What is the EXMO exchange?
The EXMO exchange was founded in 2013 as a cryptocurrency trading platform. It is possible to deposit funds to the site using five different fiat currencies, these include the US dollar, Euros, Ukranian hryvnias, Russian rubles, and Polish Zloty. There are 13 different coins and tokens available on the site – including the main ones you would hope to find there: Bitcoin, Litecoin and Ethereum. There are more than 46 trading pairs available: including cryptocurrency/ fiat currency pairs. It is even possible to make an exchange between USD and EUR.
The site is available in more than 200 countries – including most states in the US and across the UK. Even though this is a UK-based cryptocurrency exchange – much of its trading is done in Asia, particularly Russia and the Ukraine.
In 2017 the site launched its own coin – the EXMO coin – to enable a margin loan service on to the platform.
How EXMO works?
The great news for those looking to buy cryptocurrency, is that the EXMO exchange accepts deposits with credit and debit cards. You can also deposit with SEPA, Wire Transfer, Payeer and many more. For most of these means of deposit there are fees – only cryptocurrency and wire transfer can be deposited for free.
This site is nothing more than an international currency exchange site – something similar to what you might find at your post office – when you go to buy or sell international currency after your holiday. If you are looking for more advanced trading options, then the EXMO exchange is not for you. However, the interface does what it needs to in order to make currency exchange easy. In other words, it does its core function well. The interface includes a drop-down menu to select your currency to sell and then your currency to buy. If the funds are in your account – then as soon as you click exchange – the money should be transferred. The site also provides a secure wallet to store your currency once purchased.
There are some additional features worth noting – the EXMO exchange does have an addition to its app for the Android – which is a Tab Trader – here you can search on some of the bigger exchanges for your currency. You can also access charts and technical indicators through this app.
Key information about EXMO
Before offering our EXMO review, it is important that we provide key information about the platform. In order to allow you to make your own decision about the site, you need to know about fees, security and reliability.
There are three ways that you can pay fees on the EXMO exchange. First you can be expected to pay a fee for depositing funds – depending on the method used. There is always a fee for withdrawal – and this varies depending on the method of payment transaction used. On top of this there is a trading fee of 0.2% on each trade. This means, all in all, trading on EXMO could become expensive quickly. It is therefore worth doing your research before choosing your mode of payment.
There are also transfer limits on the site – both minimum and maximum limits. Again, these limits depend on the trading pairs selected – and it is worth researching these limits too before beginning a trade on the site. EXMO is a relatively small exchange and as such its trading volumes are low. This is one of those sites you would likely go to because you are an advanced trader looking to visit a site with a higher degree of choice than other exchanges.
Even though the company is based in the UK, it is an unregulated site. The company is actually registered offshore – in the British Virgin Islands – to avoid the demands of the FCA. The company justifies this by saying it is a global company – working with developers from all over the world – including Spain, India, Lithuania and Singapore. The company does have over 700,000 clients – including users in China. Be aware though that the default language of the site is Russian – and this says something about its target market. Also, of these clients, there are only 32000 active traders – and the daily volume of trade is a little under 5000BTC.
User comments suggest that the server is not as reliable as some other exchanges – and the site is often down for maintenance. However, the team behind the EXMO exchange claim this is because they hold the security of accounts as their primary concern. The site offers two-factor authentication – and it also advises that you secure your email tightly too. However, ultimately EXMO believe that the security of the account is the users’ responsibility and states this clearly on the website. Saying this, they provide comprehensive information on how to achieve this.
Your EXMO Review
- the site has one core function, which is to exchange currency – and it does this simply and it does it well
- there is a lot of choice of currency to choose from and you can even make fiat currency to fiat currency exchanges
- the range of payment methods for deposits are excellent – and is a particular draw of the site
- there is limited functionality – beyond buying and selling currency – therefore, this is a great to begin the trading journey but it is not likely to be where you stop
- deposit, withdrawal and trading fees can add up quickly – and users need to be fully informed before they instigate a trade on the site
- some users have reported slow customer service response and slow withdrawal – but these are the standard complaints on a cryptocurrency forum.
Overall EXMO Review
Our overall EXMO review is excellent – if you are a beginner looking to enter the market. Even if you are an advanced trader, EXMO provides a simple way of exchanging fiat currency for cryptocurrency, which can then be transferred to other platforms where there are more options.