Is Currency.com a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether Currency.com is a good crypto exchange to start trading with. In this article you will learn whether Currency.com is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker Currency.com
Currency.com is a unique crypto platform for Bitcoin, Litecoin, Ethereum, and other assets trading. Traders have a lot of cryptocurrencies and tokens at their disposal, which can be freely transferred and converted, as well as exchanged for fiat funds. The exchange complies with International AML and KYC standards, offers narrow spreads and competitive commissions. There are affiliate and referral programs, as well as the possibility of investment in the company’s tokens and tokenized government bonds. There is mobile trading in addition to web applications. The platform is characterized by powerful analytical tools.
| 💰 Account currency: | XBT |
| 🚀 Minimum deposit: | 0,002BTC |
| ⚖️ Leverage: | Up to 1:500 |
| 💱 Spread: | 0.75% |
| 🔧 Instruments: | Cryptocurrencies, currencies |
| 💹 Margin Call / Stop Out: | No |
Currency.com Pros and Cons
👍 Advantages of trading with Currency.com:
•a large number of assets;
•free exchange of cryptocurrencies for fiat funds;
•several dozen technical indicators for charts;
•trading with leverage up to 1:500;
•protection from negative balance;
•high transaction speed;
•fully functional demo account.
👎 Disadvantages of Currency.com:
•there is no cold storage method for cryptocurrencies;
•there are no fiat accounts, no scalping available;
•long delays during withdrawal of funds.
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
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Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
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Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
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Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
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Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
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Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
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Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for Currency.com Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. Currency.com offers traders the following conditions.
| 💻 Trading platform: | Proprietary |
| 📊 Accounts: | Standard, Demo |
| 💰 Account currency: | XBT |
| 💵 Replenishment / Withdrawal: | Bank card (Visa/MC), bank transfer, Cryptocurrencies |
| 🚀 Minimum deposit: | 0,002BTC |
| ⚖️ Leverage: | Up to 1:500 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | from 0 |
| 💱 Spread: | 0.75% |
| 🔧 Instruments: | Cryptocurrencies, currencies |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | market order, limit orders, stop-loss, take profit orders |
| ⭐ Trading features: | Fiat currencies can be exchanged and withdrawn to a card or bank account |
| 🎁 Contests and bonuses: | There is a trader contest with a prize pool of $2,500 |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of Currency.com commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
Trading fees are 0.75% for the taker, 0.25% for the maker, and 0% for tokenized currencies and assets. The commission for the exchange can be up to 0.5%, depending on the exchange type and direction. Fees are also imposed on long-term leveraged transactions following market rates. The amount of the leverage fee shall be either added to the account balance or deducted from it when making an application after a certain period. The commission for depositing with Visa and Mastercard is 3.5%; for withdrawal it’s 3% + $3. Depositing via bank transfer is free. The withdrawal fee is 0.15% (min $20, max $150).
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | From 0.075% per market order | 0.15-3% (+$3 for Visa/MC) |
Investment programs of Currency.com
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. Currency.com offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
Currency.com offers individually customized investment portfolios. You can select an asset for investment after registration and replenishment of the account in the user's personal account located in the Portfolio section. Profit indicators depend on the asset traded and the amount of the contribution.
The terms of short-term and long-term investments are constantly changing in response to market volatility. You can find all information on available investment options in the user's personal account. There are separate investment programs for businesses and corporate clients.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
Currency.com’s affiliate programs:
Currency.com offers two affiliate programs, a referral program for private traders and an affiliate program for businesses. The program for business involves the transfer of 40% of all commissions paid by your clients within 24 months. At the same time, customers of the business partner get a 12% discount on trading commissions. The referral program for private traders is as follows:
Each user registered on the platform can get a personal referral link.
The referral link is generated individually, so you can find it in your personal account, in the Referrals section.
Each user who follows your link will generate an income of 50% of the service's trading commissions.
Unlike most other cryptocurrency exchanges, Currency.com proficiently motivates referrals. Each user following the invitation (referral) link gets a 10% discount on all trading commissions. Discounts shall be applied permanently.
Conclusion. Is Currency.com good for beginners?
The Currency.com cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, Currency.com could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.