EXMO Review
EXMO was founded in 2013 and in 2017 they launched the EXMO coin, which was used to add a margin loan service to the platform. The exchange Is based in the UK but is not regulated, nor does it need to be for the time being. There is another registered business attached to the site, which is registered in the British Virgin Islands. This is an international site, with developers working in Spain, Russia India and Thailand – with advisors in the UK, US, Lithuania and Singapore.
You can exchange a range of cryptocurrency and the site supports five fiat currencies, including USD, EUR, UAH, RUB and PLN. Although the site can be translated into many languages, the site seems mostly aimed at those in Russia and the Ukraine. There are parts of the site where the default language is Russian.
The platform is web-based and is easy to use. The exchange process is purposely simple, with no attempt to make it seem overly technical or complex. There is simple trade, buy, sell tabs and there are price history charts and a place where you can view your trading history and order book. Recently there is the added provision of an android app that allows trading on the move.
Pros
The site offers trade in quite a few cryptocurrencies and accepts a fair range of fiat currency – giving a decent choice to traders.
Trading on a mobile device sets EXMO apart from some of its competitors. The Android app works well. The Tab Trader app is also simple to use and allows trading in the most popular virtual coins.
It is simple to use the interface – making it a good place to begin for those new to cryptocurrency trading.
Cons
The volume of traders is relatively low in comparison to other sites. There are 32000 active users on the site – a minnow in comparison to the millions using other sites. The site claims to have over 700,000 clients around the world – this is still a small percentage of the global cryptocurrency market.
There have been reports on the forums of frustration at the amount of time the site is down for maintenance.
The features offered on the site are simple. This is a spot exchange service and nothing more – so there are no options for leveraged trading. Therefore, this might not offer the full experience that old hands in trading would want.
Payment Methods Accepted
There are numerous ways that you can fund your account. EXMO accepts bank transfers, credit and debit cards, PayPal, OKPay, PerfectMoney and Neteller. Many of these will only allow transfer of dollars and Euros.
Supported Countries
EXMO can be used in more than 200 countries around the world. The site is clearly aimed at Russia and the Ukraine, though the website translates into a much wider range of languages, including Chinese.
Privacy
There is no need to verify your account on EXMO. This means you can trade anonymously, should you wish. You can provide ID and proof of address to your account – this will give you a lot more access to the withdrawal and deposit options on the site. You can also set up 2FA to protect your wallet.
Limits and Liquidity
There are minimum and maximum trading limits on the site – depending on the currency pair you are using. There is a full list of limits on the EXMO website – but as an indication, the minimum for BTC and USD is 0.001 BTC and the maximum is 100BTC. The maximum price that can be offered is $30000 and a minimum amount of $1. The numbers are similar for exchanging Euros and BTC.
Speed
Deposits reach your account instantly. Your withdrawals will depend on the payment method selected and the time taken for transfer. Trades should happen instantly.
Reputation
There have been two concerns noted about EXMO. First, the site is down a lot for maintenance, which can be frustrating if you are seeking to trade quickly. Secondly, as with other sites, has been the target of hackers. It experienced a DDoS attack in December 2017 – which caused the exchange to shut down for a period.
However, despite these problems, the generally accepted reputation of EXMO is positive. The site is well thought of for its simple, no-nonsense approach to trading and the amount of choice offered to users.
Fees
There is a 0.2% trading fee charged each time there is a deal closed on the site. If you cancel a deal before it is completed, you will not be charged.
The fees will vary depending on which deposit method you use, so it is worth undertaking some research before depositing funds. The prices vary from 1 to 8 % – and can include a fixed fee, as well as the percentage amount. You can also deposit in cryptocurrency – mostly with no fee. There is also varied fees for withdrawal – depending on the method that you use.
Customer Support
There is a decent customer support team at EXMO. There is 24/ 7 access to the service and is available from the online support centre. This is through open online chat or email. You can also access the FAQ, or you can create a support ticket for more complex issues.
Exmo Alternatives
Coinbase
Coinbase is one of the most trusted exchanges and digital wallets. It is best known for its safe and easy-to-use Bitcoin brokers. There are a lot of features on the site, include a multi-signature vault.
HitBTC
HitBTC is a Bitcoin exchange and platform for trading in altcoins. This site is aimed at professional traders and offers robot-friendly API access.
CEX.io
This is a UK based Bitcoin exchange and provides cross platform trading. The site is known for having a high liquidity order book.
