Currency.com Review

Here Are the Pros and Cons of Currency.com

Currency.com fact sheet

When it comes to security, Currency.com has one past problem, when some customers complained about missing assets and got no support from Currency.com. The main reason behind it was the lack of crime insurance and this might scare some customers off.

When it comes to a two-factor authenticator, Currency.com allows users to protect their accounts by using Google Authenticator. This ensures that accessing users' accounts should be impossible for anyone other than the original owner.

Cold storage protection is also another great way to protect your funds. Currency.com gives users the ability to utilize both hot and cold wallets. This means that users' funds can be stored off the internet and protected against hacking attacks or other security breaches.

Licensing is also a field where Currency.com is not strong. Currently, they possess three licenses and a license to operate in 48 US states.

• High-Tech Park of Belarus
• FSC of Gibraltar
• FinCEN of the US

This small selection of licenses might be compensated by the Anti Money Laundering mechanism that Curreny.com has in place.

There are thousands of assets and trading pairs available on Currency.com. They have more than 2,000 tokenized assets up for trade. Here you will find the most popular currencies such as Bitcoin, Ethereum, Litecoin, and other lesser-known ones as well.

This huge selection of cryptos and other tokenized assets gives investors a good opportunity to diversify their portfolios and invest in different assets.

Here you can use many different trading strategies. Whether you want to day trade and try to make fast profits or buy crypto for a long time holding. You are also able to copy trading strategies from experienced traders of your choice.

Here is a short list of cryptos you can trade with on Currency.com

• Bitcoin
• Ethereum
• Litecoin
• Dogecoin
• Shiba Inu
• Solana
• Ripple

This is just a short list of cryptos and there are many more available. But this huge selection of cryptos does not guarantee that you will find every crypto you are looking for. For example, cryptos such as Avalanche and Polkadot are not available on the exchange.

It also needs clarification that the assets you can trade with will be dependent on the country you reside in. Each country has its own laws and regulations which need to be followed. So because of these, not every country will have the same available crypto for purchase.

Fees and commissions on Currency.com are not specified in huge detail and we had to find this out on our own.

They do provide information about basic fees but for more complex transactions, we have to calculate them on our own.

Below we present you with a table of how fees and commissions are calculated on Currency.com. 

Currency.com offers a good spot and futures trading platform. Their leverage is one of the best out of all the big crypto exchanges. This gives traders opportunities to trade with way more than they own and increase their profits.

Despite these good trading options, Currency.com is still far from the best crypto exchanges. Here you won’t find staking of cryptocurrencies as well as direct swaps between cryptos.

But Currency.com still offers P2P trading and an OTC desk which are good additions to the European exchange. Traders can also connect automated trading bots to the exchange in order to make their trading experience better and more profitable.

When we first visit the Currency.com website at first glance everything might seem simple and easy to get the hang of. Everything on their welcome page as well as every other part of the website is neatly organized, but not the exchange side. 

The exchange on Currency.com is not something we can call user-friendly. It is not that complicated, but it was clearly built with features over simplicity in mind. Their exchange offers 75 different indicators which are really useful for more complicated trading. 

If you are not sure about your abilities and are uncertain if you will be able to trade on their platform, Currency.com offers a demo trading section. Here, you can trade with virtual/fake money to test how the exchange works.

But as we mentioned, everything else on the website is neatly organized. They have really good toolbars to navigate the website, with each section that is visited frequently being accessible really easily. They have a nice FAQ section where you can find information on a wide selection of topics.

The educational material on Currency.com is a really nice feature. It has many different sections dedicated to different topics. They have a wide range of guides, trading strategies, and many others.

There are four main sections. One section is dedicated to Basics. Here you will learn the basics of crypto and trading. This section is kind of a mix of everything but on a beginner level. They also have Trading Guides where you can find many different topics about different trading strategies and how they work. They also have a crypto dictionary where they define many different terms in crypto and their usage. Along with this comes online lessons which take you through the whole world of crypto and blockchain.

Pros & Cons of Currency.com Education

When it comes to customer support, Currency.com has a really nice system in place. Their Support section has a really well-crafted FAQ section with many different categories and topics.

If you were not able to get needed help from their FAQs section and still require some assistance, they have other means of contact. The website offers live support chat where you can get fast responses from experienced support staff. You can also contact support on Viber and Telegram if you prefer communicating there. 

If those still don't fill your need for attention, then feel free to fill out the customer support form or contact support through email, but this method might be less speedy than the live chat option.

Their mobile app is similar in some aspects to their website. It is really well crafted, but at first glance, it might seem overwhelming and hard to get the hang of.

Their mobile app has really good navigation mechanisms. It is easy to access many different parts of the app really easily as everything is laid out neatly and can be found almost instantly. But it also provides really large amounts of information that might be hard for most novice traders to comprehend and understand.

Currency.com does not offer its own trading bots, but you can always use third-party trading bots via API keys. It has really nice sections where they describe different means of connecting your API key to the trading bot. To generate this API key the website has a really nice and simple section dedicated to it.

They also give us options to copy the trading strategies of other experienced traders and use them ourselves.

Getting started with Currency.com is an easy process that should not take longer than 24 hours.

Step 1: Create an Account

Currency.com has a simple and straightforward process when it comes to creating an account. The first thing we need to do is to enter the email address and the password we want to use.

When we do this, technically an account is created but we still need to enter some other information to fully complete the account creation process. 

The next step for us will be to provide our country or residency and some basic information such as our name and surname, date of birth, and address. 

Once we are done with that, all that is left to do is to provide our phone number for SMS verification and our account will be ready for step 2.

Step 2: Verification

Next up we have to pass the verification process. When we create the account an option will pop up asking if we want to complete the account. When we proceed with this process, we will be given the option to upload our identification document. This document can be in the form of a passport, ID, or driving license. 

This is it. All we have to do then is to wait for Currency.com to verify our account. They tend to do this within a 24-hour period. But there are times when verification applications flood the system which causes the verification process to extend.

Step 3: Deposit Funds

The last part before we are able to start trading is actually getting funds into our account in order to be able to trade. 

Deposit methods that we can use will depend on our country of residence. But in general, there are two deposit methods. One is depositing fiat currency and the other is direct crypto deposits.

When depositing fiat currencies, we generally have two options, a bank transfer or a debit/credit card deposit. 

But if we already hold crypto on a private wallet or other exchange and want to transfer it to our Currency.com wallet we will have to choose which crypto we are depositing and send the crypto to the provided address. Once the blockchain verifies the transaction, funds should appear in our Currency.com wallet. 

Currency.com has its pros and cons. They do not own any crime insurance, had problems with missing assets, and are not user-friendly. But they offer an advanced exchange with many different indicators as well as assets to trade with. So the decision as to whether you should use this exchange comes down to your personal preferences and what you prioritize.