Currency.com Review: Pros, Cons, and More

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Currency.com states repeatedly on its website that security is a top priority. To bolster that point, the site includes the following statement:

“Currency.com is directly authorized and regulated by the Hi-Tech Park (HTP) of Belarus. This means that we’re subject to the strictest scrutiny from the world’s only jurisdiction with overall legal regulation of businesses based on blockchain technology. It also means that your rights — as an ICO participant — are protected by the highest laws in the land.”

This reads more like marketing puffery than an outline of crypto security. For clarity, the High-Tech Park (HTP) of Belarus is a geographical cluster of tech companies. “The HTP of Belarus” is a term similar to “Silicon Valley on the West Coast,” or “Research Triangle Park in North Carolina.” While the HTP may have a solid technological reputation within Belarus, it has no legal or regulatory blockchain standing beyond those borders.

Additionally Currency.com claims that every year its platform is inspected by an independent auditor. The auditor for the 2020 report was KPMG, but the audit report is only available in Russian, even though the platform can be accessed in more than 180 countries. That doesn’t inspire confidence for the individual investor when reports of Russian hacker attacks seem to be increasing. Potential investors and traders are encouraged to do further research.

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Aside from those issues, Currency.com seems to have solid safety practices and procedures. It requires two-factor authentication (TFA) every time you engage the platform. The TFA screening is triggered at login, when making deposits or trading, and at other points. The site also uses two additional kinds of email encryption and verification. This system is designed for secure document upload, aiming to prevent tampering with any aspect of your information and holdings.

Currency.com also deploys physical security measures. It claims its servers are locked in private cages at a remote data center, with armed guards, video surveillance, and retina eye scans for entry.

Additionally, all deposits made on the site go directly into an encrypted cold wallet. Cold wallets are secure computer hard drives not connected to the internet, while hot wallets are connected. Disconnected wallets can’t be reached by a cyberattack. Currency.com states that coins stored in its hot wallets are used to maintain operational liquidity. It’s not explained who provides that liquidity.

For security reasons, stored funds cannot be borrowed, lent, or staked. The only way to earn a passive income with Currency.com is through its affiliate program. The program allows participants to earn a commission based on the fees of downline referrals you bring to the platform.

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View more information: https://www.fool.com/the-ascent/cryptocurrency/currencycom-review/

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