To be clear, this is an Exmo Review.
Exmo exchange is an international cryptocurrency platform which provides an online exchange of cryptocurrencies as well as cryptocurrencies trading platform.
The exchange section on Exmo involves exchanging Bitcoin for fiat currency and vice versa. The Bitcoin/USD pair is, therefore, the most common pairing on the site. Traders can exchange Bitcoin for US Dollars and vice versa. In terms of trading platform functionality, there is variety of cryptocurrency trading pairs available on the platform allowing users to capitalize on both long and short term fluctuations of cryptocurrency prices.
Exmo is an unregulated Estonia-based exchange with Pavel Lerner serving as the current Managing Director. According to its website, Exmo patronizes the service of developers from Spain, India, Russia, and Thailand, in cooperation with financial advisors from the US, Great Britain, Singapore, and Lithuania.
The company claims to have 700 000 customers from all over the world and, and its site is translated in many languages. The site appears to be targeting Eastern European resident as it main clientele as is not accepting US citizens due to regulatory restrictions that bar US clients from trading activity with unregulated exchanges outside the United States. Some other notable exceptions include China, Japan, and nations in the Middle East.
The following assets combinations are available on the platform: BTC/EUR, BTC/RUB, BTC/UAH, BTC/PLN, BCH/BTC, BCH/USD, BCH/RUB, BCH/ETH, DASH/BTC, DASH/USD, and many more pairs.
Exmo does not demand immediate customer verification to start trading. However, at some point, it requires customers to upload a copy of an ID document.
Exmo is served by SSL and offers its users the following methods of securing their digital assets holdings:
- Cold wallets, which lets traders store cash and coins off-exchange.
- Two-factor authentication (2FA) tier for trader login. This requires the use of a one-time token code which can only be used once as subsequent login.
- IP recognition and verification procedure if login is tried on unfamiliar computers or a login attempt is made from a different location.
Exmo offers a web-based platform which is intuitive and straightforward to use. It does not allow many additional functionalities, apart from the most necessary. There is an exchange tab where the process is as simple, as it can be.
There is also the buy and sell tab, which gives a list of the tradable pairs, price charts, order book and trading history.
Buying, selling, and exchanging on the platform is incredibly straightforward since it is so simple to use. It’s, therefore, an ideal crypto-exchange for novice traders, who will enjoy the intuitive interface design. However, as said earlier, it lacks many additional features, so if you’re looking to do margin trading, you will probably want to look elsewhere. Also, Exmo has been added to the Android trading app, Tab Trader. Tab Trader is a terminal for trading in some of the most popular digital assets, on some of the renowned exchanges: Coinbase, ANXPRO, HitBtc, BTCChina, Bitstamp, Huobi, Kraken, ItBit, Bitbay, Cryptsy, Bter, Bitfinex, and the likes.
The app offers additional features like charts and technical indicators such as Bollinger Bands, Fibonacci, stochastic, MACD, moving average and RSI, as well as trading alerts.
Exmo imposes lower limits on cryptocurrency deposits. Any deposits that are less than the minimum deposit limit are not usually registered in the system. These funds are never returned to the trader. There are no maximum limits on amounts that can be deposited. It charges minimum fees of 0.2% on every transaction. Other fees are incurred are limited to what is charged by the payment processing companies.
Deposit and Withdrawal
Exmo provides various convenient ways for its clients to fund their trading accounts. The exchange accepts credit and debit cards and bank transfers for all types of fiat currencies. PayPal, OKPay, PerfectMoney, and Neteller for USD and EUR deposits. Yandex Money for RUB and many other methods of payment via e-wallets and prepaid cards. The fees differ, depending on the deposit method, with a range of 1-8%, fixed fees or percentage + a fixed sum.
Exmo also accepts deposits in cryptocurrencies free of charge apart from Kick – 50 KICK.
Withdrawals can be made through the same options as deposits, for different fees, depending on the withdrawal method.
The exchange has also created an internal payment system called Ex-Code (Exmo Internal Currency Exchange system). Excode lets users of the Exmo exchange make withdrawals using the Ex-Code with subsequent conversion into fiat currency using third party exchanges.
Exmo has also introduced CryptoCapital as a new payment method. With CryptoCapital, traders can change their cryptocurrency holdings into fiat currencies.
Is Exmo Safe?
Many questions have arisen in the past year regarding the safety of operations of the Exmo exchange. There have been a lot of complaints by users about the way how of deposit and withdrawal requests are handled as well as complains about frequent slowdown of platform and website in general. Particularly worrisome is the recent kidnap of the exchange’s Managing Director Pavel Lerner, and the reported payment of a $1million ransom in Bitcoins to his abductors to ensure his release.
However, Exmo is an ideal option to consider, if you’re seeking a smaller digital asset exchange. It supports a wide range of currency more than most of the cryptocurrency exchanges out there, and there’s a reasonable selection of altcoins to trade. It also has many payment options which opens exchange’s service to individuals who otherwise may not have considered any substantial investment in the field.