minutes. The durations may however vary depending on the amount being transferred and the associated confirmations. For instance, BTC deposits require 2 confirmations while ETH has 12 confirmations. The number of confirmations may also be more if the deposit amount is higher.  Deposits made via bank transfer may take several days before the funds can reflect on your account due to the delays associated with banking systems.

Withdrawals can only be made via bank cards, bank accounts, or crypto wallets, and the time is taken for a request to reach an external account depends on the option used. However, processing a request takes about 30 minutes on average.

For withdrawals made to a bank card, processing can take anywhere from several minutes to 24 hours. It may then take up to several business days before you receive the funds depending on your issuing bank.

When receiving funds to a bank account, the transfer takes between 1 and 2 days within Belarus, and between 1 and 5 business days in other jurisdictions. The time taken purely depends on the speed of the processing bank. Note that bank transfers are only processed on business days and during working hours.

Withdrawals to crypto wallets are rather faster compared to the other two options. The transfer can last anywhere from several minutes to five hours. You can always check the status of your withdrawal request on the ‘Wallets’ tab under ‘Withdrawals in Processing’ if using the web platform, or on the ‘Portfolio’ tab under ‘Wallets’ if using the mobile app.

My Currency.com Deposit and Withdrawal Fees

Deposits and Withdrawals in USD

Deposits and Withdrawals in the Belarusian Ruble (BYN)

Deposits and Withdrawals in the Russian Ruble (RUB)

Currency.com Review Education

Currency.com provides a wide range of short video tutorials to help customers navigate the platform. Popular tutorials available include videos on how to deposit, how to track position, how to contact support, how to open short trade, and how to customize platforms. Go to the settings icon and find them under the ‘Video Tutorials’ section to access the videos.

Simply put, the tutorials provide the best educational support for users who want to learn how to complete any activity or service offered by the exchange.

Additionally, Currency.com provides 75 different types of technical charts plus valuable trading information and news.

Currency.com Review Customer support

Currency.com has one of the best customer support services in the crypto industry. First, the support team is available 24/7, with a range of options for contacting them. Typically, customers get an immediate response when contacting support via live chat or phone. You can talk to them through a Live Chat, send an email, or contact them via phone. They are also available and reachable through social media platforms, including Facebook, WhatsApp, Viber, and Telegram. The mailing address is available on the Currency.com website, which you can view in 10 different languages, including English, Russian, Indonesian, Spanish, Portuguese, Vietnamese, Korean, Malaysian, Thai, and Chinese.

Currency.com ReviewOnline Reviews

What Are People Saying About My currency.com On Reddit?

On Reddit, Currency.com seems to be highly upvoted with the users noting the exchange’s fast rise in the number of registered users globally. One currency.com review that is 80% upvoted reports that Currency.com has made a 130% increase in global client numbers over H1 2021. The Reddit community comes out to comment about the remarkable surge in clientele. One of them notes that the rise in numbers is no surprise since Currency .com is a regulated cryptocurrency exchange with no troubles.

In the following comments, the users seem to owe the platform’s growth in its customer base to its regulation. One user notes that law brings trust in the forum, which translates into growth as another Redditor confesses to having never thought that there would come a time when regulated exchanges would have an advantage over unregulated ones.

What Are People Saying About My currency.com On Quora?

Regarding the Quora community’s view on Currency.com, there are pretty impressive reviews about the exchange. The reviewers appear to be individuals who have had an experience with the platform and are worth recommending to other cryptocurrency and tokenize assets enthusiasts.

In the screenshot above, a question is posed on the platform seeking to know about the legitimacy of Currency.com, and the exchange gets highly vouched for in a response. The user candidly notes how trading on the forum is an incredible experience owing to the numerous benefits that Currency.com provides over its competitors. The currency.com review talks about the needs of a new investor, such as having multiple questions on how to go about processes like depositing, withdrawal, fees, and platform security, ending the response by saying Currency.com is the place to get through all these concerns.

The same question on Currency.com’s legitimacy comes up again where another user responds in the platform’s defense. The user claims that Currency.com is legit for sure. It is among the few fully regulated exchanges globally and the biggest regulated digital assets marketplace in the CIS. The post proceeds to explain that Currency.com is strictly regulated and in compliance with Belarus’ legislation which is highly advanced in regulating cryptocurrency. The user also notes that it is an award-winning platform for speed and simplicity in trades.

Currency.com Review Is Currency.com Safe?

Yes, Currency.com is a safe cryptocurrency exchange that investors can use to invest in a wide range of tools provided by the platform. The business is regulated, authorized, and licensed by the High Technologies Park of Belarus, which means the exchange is subject to the most stringent scrutiny by the world’s top jurisdiction holding the overall legal regulation of blockchain technology-based entities.

