Currency.com and BitMex are two large exchanges in the cryptocurrency market that offer advanced trading services to users and traders. These two platforms are focusing on delivering the best solutions to clients and users that want to handle digital assets, tokens and other assets.
In this article, we will share with you which are the main advantages of each of these exchanges so you can compare them and decide which offers better solutions and which one meets your expectations. Other exchanges that are currently offering similar services to Currency.com include BitMex, Deribit and ByBit.
Currency.com Overview and Regulation
Currency.com is one of the latest exchanges in the cryptocurrency market that is currently offering users the possibility to acquire tokenized securities using cryptocurrencies. The exchange’s main advantage is related to the fact that it complies with all the standards and regulations in the space.
This is something that no other exchange of its kind is currently offering. There are still many grey areas in the cryptocurrency space for exchanges. However, the Currency.com platform is following a clear legislative framework that was tailored to meet the needs of crypto market participants.
Tokenized securities are tokens that represent participation in real companies, physical products and goods and more. By using tokenized assets, it is easier and faster to handle and manage them.
The exchange is currently working with banks and other on- and off-ramp solutions in order to help users handle cash and cryptocurrencies in a seamless way. One of the banks that is currently working with Currency.com is Sberbank, one of the largest banks in Russia.
Currency.com follows the Belarusian regulation allowing the platform to be compliant with all the necessary tokenized securities legislation in the space. The platform has launched its mobile application in May 2019 and it has released to the market the Currency.com media platform in October of 2019 and a new contest for traders in December 2019.
The platform has stated the following in regard to its regulation standards:
“From the start, we determined that we would adhere to the most stringent and exacting industry standards and rigorous Anti-Money Laundering (AML) rules in the world. That is why Currency.com is licensed, authorised and regulated by the High Technologies Park.”
All these implementations and regulations that are being followed by the exchange are better than those followed by other platforms such as ByBit, Deribit or even BitMex. All these other platforms usually have issues with regulators and have not been compliant with local regulations as Currency.com.
BitMex Overview and Services
BitMex is a different platform compared to Currency.com. This exchange is focused on offering only crypto trading solutions, specifically futures contracts and margin trading. It is worth taking into account that although this could be great for investors, it is certainly very risky to trade with leverage.
BitMex is basically a platform for expert traders that want to improve their trading strategies using margin trading. However, it may not be the best way for newcomers to start trading digital assets. Indeed, it would certainly be difficult for them to understand the wide range of contracts offered by BitMex.
In addition to it, BitMex is allowing the trading of different digital assets including Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). BtiMex is only working with cryptocurrencies, compared to Currency.com which offers over 1,300 diverse options of tokenized assets from all over the world and from a wide range of industries.
BitMex became a great platform for short digital assets with their short contracts. Nonetheless, it is very important to trade with tight stop-loss orders and clear risk management strategies. Remember that digital assets are very volatile and their prices can fluctuate substantially.
It is worth mentioning that BitMex is not currently regulated by any local jurisdiction, which may be somehow inconvenient for many traders that are searching for platforms that are compliant with international regulations in the cryptocurrency space. Curerncy.com, as we have mentioned before, follows the Belarusian laws and it has been licensed in the country to offer the services it is currently offering.
Currency.com vs BitMex Smartphone Apps
Currency.com is now offering users with the possibility to trade digital currencies using an app. This is different to what BitMex is offering considering that this exchange does not have an official trading application that users would be able to use.
This situation places Currency.com in a situation of advantage compared to BitMex. The surprising thing is that despite being operative for several years, BitMex was not able to develop an application for users to take their trades everywhere.
Currency.com has been working so as to offer users with portability, this is why they can find an application for tablets and smartphones. As the world becomes more globalized and people are using their smartphones more and more, trading platforms must be ready to offer users with these services.
The Smartphone application offered by Currency.com offers the same features that desktop users enjoy. The goal is to help them trade at any moment and without any limitations. BitMex, instead, would allow users to trade from their smartphones and tablets but using a non-optimized solution for mobile devices.
Compliance, Partnerships and Security
The exchange is now acting as a fully compliant platform with Decree No. 8. It is also supporting and implementing the best solutions in Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures. This is great for being compliant with all the regulations implemented by countries around the world.
