Currency.com Vs. BitMex

Credit cards, debit cards, bitcoin – all such types of digital currencies have replaced cash. While previously people used to work on the barter system, gold coins, and then cash, now the digital currencies have swept all of the previous methods of exchange.

Does that mean we no longer buy or sell anything? No!

The latest invention of the most forward currencies now is bitcoin; yes, we know that some of you consider it being a scam since you cannot physically see it, but let me ask you this can you see the stocks? Most of the shares and even money are now digital numbers on your screens. And as we know, the stock market is one of the most flourishing and lucrative markets – but when it comes to cryptocurrency, sooner or later, it will change the money game.

We know that there are various kinds of cryptocurrencies, but not all are profitable. You can find all the information about the currency of tomorrow from multiple platforms and trade your coins.

Keep reading to find the comparison of the two most popular cryptocurrency trading platforms to distinguish yourself, which one would you should trust with your hard-earned money.

Cryptocurrencies for Tomorrow

Qualitatively, digital currency and blockchain technologies are revolutionary – but they are only in their beginning phases of growth. While cryptocurrencies are being slowly embraced, they can generate tremendous opportunities for innovative ventures and innovation in fintech space, rendering them highly enticing for start-ups and investors alike. The cryptocurrency industry is not entirely free from the difficulty of trading (combined with protection issues, identification, and authentication problems) may be a challenge for many future consumers.

The future prosperity of digital currencies depends on their prevalent use. Widespread use allows providing a more seamless P2P network that enables new users to share and network their digital assets securely.

There is a large and increasing need for well-structured, easy-to-use, stable cryptographic technologies that serve non-technical users. They provide them with the knowledge, strategies, and skills needed to enable them to engage in the cryptocurrency market.

Overview of Currency.com

Currency.com is a website that allows everyone possessing Bitcoin, Ethereum, or litecoin to transact; such as financial securities, tokenized assets, indexes, along with other services from the biggest corporations in the world. Now, this is possible without having to convert your cryptocurrency to fiat currencies.

Currency.com defines its platform as the world's first controlled tokenized asset site where people can trade, allowing the consumers to obtain the actual values of conventional assets through utilizing fiat currencies or cryptocurrencies as leverage. Clients will exchange in crypto and earn their earnings in crypto. An even more interesting observation is that Currency.com offers cryptocurrency margin trading on three leading cryptos, allowing you to leverage coins such as Litecoin, Ethereum, and Bitcoin. With such leveraging of up to 20x, the company seeks to create this platform as one of the market's leading player. Their website interface is amongst the best tools that you can use; however, you can also make use of the applications available on apple store and play store to trade at the tip of your fingertips.

Overview of BitMex

Founded by HDR Global Trading Limited in 2014, BitMEX is an international trading framework signed up in Seychelles.

Meaning Bitcoin Mercantile Exchange, BitMEX is among the main Bitcoin trading sites operational, with a trading volume of over 35,000 BTCs daily and over 540,000 monthly accesses and a trading background of over 34 billion dollars of Bitcoin ever since creation. Like several other cryptocurrency platforms, BitMEX allows transactions only by Bitcoin, that you can use to buy several other cryptocurrencies. BitMEX deals in complex financial trades, like margin trading, and is leveraging. Unlike other exchanges that run by tokens, BitMEX is technically uncontrolled in every jurisdiction.

Mission

Bitmex seeks to tackle some of the world's greatest blockchain challenges – like demand instability, limited coin availability, and lack of real-world applications for virtual currencies. Their primary aim is to encourage millions of users to join them and create a self-sustaining, open community that promotes a better environment. We call for equal distribution of products and resources, and their mission is clear – to change the way companies and individuals interact by using mobile technologies to build an innovative, self-sustaining global network.

The currency.com team is motivated by a dream to decentralize investment, to move it away from the domain of a fortunate few in the world's first-class states, and to make it accessible around the globe. We assume that effective investors make a huge difference to society – contributing to a more prosperous and stable market.