Additionally, the platform uses two-factor authentication, including login, trading, funding, and all actions performed using API keys. If a client loses the Currency.com account, they can use the 2FA channel, a kind of master key. Email and documents submitted for account verification are maintained in a discreet system for security purposes, plus high-level encryption that makes all client data and holdings tamper-proof.

Digital assets go directly to cold wallet storage, where the vast majority of coins on Currency.com remain. The lesser number of coins remain in semi-cold wallets on protected machines with highly encrypted and locked drives.

Currency.com Review Currency.com Vs. eToro

There are currently over 400 cryptocurrency platforms serving the crypto community around the globe. If you are looking to start your cryptocurrency journey, Currency.com and eToro are among the noteworthy platforms you may want to try. Here is a comprehensive comparison of the two platforms.

Currency.com

Currency.com is among the few fully regulated international cryptocurrency exchanges in the world. The platform launched in May 2019 and is headquartered in the United Kingdom. Over its short existence, the platform has carved out a reputation for providing a wide range of tokenized assets with transparent commissions and low spreads.

eToro

The eToro trading platform launched in 2007 and is one of the oldest cryptocurrency brokerages in the world today. It is an international broker with a reputation for being a platform where you can buy actual cryptocurrency coins and it’s also one of the best cryptocurrency CFD brokers. eToro also features an in-exchange crypto wallet – the eToro digital wallet. The Israel-headquartered cryptocurrency platform currently has over 23 million registered users globally.

Deposits and Withdrawals- Currency.com vs. eToro

eToro accepts deposits via crypto and fiat currency. Users can complete fiat deposits via various options, including bank transfer, credit cards, PayPal, Skrill, Neteller, Sofort, IDEAL, UnionPay, Rapid Transfer, and Giropay. The platform maintains first-time minimum deposit requirements, which vary depending on a client’s country of residence. The USA and Australia are the most favored. They have their minimum deposit limit set at $50. The minimum deposits may also change based on the payment method used. eToro does not charge users for deposits.

Both deposits and withdrawals must happen in the USD. For withdrawal, eToro sets the minimum withdrawal amount at $30 with a flat fee of $5. Else you pay a currency conversion fee of 2% since eToro has the USD as its base currency.

Money. On Currency.com, deposits and withdrawals can happen via cryptocurrency since it is a cryptocurrency exchange. Fiat deposits are also accepted, and users can make them via bank transfers, bank cards, SEPA payments, and Yandex. Available fiat currencies include USD, EUR, GBP, BYN, and RUB. Deposits start as low as $10, and withdrawals are typically processed in minutes.

Unlike eToro, deposits are not entirely free. Deposits attract varying fees depending on the method used. However, bank deposits are free, but withdrawing will cost you 0.15% with a minimum charge of $20 and a maximum of $50. Also, withdrawals to offshore accounts attract an extra fee of 15%.

Security- Currency.com vs eToro

eToro is regulated in three different jurisdictions, including the UK, Cyprus, and Australia. Clients in different countries are usually protected by one of these subsidiaries and guaranteed appropriate protection. Users in the UK have deposit insurance of up to 85,000 Euros and 20,000 Euros in other countries. There is, however, no deposit insurance for Australia. Investments on the platform are protected by an insurance deposit of up to $1M against the broker’s bankruptcy. Negative balance protection is also in place for European users.

Currency.com, on the other hand, is regulated in Belarus by the High Technologies Park of Belarus. Belarus prides itself on having the most advanced cryptocurrency legislation, making it an ideal jurisdiction for regulating the exchange. The Currency.com company is also DLT-licensed in Gibraltar and regularly conducts audits to ensure the platform’s safety.

Referral Programs – Currency.com vs eToro

eToro runs one referral program where users joining via a referral link get a $50-$100 bonus. However, the program is country-selective and only available in 44 countries. Both the user sending an invite and the referred party must be living in one of the specified countries.

Currency.com, on the other hand, runs two referral programs that are open to individual and institutional users in all supported countries.

The first program caters to business owners and is known as the affiliate program. In this program, business owners who invite customers to Currency.com receive 40% of the commission paid by them in the first 24 months. The referred parties also get a 12% discount on commissions charged.

The other referral program is available for all individual users. Each user gets a referral link to invite friends and earns 50% of the commissions paid by the referees for six months. Referees also get a 10% discount on commissions for three months.

Tradable Assets – Currency.com vs eToro

eToro is a social and copy trading platform that provides investment solutions in various markets, including cryptocurrency, indices, stocks, and forex. Investors in the cryptocurrency space get a rare opportunity to trade real coins and leveraged trades on CFDs on the same platform.

