One of the challenges faced by cryptocurrency investors is the inability to have access to the financial markets. These investors tend to exchange their coins for fiat currency. Because of this, most investors in cryptocurrency are unable to carry out trading in the liquid market on assets such as indices, equities, and commodities. Currency.com was established to overcome such limitations. Currency.com has been in existence for several years, and it was formed to provide relief from traders who may desire to access regulated financial markets.
However, most traders still have several fears when it comes to using a trading platform to trade different assets in the financial market, and currency.com is not left out. Such worries arise because these trading platforms may be susceptible to cyber-attacks, which may cost traders their investment. What is currency.com, and how reliable is the trading platform to help users generate income via trading? What makes currency.com stand out when compared with other trading platforms? We shall find out as we proceed in this article.
An overview of currency.com
Currency.com is a trading platform that allows traders with Litecoin, Ethereum, or Bitcoin to be able to trade other financial assets such as commodities from different multinational companies. Traders who wish to trade on other assets using their cryptocurrencies may be able to do so without first converting their cryptos to fiat currencies.
Currency.com claims to be the trading platform that pioneered the concept of trading tokenized securities. It also claims that it allows users to gain relevant experience about the financial market and also provides an avenue for understanding the factors responsible for influencing the value of different assets in the financial market. Currency.com allows us to carry out trading activities using fiat or cryptocurrencies as a form. Of collateral. Users can carry out trading using cryptos and still receive their profits in cryptocurrency.
One other high point of currency.com is that the trading platform offers crypto margin trading. With currebcy.com, you may be entitled to have leverage while trading with several cryptocurrencies such as Litecoin, Ethereum, and Bitcoin. You may get leverage of about 20x while trading on the platform. Currency.com aims to set itself apart from others and be termed as a dominant force in the financial market. It offers users an option to make use of the web-based platform while also providing users with several other options, such as mobile devices for iOS and Android-enabled smartphones. The company has developed mobile applications that are compatible with users of the devices, as mentioned above. Users may get the same fluidity that is experienced with the web version when using the mobile applications.
Currency.com as a tokenized security trading platform
Currency.com offers limitless opportunities for traders to trade on tokenized securities. But what exactly are these tokenized securities? Tokenized securities are referred to as tokens used to represent the price of assets, bonds, securities, or commodities. When it comes to the impact of trading tokenized securities in terms of profit generated or loss incurred, these securities are similar to what is experienced when trading bonds, futures, derivatives, commodities, and other popular financial instruments.
According to the broker, the trading platform offers more than 10,000 different forms of tokenized securities with prices that are pegged at the current prices of these assets in the financial market. Traders may be able to trade in shares of multinational companies such as Amazon, Apple, and Coca-Cola. You may also be able to trade on indices such as Nasdaq 100, S&P 50 and Dow Jones 30.
Currency.com also offers trading on a variety of commodities like silver, Brent crude, and gold. When you place a trade on any of the available assets, you may get a token used to track the instrument’s prices. With this approach, investors may be able to diversify their investments without the need for their cryptos to fiat currencies. Capital.com provides actual liquidity prices. Capital.com is in partnership with currency.com in providing users with a seamless trading session. Prices provided by capital.com for currency.com users are transparent and may be the p prices available in the financial market.
Available Markets
Different financial instruments are available for traders in the currency com trading platform. The market is vast and offers a wide variety of trading choices. You can explore these opportunities and leverage your cryptocurrencies in trading other tokenized assets in the financial market.
Tokenized Indices
Stock indices, which may also be referred to as indexes, are said to represent an integral element of the financial market. Some of the prominent forms of indices available for trade via currency.com include S&P 500, NASDAQ, Down Jones, and FTSE. A stock index is used in measuring the performance of the price of several shares on the exchange platform. Currency.com also offers traders the option to trade on other indices such as CN50, NL 25, US30, FR 40, SP35, and EU50.
Tokenized shares
The stock market is a viable market that offers traders the chance to invest in shares and generate revenue from their investment. The stock market also allows investors to speculate on the price of stocks provided by renowned multinational companies from across the globe. Some of the tokenized shares available on the currency.com trading platform include Visa, Tesla, Netflix, AT&T, Uber, Fiverr, NVIDIA, Slack Technologies, and many more.
Tokenized Commodities
Currency com offers traders the choice to make use of cryptocurrency in trading very high valued commodities such as palladium, platinum, natural gas, gold, silver, crude oil, etc.
Tokenized government Bonds
Government bonds are significant debt instruments that the government of a country issues for financing short and long term spending by the government. However, currency.com’s involvement in the trading of government bonds is only limited to the BELARUSIAN government.
Pros and Cons of trading with currency.com
Currency.com offers traders several outstanding benefits, which helps them to generate income through their investment. However, there may still be some drawbacks associated with using the currency.com trading platform to carry out trading activities. Below are the pros and cons of trading via the currency.com trading platform:
Pros
- Traders have access to trade a variety of assets including tokenized securities
- The trading platform has an intuitive and friendly interface which is suitable for both experienced and new traders
- Currency.com has designed a fully functional application which is well suited for iOS and Android smartphone users
- The exchange company uses advanced security features to traders’ investment and protect their personal and sensitive information.
- The exchange is regulated by the exchange commission, which makes it a trading platform that may be trusted.
Cons
- The exchange company may still be able to add other high valued assets to increase investment diversity.
- There is room for an increase in the number of cryptocurrencies that can be traded on the platform.
How to Register on the currency.com trading platform?