New Users

It has been disclosed that the sign-ups at Currency.com rose dramatically following the outbreak of COVID-19. As per the news, approximately 25,000 new users signed up on Currency.com only in March. Besides that, last year, Currency.com increased the number of its liquidity-providing partners and effectively exceeded the recent crypto market crash, with management accountants spending the night in the office while working with clients. However, with BitMEX, the number of users joining is not very high currently.

Regulation

Currency.com complies with the requirements of legislation that few of its major rivals follow. This advantage enables Currency.com to operate directly with banks, contributing to smoother on/off transitions for consumers looking to trade in or out of currencies. Currency.com deals closely with Sberbank, a big bank in Russia.

Belarus became the first country on the planet to establish a personalized regulatory structure dedicated to all facets of cryptocurrencies. Many countries have introduced laws on cryptocurrencies, but have sought to enforce old restrictions on tokenized properties. Belarus was the first to draw up its laws from scratch instead of pushing emerging technologies into current law. Belarus has embraced tokenized assets from the start, making them suitable for the Currency.com initiative.

Currency.com is strictly in compliance with Decree No. 8, which follows the best-in-class Anti-Money Laundering (AML), Know Your Customer (KYC) regulations and stringent privacy and consumer security guidelines at the same standard as the General Data Privacy Regulations (GDPR). It has since established comprehensive in-house enforcement procedures to ensure that sophisticated protection measures secure all company investments. It involves the authentication of all blockchain transactions by blockchain information tools such as Coinfirm, Elliptic, and Chainalysis.

However, Seychelles-based cryptocurrency BitMEX is said to be under scrutiny by the U.S. The Commodity Futures Trade Commission (CFTC). The report appeared momentarily on Bloomberg Terminal just before press time on Friday. It was quickly accompanied by a story from Bloomberg quoting reports which stated that the regulator is reviewing how the company has authorized U.S. customers to access its site. The CFTC finds cryptocurrencies like bitcoin securities and has authority over securities such as crypto-based futures. BitMEX will need to be licensed with the Commission to enable Americans to sell these goods in the United States. As per its official site, BitMEX provides cryptocurrencies trading to up to 100-fold leverage as well as other product lines, like futures and swaps.

Bloomberg stipulated that the CFTC inquiry is "currently underway" and does not contribute to charges of wrongdoing. Some notable economist and crypto-skeptic Nouriel Roubini investigated BitMEX, claiming "maybe openly actively engaged in deliberate illegality," also as per Bloomberg. Roubini claimed that the site would expose markets to so much pressure by having too strong leverage.

Privacy and Security

BitMEX offers the first-ever multi-signature deposit and withdrawal system. Both BitMEX handles are multi-signature, and all data is held offline. And in the case of a complete network breach, like web servers, market engines, and files, the intruder may not have had adequate keys accessible to extract funds. Moreover, all withdraw on BitMEX shall be audited by at least two BitMEX workers before it has been submitted. Several secret keys are held on every cloud service, so extreme cold storage is utilized for most of the assets.

All transaction accounts submitted by the BitMEX network shall be reviewed by an external provider to ensure, however, for currency.com. "Since the beginning, they have decided that they must follow the strictest and most strong business guidelines and the strictest anti-money laundering (AML) laws in the country. It's why Currency.com is licensed, accredited, and controlled by the High Technologies Park.

Currency.com is frequently reviewed by the Big 4 auditing companies and has been proven to be credible and in line with the applicable regulations. For the next few years, the organization will track regulations and plan to be controlled in Australia, Asia, and the United States

Currency.com has named an enforcement department of 14 years of expertise in finance, banking, and crypto to track customer records, determine the source of tokens and assets, and detect fraudulent activity. Currency.com has developed a leading coin monitoring network with third-party platforms such as Coinfirm, Elliptic, and Chain analysis to check all transactions taking place on the cryptocurrency.

Deposit Methods

Currency.com helps banks via bank transfer and credit cards (VISA and – as of 13 June 2019 – Mastercard). The least deposit by credit card transactions is just USD 100, EUR 250, EUR 100, or RUB 7000. Of course, many crypto investors see this as really optimistic. Even though Currency.com takes transactions in fiat currency, the platform is characterized as an "entry-level market" through which those who plan on investing gin crypto will take their initial moves into the thrilling crypto community.