Currency.com, on its part, also provides a wide range of tradable assets in similar markets and introduces the aspect of tokenized assets. As of this writing, there are over 2,000 tradable instruments, and the exchange aims at hitting 10,000 in the future. It serves investors in the crypto space, indices, stocks, and bonds, among others. It also allows users to have leveraged trades but not in CFDs.

Customer Support – Currency.com vs. eToro

eToro provides its users with an intuitive user interface and also includes a customer support function. Customers can contact the support team via live chat for primary consultations. Major or complex concerns may require you to email the team. Other ways of getting eToro’s customer support include writing on the frequently asked questions or contacting them over the phone.

Currency.com also offers customer support that is available 24/7. They have a wide range of options for contacting them, including Email, Phone, Live Chat, WhatsApp, Facebook, Viber, and Telegram.

Currency.com Review Other Products & Services

Tokenized Assets

Other than cryptocurrencies and crypto crosses, my Currency.com provides a host of tokenized assets. Individuals can trade these assets on the exchange with the same profit or loss opportunities just like with cryptocurrencies. The trader comes with either fiat currency or cryptocurrency and purchases the tokenized asset of choice, and the trade can be leveraged at 1-100. The exchange then matches the trader’s orders with those of other clients.

The tokenized assets on Currency.com are classified into different categories as follows:

Tokenized Bonds- Tokenized Bonds on Currency.com are issued by Belarus’ ministry of finance.

Exchange-Traded Funds- Currency.com provides a range of exchange-traded funds such as the SPDR Umbrella.

Indices- You can trade indices on Currency.com such as NASDAQ100, S&P500, Dow Jones 30, CAC40, DAX30, FTSE CHINA 50, and FTSE100, among others.

Commodities and Shares- Currency.com provides tokenized shares available across major indexes like Amazon, Volkswagen, and Apple. The exchange also offers an array of tokenized commodities including but not limited to Platinum, Gold, Silver, Brent Crude, and Oil.

The tokenized assets on Currency.com are usually underpinned by a robust and immutable blockchain. Each transaction gives you a token that moves with the price of the underlying instrument, allowing you as the investor to profit from the market price action without converting your cryptocurrency portfolio into fiat money.

Businesses Affiliate Program

Besides the private trader referral program mentioned earlier in this review, Currency.com also offers another program for businesses. It is much similar to the referral program, but the business program involves the transfer of 40% of all commissions that your clients will pay within 24 months. Customers of the business also get a 12% discount on trading commissions.

Currency.com Prime

Currency.com Prime is a unique feature designed specifically for sophisticated traders with personalized needs. The component delivers tailor-made solutions specially adapted to suit your needs. It comes with unique functionalities like Lending and Staking, VIP White Glove Premium Services, access to exclusive products like NFTs, Private tokens, and life insurance. Users in this category also get unique prime brokerage and trading and premium advisory.

Currency.com API

The Currency.com API functionality allows you to build your own cryptocurrency trading experience. Users can develop their app using Currency.com’s infrastructure at its core and access Currency.com directly.

The API covers many functions that allow users to trade automatically and enjoy a cutting-edge crypto trading experience. They can create accounts, get real-time access to market data, and place trades under the highest security standards. A Swagger API documentation is responsible for helping you with WebSocket API and REST to create an environment for building your applications with Currency.com, managing accounts, and protecting them against fraud.

Company Tokens

Currency.com helps you identify the most profitable company tokens and invest in them. The process is quick and easy and requires no intermediaries. Additionally, investors can receive regular payments on the interest the company tokens earn. Also, holders can resell their tokens at a secondary auction.

Currency.com Review Bottom line

After our detailed currency.com review, it’s right to conclude that Currency.com is one of the most reputable cryptocurrency exchanges available today. Though it is not regulated in many jurisdictions, it is KYC and AML-compliant, making it a legitimate platform. Additionally, it uses top-tier security and encryption systems, indicating how the company has paid attention to safeguarding investors. Deposits are usually held in cold wallet storages and bank accounts separate from the platform’s operations.

Aside from its heavy investment in safety, the exchange is among the industry leaders in terms of the trading instruments available. It has over 2,000 tradable assets and aims to hit 10,000 in the coming years, making it a one-stop point for all digital asset trading needs. You can trade various assets at any time in the supported jurisdiction using either the web-based platform or the trading app. The fees and commissions are competitive, and the exchange includes attractive programs to give back to investors and provide discounts on trading.  With all these trading options and a great customer support system, Currency.com will remain a force to reckon with in the crypto space as its tradable assets base continues to grow.