The registration process on currency.com is straightforward and devoid of any form of complexities. The first step is to select the Register icon which can be found at the top of the site’s navigation menu when you log in to the currency.com website. After doing that, you may have to complete a know-your-customer procedure because the Belarusian High Tech Park is saddled with the responsibility of regulating the trading platform’s activities. The company’s account and procedures are audited by the renowned Ernst & Young auditing firm.
Currency.com ensures that it fully complies with AML and KYC regulations to effectively protect its users from `buying cryptocurrencies that are termed as dirty. After clicking on the “exchange” button, you may find a window that pops up to mark another registration phase. The next step is to provide your email address, and then you may also be prompted to provide a secure password in line with the trading platform’s requirements. Once that is done, you may then proceed to the next registration phase.
You have to provide details of your personal information such as your residential country as well as your nationality. Other compulsory details that must be submitted include your name, which has to be the same as the one in your country of origin and your current address. After you may have completed this process, an email verification may be sent to you.
You are to click on the verification link to verify your account. As part of the KYC procedure to curb the activities of scammers, you are to provide your government-approved national ID for verification. Your address may also be verified; hence you may have to provide documentation that supports the claim that you reside in that particular address. Once that is done, you may have to wait for approval, but that may not hinder you from funding your account and starting your trade.
The deposit and withdrawal process on the currency.com trading platform
For you to deposit funds into your currency.com account, the first step is to navigate to the section where you will find the “wallet.” You may see this section at the top of the site’s navigation menu. Your deposits may reflect in your account shortly after placing the deposit. Apart from depositing fiat currencies on the platform, you may also choose to deposit cryptocurrencies and use it to trade on a variety of assets.
The withdrawal process is also very straightforward. If you are withdrawing a fiat currency, you may be required to carry out a bank transfer. However, you may withdraw directly into your bank account if you have previously made use of a debit or credit card to place deposits. After clicking on the withdraw button, you may be asked to select the currency you wish to withdraw. Once you have completed this stage, you will have to wait a while so that the money can be reflected in your bank account.
How to trade on the currency.com trading platform?
Trading on tokenized securities via the currency.com trading platform is similar to trading cryptocurrency or other traditional assets using any exchange platform. You have the option to select whether you want to buy or sell a particular asset. You should understand that trading in the financial market comes with its risks. However, as a trader, investing in any form of business is risky, but it is wise to take a well-calculated risk. Let us highlight the various aspects of trading on the currency.com trading platform.
How to buy assets on currency.com
Currency.com is a trading platform that offers uniqueness in its features. Traders on this platform may be able to trade on stocks, commodities, indices, and other forms of financial assets. Let us highlight the steps you may take if you want to buy an asset, and we shall use the S&P 500 indices as a case study. You may find different options on the left side of your screen, such as Charts, Trade, Referrals, and Reports.
To begin your trading session, you have to click on the “trade” icon. Select the asset category you would like to trade and click on the particular asset in that category. Since we are trading on the S&P 500, you are to select indices and click on S7P 500. The next step is to choose the Buy button, which will open a pop-up window after selecting. You are to assign a percentage of your deposit, which you will use in making your purchase.
A market order tab opens up to display the current value of the asset in the market. You can set a limit order which can be placed at an entry point and a fixed price. To do this, you may have to click on the icon that displays “Buy when the price is” which secures your margin.
Once you are all set, the next step is to select the “Place Order” or the “Buy” button, depending on whether it is a limit order or a market buy. You have successfully purchased your S&P 500 asset in a small part. You may verify this by going to your wallet, which will indicate your part ownership of the asset.
How to sell assets on currency.com
After buying an asset, you have the option to sell it and make money from your sale. To sell your S&P asset, click on the “sell” icon, and follow the steps displayed on your screen. The process is similar to buying an asset on the platform. You can as well place a limit order to sell your asset at a specific set price. Once you are done, select the place order or sell icon.
Margin trading on currency.com
The exchange company provides margin trading options to traders. Traders may be able to trade on different financial instruments with up to 100x leverage on some specific currency pairs. You may be able to trade on cryptocurrencies such as Litecoin, Ethereum, and Bitcoin, which may be traded against other fiat currencies like the Russian ruble, US dollar, and the Belarusian ruble. Note that making use of the leverage in your trade may give you a higher profit, but you may be at risk of incurring a higher loss percent should the trade outcome become unfavorable. Currency.com allows traders to make use of the take profit command and stop-loss features, which helps to reduce the risk of losing.
Fees on currency.com
Before you may consider pitching your tent with a particular trading platform, it is best to identify if there are charges to be incurred for trading, depositing and withdrawing. It is also critical to know how the exact fee you may have to pay for each activity.
- Deposit
For deposits, you may have to pay about 3.5% of your deposit as charges when you make use of MasterCard or Visa. There are no charges for using a bank transfer. The minimum deposit you can make on the currency.com trading platform is $100 when you make deposits through Visa or MasterCard, while $50 is the minimum you can deposit with a bank transfer. The maximum allowable amount that can be deposited on the platform is $24,000. However, you may be able to increase your deposit, although you may be required to pass through some additional verification exercise.
- Withdrawal
Commissions for withdrawal only apply when you are taking money from the currency.com platform; the withdrawal commissions are dependent on the transaction option you wish to use. A 2.4% plus $3 commission is charged for withdrawing via Visa, while withdrawals made through Mastercard are 1.9% plus an additional $3. Bank transfer for Belarusian and non-Belarusian residents is $8 and $20, respectively.
Conclusion
Currency.com is a trading platform that may be trusted because the authorities regulate the activities of the exchange platform in Belarus, currency.com offers traders a variety of tokenized assets for trading purposes. Their outstanding features and tools make this exchange platform unique in comparison with other trading platforms.
