EXMO promotes itself as the largest cryptocurrency exchange in Eastern Europe and one of the world’s largest global exchanges in volume and liquidity. Opinions about EXMO are varied, fans of trading in RUB to USD currency are delighted with the number of available cryptocurrencies and the liquidity that EXMO is offering, whereas others, especially those trying to trade in other fiat money, complain about low trading volume and the quality payout service. The exchange is certainly noteworthy, as since 2013 it does not cease to allow trading in bitcoin (and many other currencies) with high security standards.
Here’s what I’ll cover in the review:
- Location and Supported Countries
- Cryptocurrency and fiat money – how does the exchange work
- Exmo Coin
- Payment Methods and Fees
- Cashback system
- IEO and other EXMO services
- Top advices for security
- Public opinion and reviews
- Customer Support
- Beginner’s Guide (registration, verification, trading)
EXMO location. Supported countries.
EXMO does not publish on its website exactly which countries are supported. From unofficial information we know that there are over 100 of them, and the global approach of the exchange can be proved by its interface which is available in 12 languages: English, Spanish, French, Italian, German, Portuguese, Romanian, Chinese, Polish, Russian, Ukrainian and Turkish. Although the quality of translation of local versions leaves much to be desired, it has no impact on trading and for many users the possibility to work in their native language is a great convenience.
The head office is located in London, other offices can be found in Moscow, Kiev and Istanbul.
Crypto, coins, ERC-20 tokens, fiat money – how does EXMO work
There is good currency support on Exmo, with the US dollar (USD), euro (EUR), Ukrainian hryvnias (UAH), Russian ruble (RUB), Polish zloty (PLN), and Turkish lira (TRY) accepted.
Once you deposit funds in one of the listed currencies, you can choose from a wide range of crypto currencies. There are several dozen of them on the list and new positions are being added. The leaders generating the highest volume include the hottest assets such as: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC), Zcash (ZEC), Waves (WAVES), Monero (XMR), Ethereum Classic (ETC), Stellar (XLM). Generally speaking, EXMO offers a large selection of less known but equally promising altcoins.
There is also an exchange service between fiat money such as USD to RUB, which can be useful for arbitrage.
Get to know EXMO Coin (EXM) – currently the hottest asset
The EXMO Coin (EXM) has recently become very popular among all fans of this exchange. Conceptually, EXMO Coin is similar to that of many other exchange tokens in the world of cryptocurrency trading: it offers advantages and bonuses and when utilizing the exchange’s tools and products while ensuring security and confidence in one’s investment.
What are the exact benefits that EXMO Coin traders can expect? The list is quite interesting:
- reduced transaction fee – users will be able to increase their cashback rate, thereby reducing their trading fees by up to 50%. The package service will be paid in EXMO Coin and apply for the duration of the chosen period.
- lower commission for leverage – after launching margin trading on the EXMO Cryptocurrency Exchange, users will be given the option to pay for leveraged trades with EXMO tokens.
- special access to the IEO platform – traders will be granted access to Initial Exchange Offerings that pass the selection process. IEOs will be conducted in two pairs: with BTC and with EXMO Coin
- the priority listing of new cryptocurrencies and tokens in pair with EXMO Coin – after the listing of new coins on the EXMO Crypto Exchange, they will be available for trading exclusively for 3 days (in pairs with EXM).
- payments to access the cloud mining service – users will be given the option to purchase hashing power from EXMO partners with their EXM.
- exclusive participation in airdrops – users who hold certain amounts of EXMO Coin on the platform over certain periods of time will be rewarded with partner airdrops during various promotional events.
- copy successful traders – after launching copy trading as a service, users of the EXMO Cryptocurrency Exchange will be given the option to copy best traders with EXMO tokens
Payment methods and fees
Depositing is easy because there are many ways to credit your EXMO account. The Exchange accepts not only bank transfers, but also debit and credit cards. You can also use instant payment services such as Payeer, AdvCash or Enfins.
Although it depends on the method you choose, deposits and withdrawals are usually quite quick. It’s a good idea to prepare yourself a strategy on how to fund your accounts, how to trade and how to withdraw currencies from the crypto exchange. While commissions for cryptocurrency withdrawals are quite low, the fees of fiat money withdrawals may be surprising. For example, SEPA payment users must be aware that as much as EUR 50 is to be deducted from their account.
Cashback on the trading fees
The Fee for the deal is only 0.2% and it is the same for people making and taking offers (maker / taker fee). This is a very low stake and one of the biggest advantages of EXMO.
Initial Exchange Offering (IEO) and other EXMO services
Apart from standard operations, the exchange offers IEO services, OTC trading, VIP service, fast API, increased cashback and merchant services (the ability for any business to accept payments in cryptocurrency).
Particular attention should be paid to the possibility of taking part in Initial Exchange Offering (IEO) ‒ it may turn out to be difficult as the first IEO hosted by the platform sold out in 99 seconds!!! But, wait, what is IEO in the first place? Not everyone knows it yet. IEO is a similar process to ICO, in which a startup tries to raise funds for its development, but the difference is that the sale of tokens is done through and under the supervision of a trusted crypto exchange. One of the main advantages of this new form of trading is security. The sale of tokens is carried out on the cryptocurrency exchange platform, which allows to eliminate the possibility of fraud.
Is EXMO safe? Top advices for security
There are cases, although rare, where exchanges with a long history disappear from the market. The proof that EXMO is safe is mainly its long presence on the market and the fact that the exchange has repulsed hacker attacks.