They have also implemented compliance mechanisms and security measures that make sure that all the data and funds stored are protected. Some of the mechanisms to control users’ funds include verification of blockchain transactions and the usage of analytical tools provided by third-party firms such as Chainalysis and Elliptic, among others.
In addition, Currency.com has partnered with Capital.com, its sister company. The main goal behind this agreement is to allow Capital.com to be used as a hedging venue in order to ensure the security of purchases made by users.
BitMex is a company owned by HDR Global Trading Limited which is licensed in the Republic of Seychelles. This allows BitMex to operate in certain territories having a license that is part of the International Business Companies Act of 1994.
Despite that, BitMex has been involved in several issues with regulators in the United States due to how the platform was handling Tether (USDT) funds in the last years. This is why Currency.com seems to be a better option in terms of regulations and licensing.
This platform is providing a large number of services and products. For example, the firm has issued more than 10,000 different tokens that are pegged to a wide range of crypto pairs, and commodities – including Oil, Gold and Silver – as well as shares from the most popular firms in the world, such as Apple and Tesla, amongst others.
In addition, users also have the option to acquire government bonds and index funds such as the S&P 500, the FTSE 100 and many others.
They are also helping users to resell their tokens at a secondary auction. This would provide traders with better liquidity and access to markets. Moreover, the exchange works with user-friendly commissions and spreads, making it easier for investors to remain profitable while trading their assets.
BitMex and other platforms are offering only cryptocurrency services to users. This is a great difference from Currency.com that is offering a wide range of tokenized assets from a wide range of markets and indices.
In addition to it, entering the worldwide financial market would be even easier because Currency.com is offering a wide range of deposit and withdrawal options. This is a great difference from other exchanges in the space that are only offering crypto deposits.
It is worth taking into consideration that there may be new solutions and projects in the future. This is something that could help attract a larger number of users and provide new use cases for those that are already trading in this platform.
Finally, Currency.com is offering great trading fees with takers using leverage paying 0.075$ and makers paying – 0.025%. Tokenized assets have a fee of 0.0125% and tokenized currencies pay 0.002% per trade. For cryptocurrencies, the flat fee is 0.2% without leverage, and it goes to 0.05% for commodities, 0.03% for tokenized bonds and 1% for tokenized currencies.
Moreover, the platform is currently supported in a wide range of languages, including English, Russian, Spanish, Portuguese and Korean, among others. In the future, there could be new languages added.
Crypto Regulatory Environment Around the World
At the moment, there are just a few countries that are providing a clear regulatory framework to users and traders in the cryptocurrency market. Some of these nations include Belarus, Switzerland and Japan, among others.
This is quite important to understand how exchanges are currently regulated and how they operate in the market. There are just a few platforms such as Currency.com that are following the regulations of countries that protect crypto investments and that have created a clear legal framework for companies to expand.
Belarus has become one of the most forward-looking countries in terms of crypto regulation and businesses. Indeed, the country became a local hub for firms and companies that want to properly operate in this market.
Japan, for example, has also promoted licensing for exchanges that are operating in the market. However, it is certainly very difficult for new participants to enter the space, which may be somehow complicated to increase competition in the space. The same happens in New York with the BitLicense license that has certainly allowed a few firms to benefit from the local market.
Currency.com became thanks to the regulations implemented by Belarus the first regulated tokenized-asset crypto exchange upon launching – which is now authorised by the high Technologies Park in Belarus.
Both BitMex and Currency.com are great platforms where traders can easily start trading digital assets. Nonetheless, Currency.com is a much more advanced platform that offers users the peace of mind of being trading in a regulated platform compared to BitMex which has not been adhering to local regulations, historically speaking.
Furthermore, Currency.com is also offering users with over 1,300r different kinds of tokenized assets that BitMex is not currently offering. However, BitMex can be a good platform for advanced users to be able to handle futures in the cryptocurrency market.
Furthermore, with the Currency.com platform, individuals will be able to have access to the most popular financial indices, commodities, stocks and digital assets as well. While Currency.com is being regulated by the Belarusian government, BitMex and other exchanges are not yet following international regulations.