Irrespective of whether you choose to invest fiat currency or crypto, the least amount is 0.01 BTC (although at the time of the last modification of this study, 20 April 2020 (right amid the COVID-19 crisis) was roughly USD 71) or 0,1 ETH (approximately USD 18 on the same date).

The minimum volume of exchange in BitMEX ranges from one product to another based on the initial margin. XBTUSD (for instance) it's $1 USD*1 percent (Initial Margin) = $0.01. For $600 XBT / USD, that is equivalent to 0.00001667 XBT. All Bitcoin on BitMEX is stored in a cold multi-signature wallet. When we talk about BitMEX, 2 out of 3 partners sign every contract until the funds can be expended. The time limit for withdrawals from Bitcoin is 13:00 UTC. Shortly after that, you will get the BTC at your preferred address.

Transaction Charges

Since Bitmex only deals using Bitcoin as a digital currency, no fees are charged either for depositing via a Bitmex account or for withdrawing. Trade payments are small but differ between transactions, depending on which cryptocurrency or fiat currency is involved and even on the complexity of the deal, for example—prospects, constant contracts, and so on. Since Bitmex is a P2P site, payments are split up into 'user charge' and 'settlement fee. Even though

Numerous marketplaces have started charging what we consider the taker's fees, from the takers, and what we call the maker's fees, from the makers. Takers are the individuals who eliminate inventory from the trade volume by taking orders that have already been issued, and the producers are the ones that put such orders. The only solution for this is actually to demand "flat" rates. Flat rates explain that the broker pays the same amount to the taker and the manufacturer.

On the other hand, currency.com is charging flat rates. The site costs 0.20 percent to both takers and makers. The world market level has been below 0.25% for a long period. Many transactions have begun to reduce their transaction charges even more. However, it is safe to say that Currency.com's trading charges are all still following the international market average. Currency.com's exchange site imposes a withdrawal fee of 0.0005 BTC as you begin withdrawing your BTC. It is significantly under the market average since the average industry rate is 0.000812 BTC every time you withdraw a bitcoin. Therefore, the withdrawal rates for this platform are roughly 40% smaller than the market norm.

What are tokenized securities?

Tokenized assets are simply tokens representing the market value of financial funds, like commodities, securities, or bonds. Whenever it applies to an investor's economic result, be it income or loss, tokenized shares are very close to stocks, assets, equities, options, futures, and some popular financial instruments. The network is expected to offer more than 10,000 tokens related to market values in many asset groups. They also included firms like Apple, Amazon, and Coca-Cola; indices like Nasdaq 100, Dow Jones 30, and S&P 500; and commodity markets like silver oil, gold, and Brent Crude.

Once the customer puts a trade, they will earn a token that detects the valuation of the chosen instrument. It helps traders to expand their investments without having to change their crypto into fiat. Capital.com, the currency.com partner company supply the initial liquidity rates. Rates are clear and available through blockchain technologies to ensure the absolute best rates.

Currency.com provides a wide array of financial products that investors can use to utilize their cryptocurrency assets in established markets.

Tokenized Indices

Stock indexes) are a vital component of mainstream capital markets. Most popular of these are FTSE 100, Dow Jones, NASDAQ, and S&P 500. In brief, the stock market tests the average success of a collection of securities in a specified exchange.

Tokenized Shares

The investment market is indeed fascinating industries to track and invest in. Traders may make use of it to bet about the asset values of the biggest corporations in the country. Currency.com sells tokenized tokens in businesses like Fiverr, Airbnb, Slack Technology, Paypal, AT&T, Starbucks, Amazon, Tesla, Apple, among several more.

Tokenized Commodities

Currency.com encourages merchants to make use of their currency to transact with many of the largest markets all around the globe. People often focus on the price of gold, natural gas, silver, platinum, fuel oil, palladium and etc.

Tokenized Government Bonds

Government bonds are popular debt securities issued by the public of a nation to fund short-term and long-term budget expenditures. Currency.com still enables the trade of Belarusian government borrowing final comparison

Bottom line:

Considering the thorough analysis above, we believe that currency.com is an extensive platform where you can find all the features offered by BitMex and many others as well. However, BitMex is a decent platform as well if we were to choose, we would go for currency.com