Exmo Crypto Exchange is a dual-purpose cryptocurrency platform that facilitates online cryptocurrency exchanges as well as cryptocurrency trading. The exchange part of the deal involves exchanging fiat currency for bitcoin. Hence, the Bitcoin/USD pair is the most common pairing for exchanges. The trader can exchange Bitcoin for US dollars and vice versa. Exmo is based in Estonia and Pavel Lerner is the current Managing Director.
When it comes to trading, the user speculates on a wide range of cryptocurrency assets; betting on whether the asset price will rise or fall relative to fiat currency/cryptocurrency. A list of cryptocurrency assets traded on Exmo will appear later.
Exmo Crypto Exchange Services
One of the main reasons traders go through Exmo Crypto Exchange reviews is to have an in-depth understanding of their services. Global industry average and stock market mode are also common requests for traders. So here is a detailed overview of the services:
Exmo Crypto Exchange Crypto and fiat currency trading
EXMO’s predominant purpose is to offer digital assets on its next-generation trading platform. It was founded in 2014 and now uses brokerage solutions to offer 192 trading pairs. It includes both fiat and cryptocurrencies. Most pairs include USD, EUR, USD, ETH, BTC, or RUB.
OTC Dealer Desk
Exmo Crypto Exchange offers traders the best trading experience with its OTC trading desk specially designed for experienced traders who indulge in transactions of $100,000 or more. Trades are executed by reputable brokers at the best available price with no hurdles. Trading fees and terms vary per transaction. Traders can access the service by submitting a form on the official website.
Cashback and user voting
Like any professional crypto trading exchange, it allows users to cast their votes on decisions like upcoming project changes or crypto listing. Additionally, Exmo Crypto Exchange allows high-volume trailers to earn up to 70% cashback on trading fees.
Exmo Crypto Exchange gift card
Exmo Crypto Exchange has been offering gift cards since October 2020. The cards can be used to quickly transfer funds between users. Token holders can both activate and generate such cards, while fiat currency users can only activate them.
Exmo Crypto Exchange VIP features
Besides being a valued API for cross-platform trading bots, it also offers additional services for special clients. These users include hedge funds, banks, and similar financial institutions. These traders can avail of VIP services such as increased spending limits, professional advice, individual tariffs, and corporate accounts.
Exmo Crypto Exchange app
Mobile applications are a must in the modern market and Exmo Crypto Exchange uses them too. The app is available for both iOS and Android users. The iOS app is preferred by the audience for its smooth operation. However, traders complain about the Android app, which offers a slow KYC process along with an unfriendly user interface.
Exmo Crypto Exchange registration process
Users can quickly create an Exmo Crypto Exchange account to quickly start cryptocurrency trading. Trading fees for different cryptocurrencies and payment methods vary, and the exchange highlights them.
Here is how users can sign up to create an account on Exmo Crypto Exchange:
- First, go to the EXMO official website or mobile app.
- On the home page, scroll to the top right section where you will see “Register” and “Login”.
- To create an account, select Register.
- This interface will now open on users’ screens.
- Fill in and check all the important information.
- Now complete the reCAPTCHA and tap Register.
- A confirmation email will be sent to activate the account.
- Confirm the activation and the account will be created.
Here is the registration procedure for the exchange:
- Repeat the first two steps mentioned in the Sign In section.
- This time, select Login to launch this interface.
- Enter the valid credentials (email and password).
- Complete the reCAPTCHA and click Sign In.
Exmo Crypto Exchange also runs an identity and account verification process. To facilitate secure transactions, users can also undergo an address verification process. The process is not mandatory for deposits or withdrawals. However, traders must fill it out to buy cryptocurrencies with fiat currencies.
Here’s how users can complete the verification process:
- Open the ID verification page on the EXMO website.
- Enter personal information such as name, date of birth, and current place of residence.
- Select an appropriate document to complete the process. National Card/ID, License, and Passport are accepted IDs.
- Enter the required Serial Number and Validity (if applicable). If there is no validity, select the option “no expiry date”.
- Click and upload a photo of the document or scan it to go to the next step.
- Now click a selfie with the ID provided and a paper dictating the current dates alongside a bold “EXMO”. Make sure the photo shows everything correctly.
- Submit the data and wait for the verification process to complete.
EXMO deposit and withdrawal service
Each Exmo Crypto Exchange review must include the different payment methods accepted on the platform. Traders can buy cryptocurrencies with:
- Wire transfer (faster payments, chaps, BACS)
- Credit card (VISA, MasterCard)
- SWIFT (to deposit USD)
- Bank transfers
- Traders can fund their EXMO wallet via:
- Cryptocurrencies (XRP, BTC, ETH, DOGE, etc.)
- Fiat currencies (EUR, UAH, RUB, USD, TRY, and PLN)
- Web money
- Cable transmissions
- Credit card
- Users can quickly withdraw their crypto profit via:
- Fiat currencies (EUR or USD)
Withdrawing funds using fiat currencies can take 1 to 3 days. Because of this, most traders prefer the crypto approach. However, it is good to know that the exchange also supports bank transfers.