However, the level of security can always be improved by increasing the protection of your account. Here are the main steps you need to take to ensure the security of your account:
- Make sure that the URL address in the browser bar is correct ‒ there are only two official addresses: exmo.com and exmo.me
- Install two-factor authentication right after registering your account
- Check the email sender carefully – the official mailout comes only from the official domain exmo.com – email@example.com
- Check out mobile application provider: you need to take care not to download a fake application which will share your data.
Public opinion and online reviews
The best place to get to know the opinions of other users about EXMO is a chat on the website. You don’t even have to trade, you just need to create an account and take part in the conversations. By doing so you will learn about other traders’ strategies as well as about the latest market trends. These will be current market reviews from expert traders, unlike the ones you can find in search results or forum posts‒the exchange has a long history and has been discussed many times and on many subjects ‒ if you are looking for opinions on EXMO outside the exchange, remember to take into account only the latest information.
EXMO also runs a fanpage on Facebook where everyone can ask questions and get to know the opinions of other users, innovations, changes in structures, project listings or other relevant events through news feed or public posts.
Even the biggest and the best cryptocurrency exchanges face the same problem, which is the time and quality of customer service. It is often the case that positive opinions about trading are lost in the sea of negative opinions arising from failed attempts to contact the customer support service. Exmo is an exception, the support is available 24/7 in four different languages (English, Russian, Ukrainian, Turkish) and could be used as a model ‒ the average response rate is less than 15 minutes. So if you have any problems or cannot find the information you are looking for, write a message to the support service, take a short coffee break, and before you get back you will have an answer to your question.
Beginner’s guide to EXMO
Simple and intuitive interface for both novice and advanced traders attracts new people who want to multiply their capital. Let’s see how to go through simple registration and verification to get the most out of this platform.
Step 1 – Document requirements
As you go through the registration and verification process, it is best practice to prepare the required documents in advance, so as not to get stuck in the middle of it. Make sure that you have scans or photos of documents in the correct format and file size – EXMO requires you to upload files from 500kb to 5Mb and support only jpg and png.
You must provide proof of identity:
- national passport (the first two pages)
- or international passport (the first two pages)
- or ID card (both sides)
The following documents are accepted for verification of the address:
- statement from the bank
- utility bill
- tax documents
- a document confirming your address issued by local or state authorities
- court documents
So prepare one of the above documents before you start the verification process‒you will save time and avoid unnecessary stress.
Step 2 – Registration
As on any other platform, you must start by registering and creating an account: enter your username, email address and create a password ‒ at the best an exclusive one you will use only for this exchange.
After logging in to your mailbox and confirming your registration, you will be automatically transferred to the “Finance” section of EXMO.
You can make a deposit of the chosen cryptocurrency immediately after the registration of your account. In order to do so, you select a coin you are interested in from the list, and then on the right web page you choose the deposit method and click on “create address”.
The second, alternative but still rarely used method of transferring funds is the “ex-code”. The ex-codes, also called “e-vouchers” or “exmo-code”, are a helpful tool for transferring funds (both crypto and fiat) between users of the EXMO platform. This tool is already widely used in online exchangers, as it helps to transfer monetary assets outside the exchange space easily.
Step 3 – Verification
You do not need to verify your account in order to trade in cryptocurrency!!!
EXMO requires you to verify your account only when you are going to trade in classic currencies. After choosing USD, EUR or RUB you will be moved to a page where you can choose a convenient method of crediting your account. A very user-friendly option allows you to see at a glance the cost of each method.
For verification, a simple form should be filled in and the basic data such as name, surname, date of birth, country of issue and number of the identity document should be provided. In order to complete the Identity section you need to upload your ID card.
Verification of the address is done by filling in another form and sending a second document to confirm it.
The last step consists in taking a selfie with ID card or passport, current date and “EXMO” written on a piece of paper, which you have to keep close to your face.
We hope you can go through the verification procedure without any problems (it should not take longer than 24 hours). Check Private Message section on your account as it is there you will find either a confirmation or an additional request from the Manager of the Verification department to fill in the missing information.
Step 4 (additional) – Verification of Visa/MasterCard for USD/EUR deposit and withdrawal
The use of Visa/MasterCard to deposit and withdraw USD or EUR funds needs the Identity and Address verifications, plus card verification.
It is a little surprising that this additional verification for cards is not visible at first glance and that it should be done by registering a ticket on the support website or by sending an email directly to firstname.lastname@example.org.
It is requested to indicate “Card verification” in the subject of the letter, and provide the following information:
– full card number
– card expiration date
– photo of the card front
– photo of the card back
– user’s selfie with card
Only the first four and the last four figures of the card number should be seen on the photo of the card’s front side.
CVV should be hidden on the photo of the card’s back side.
Quick crypto exchange on EXMO
There is one more feature of the platform worth mentioning. If you have a troublesome orderbook and you don’t know how to buy bitcoin, you can use a simpler form of purchase and choose Quick Exchange. Here you just enter the amount you want to spend and the system will automatically calculate the value you are to receive.
Conclusion and Margin Trading plans
EXMO is convenient for beginners and pros. Trading is very easy with their minimalist design of platform, adaptive grid, night mode and other features.
What are EXMO future plans?
Community opinion is an important component to the EXMO business model – under the pressure of the users ‒ the exchange took steps to speed up the development of mobile applications. Let’s hope also that EXMO will soon be able to deal with a very difficult project, “Margin Trading” and in the very near future will allow users to open long and short positions and thus profit from the market, regardless of whether the trend is bullish or bearish.