Currency.com Review: Pros, Cons & More
Currency.com repeatedly states on its website that security is a top priority. To reinforce this point, the site includes the following statement:
Currency.com is directly licensed and regulated by the Belarusian Hi-Tech Park (HTP). This means that we are subject to the strictest scrutiny of the only jurisdiction in the world with comprehensive corporate legal regulation based on the blockchain technology. It means that your rights – as a participant in the ICO – are protected by the strictest laws in the country. “
It sounds more like marketing than an overview of crypto security. For clarity, Belarus’ High-Tech Park (HTP) is a geographic group of technology companies. “Belarusian HTP” is a term similar to “Silicon Valley on the West Coast” or “Research Triangle Park in North Carolina”. Although the HTP may have a solid technological reputation in Belarus, it does not have a legal or regulatory blockchain beyond these borders.
Additionally, Currency.com claims that its platform is inspected by an independent auditor every year. The auditor for the 2020 report was KPMG, but the audit report is only available in Russian, although the platform is accessible in more than 180 countries. It does not inspire confidence in the individual investor as reports of Russian hacker attacks appear to be increasing. Potential investors and traders are encouraged to do more research.
Aside from these issues, Currency.com appears to have strong security practices and procedures. It requires two-factor authentication (TFA) every time you use the platform. TFA filtering is triggered upon login, during deposits or transactions, and at other times. The site also uses two additional types of email encryption and verification. This system is designed for secure downloading of documents, with the aim of preventing tampering with any aspect of your information and funds.
Currency.com also deploys physical security measures. He claims his servers are locked in private cages in a remote data center, with armed guards, CCTV and eye scans of the retina to enter.
In addition, 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 cannot be reached by a cyber attack. Currency.com states that the coins stored in its hot wallets are used to maintain operational liquidity. It is not explained who provides this liquidity.
For security reasons, stored funds cannot be borrowed, loaned or staked. The only way to earn passive income with Currency.com is through its affiliate program. The program allows participants to earn a commission based on the downline referral fees you make to the platform.