Exmo Crypto Exchange charges different fees for different purposes. There are also trading fees, deposit fees, and withdrawal fees. Here is an overview of all fee types:
Exmo Trading fees
The small cryptocurrency exchange charges a flat trading fee of 0.2% for each transaction. Back in 2019, Exmo Crypto Exchange stated that if the dealers did 3 or more EX CODE creations with fiat transactions, the rate would increase to 0.6%. The accepted currencies are EUR, TRY, RUB, UAH, USD, and PLN. EX CODE is a built-in currency that facilitates instant money transfer, be it crypto or fiat trading. The EX CODE fee-only charges for fiat transactions while it is free for cryptocurrencies.
Exmo Supported Countries
Most countries in the world can access Exmo’s services. Notable exceptions are the US, China, Japan, and Middle Eastern countries. Syria and North Korea are also countries whose nationals cannot trade on Exmo Crypto Exchange.
US traders accepted?
Exmo Crypto Exchange does not accept US traders due to regulatory bans that prohibit US traders from trading with regulated brokers outside of the United States.
Traded Crypto Assets
What cryptocurrency assets will trade on the Exmo Crypto Exchange? Cryptocurrency assets on Exmo will trade in pairs with fiat currency. The following combinations are available:
BTC/EUR, BTC/RUB, BTC/UAH, BTC/PLNBCH/BTC, BCH/USD, BCH/RUB, BCH/ETH, DASH/BTC, DASH/USD, ETC/LTC, ETH/USD, ETH/EUR, ETH/RUB, ETH/UAH, ETH/PLN, ETH/BTC, ETC/USD, ETC/RUB, LTC/BTC, LTC/USD, ZEC/BTC, ZEC/USD, ZEC/EUR, USDT/RUB, XMR/ BTC, XMR/USD, XMR/EUR, XRP/USD, XRP/EUR, BTC/USDT.
And many more pairs.
Deposit and withdrawal options
Deposits and withdrawals on Exmo Crypto Exchange can be made using the following payment methods:
- Credit/Debit Cards
- Perfect money
- Web money
- Fiat currencies (like USD, RUB, and Euro). These can transfer by bank transfer (SEPA).
Exmo Crypto Exchange has also developed an internal payment system known as Ex-Code (Exmo Internal Currency Exchange System). Excode allows Exmo exchange users to make withdrawals using the Ex code and convert them to fiat currency via third-party exchanges.
Exmo has also introduced CryptoCapital as a new means of payment. CryptoCapital allows users to convert their cryptocurrency holdings into fiat currencies.
Exmo Crypto Exchange sets lower limits for deposits made using cryptocurrencies as a payment method. All deposits below the minimum deposit limit are usually not registered in the system. These funds will not be returned to the user. There are no maximum limits on what can be deposited. Minimum fees are charged for each transaction. This is fixed at 0.2%. Other fees apply and these are limited to what is charged only by the payment processing companies.
Exmo is served by SSL and offers its users the following methods to secure their cryptocurrency holdings:
- Cold wallets that allow off-exchange storage of cash and coins.
- Two-factor authentication level (2FA) for merchant login. A unique token code is used that can only be used once as a second login.
- IP detection and verification procedures when trying to log in with unknown computers or trying from another location.
Aside from the extensive knowledge base that has been compiled to answer most questions that dealers and other users/non-users of Exmo may have, Exmo Crypto Exchange also offers email customer service to take care of users’ queries. The following methods of customer support on Exmo are available:
- There is an online chat function.
- There is a customer support email address that can reach email@example.com.
- Users can also create a ticket online and a customer service representative will assign to obtain a resolution to the issue(s) discussed in the ticket.
- Customer support is available in all major languages.
Exmo Advantages and disadvantages
- Low usage fees.
- Multiple cryptocurrency asset pairs to trade, giving the user the ability to choose.
- To their credit, Exmo has a good source of communication. The blog is constantly posting updates on what’s happening with Exmo.
- It will not accept US customers.
- A lot of Exchange downtime has been reported.
- Deposits and withdrawals are subject to conditions that are constantly changing. Traders can never tell what they will wake up with.
Is Exmo safe to use?
Over the past year, many questions have arisen about the operational security of the Exmo exchange. There have been many complaints from users about the fulfillment of deposit and withdrawal requests, as well as the numerous downtimes that the exchange has experienced. Of particular concern is the recent kidnapping of Exmo Crypto Exchange CEO Pavel Lerner and the alleged payment of a $1 million ransom in Bitcoins to his captors to secure his release.
How does this affect exchanges in the future? It’s hard to predict. But these events will not bode well for the company’s image, especially as 2018 sees a greater call for regulated, safer cryptocurrency exchanges around the world. The best thing to say is that Exmo’s security status is to be guarded at best.
With benefits like 182 cryptocurrencies, support in 200 countries, multiple payment options, and 24/7 availability, Exmo Crypto Exchange is one of the most popular crypto exchanges on the web. To enable low trading costs and convenience, the platform also allows for banking transactions and crypto trading. EXMO has a high global industry average, high trading volume, high exchange mode, and cross-platform trading bots.
It is available in multiple languages and expands its functionality. However, it also has some disadvantages. For example, the transaction limit and no margin trading hamper the overall performance. However, under most circumstances, EXMO appears as one of the most practical platforms. With its OTC desk and multi-trading options, the platform will consider ideal for both new and experienced traders.
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