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EXMO is a UK-based cryptocurrency exchange which launched in 2013 by its parent company, EXMO Finance LLP. It is one of the largest cryptocurrency exchanges in Europe, with an average monthly trading volume of $ 1.5 billion. Even though the EXMO exchange offers lower liquidity than others, such as BitMEX, it is a good choice for inexperienced traders to start their cryptocurrency trading or investment.
The exchange’s owner, EXMO Finance LLP, is a registered company and complies with the laws of England and Wales. While the exchange offers an online wallet to store its customers’ coins, it doesn’t provide any insurance, like Coinbase.
EXMO’s trading interface is so simple that even a novice trader can buy cryptocurrencies with ease, just moments after creating the account.
This EXMO review will cover the most important aspects of the exchange in order to provide you with an all-rounded detailed overview of its features and services. Although Cryptimi does its best to provide you with accurate information and updates its reviews on a regular basis, we strongly recommend that you to visit EXMO for any updates which might occur after the time of writing.
EXMO exchange is considered a safe platform to buy or trade cryptocurrencies. Even though it fell victim to a DDoS attack in 2017, no users lost their funds. Like all other exchanges, EXMO also provides 2FA (two-factor authentication) to prevent unauthorized access. It also allows users to add the list of trusted IP addresses to their account for better protection. With this system, users will be notified immediately if a login attempt is made using another device.
Today, apart from offering direct trading, EXMO operates an OTC trading facility, where trades are carried out by a professional broker. After creating the account, the users can buy cryptos either using fiat payment methods, including credit cards, wire transfer, SEPA etc, or by depositing Bitcoins or other Altcoins.
As an EXMO user, you will have access to a web-based wallet where you can conveniently store your coins. Although suitable for short-term storage, this wallet is not as secure as hardware wallets, which offer a superior level of security and help prevent private key hacking. Since the exchange doesn’t offer insurance, users could potentially lose their funds in the unlikely event of a successful security breach. Hence, it is highly recommended to use hardware wallets like Ledger Nano S, Trezor etc for better security.
The platform includes an Over The Counter (OTC) trading facility, where applications are executed by a professional broker. In order to qualify for this service, transactions need to be larger than $100k, making this a particularly exclusive service.
In addition, users considered to be VIP clients get access to special rates. The makeup of such users varies, but they tend to be ones who automate their own API trading, exchange offices, banks, mining companies, and hedge fund brokers.
Any individual can create an account on EXMO and start trading immediately, depending on which payment method and currency is chosen to fund their account. The fees for different payment methods and cryptocurrencies are clearly detailed on the website.
If you need to recover or reset your password, EXMO exchange allows you to do this easily. All you need to do is click on “Reset my password” and follow the instructions you get in your inbox.
To create an account on EXMO exchange, all you need to do is:
Within a few minutes, you should receive a confirmation email from the EXMO team. Click the link on that email to activate your account. If you don’t receive your email check your Junk email as it might have landed there.
Congratulations! You have successfully created your account on the EXMO exchange.
To log in to your EXMO account, follow the below steps:
To deposit/exchange cryptocurrencies, you don’t have to submit any kind of documents. However, you will need to verify your identity by submitting relevant documents in order to buy cryptos using fiat currencies. In such a case, two documents are required, in order to confirm your:
Apart from the above documents, you should also download the Agreement from the EXMO website, sign each page and upload it onto your account.
In the EXMO exchange, users can deposit 6 different fiat currencies and 20+ cryptocurrencies. Follow the steps below to deposit funds on EXMO.
You can follow the above procedure to deposit any of the 6 fiat currencies using different payment methods.
Your Bitcoins will be deposited immediately after 1 network confirmation. Likewise, you can deposit any cryptocurrency you like by following the above procedure.
EXMO exchange offers two modes: Trading and Exchange. The trading mode is intended for experienced traders whereas the Exchange mode is ideal for the novice traders who are buying cryptocurrencies for the first time.
The following examples show you how to buy different cryptocurrencies using VISA and the fiat currency is EUR. Before making your purchase you should ensure that you have verified your payment method and deposited the required funds into your account. Once the purchase has been completed the funds should reach your account within 30 minutes. For the below examples, the Exchange mode of EXMO is used.
EXMO exchange supports withdrawal via both fiat currency and cryptocurrency.
Follow the below steps to withdraw your funds via fiat payment methods. Before placing your withdrawal request, you must ensure that the payment method is already verified.
Depending on the payment methods, your funds will be credited to your account within a few hours or days. If you would like to know the applicable fees, kindly visit the ‘Withdrawal Fees’ section of this review.
Follow the steps below to transfer your funds to another crypto wallet. Before placing your withdrawal request, you must create a wallet account on exchanges like Coinbase or set up a cold storage wallet like Ledger Nano S or Trezor.
You should receive the coins in your wallet instantly, but depending on transaction volumes it may take up to an hour.
EXMO exchange allows users to buy a large number of altcoins and cryptocurrency tokens. It offers trading pairs in 6 fiat currencies (EUR, USD, RUB, PLN, TRY, UAH) and cryptocurrencies as well.
The cryptocurrencies listed on the exchange are given below:
Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), Bitcoin Cash (BCH), Dash (DASH), Ripple (XRP), Tether USD (USDT), Monero (XMR), Cardano (ADA), NEM (XEM), Dogecoin (DOGE), Waves (WAVES), Zcash (ZEC), KickCoin (KICK), Bitcoin Gold (BTG), Helbiz (HBZ), BitcoinZ (BTCZ), Datawallet (DXT), Storiqa (STQ), Stellar (XLM), MinexCoin (MNX), OmiseGO (OMG), TRON (TRX), Ink (INK), NEO (NEO), Gas (GAS), 0x (ZRX), Golem (GNT), Gemini Dollar (GUSD)
Supported cryptocurrencies on EXMO change regularly, so you should always visit EXMO to ensure that the coin you are looking for is available.
EXMO exchange accepts users from more than 170 countries all over the world.
EXMO accepts members from most countries including EU, UK, Australia, and Canada. US users, however, are not allowed to open an account with this exchange, and should instead create a Coinbase account.
On EXMO’s user agreement page you can find a list of exclusions, including territorial, under Section 2.2.
Every cryptocurrency exchange will have its own fee structure and limits, and EXMO is no exception.
The fee structure on EXMO exchange is listed clearly on its website and it doesn’t have any hidden fees.
EXMO Exchange charges a flat fee of 0.2% for every trade.
As of 1st March 2019, EXMO announced that rates will triple to 0.6% if you conduct 3 or more EX-CODE creation in the Fiat currencies USD, EUR, PLN, TRY, UAH & RUB. The EX-CODE is an internal currency used by the EXMO exchange, which allows instant funds transfer and the ability to transfer every Fiat and Crypto asset.
Note that the EX-CODE commission is only for the generation of Fiat currency, and other cryptocurrency EX-CODE generation will remain free.
The deposit or withdrawal fees vary based on the payment method. Given below is the USD and EUR fee schedule different payment methods.
For crypto payments, the fee varies depending on the cryptocurrency. For example, there is no fee to deposit BTC whereas the withdrawal fee is 0.0005 BTC.
To know the fees for other fiat currencies (RUB, PLN, UAH, TRY) and crypto payments, simply click on this link and scroll to the bottom:
Depending on the currency pair, EXMO has set minimum and maximum limits for quantity, price and amounts for which the user can buy cryptocurrencies.
For example, the limits for BTC/EUR is given below:
To know the limits for other trading pairs, simply go to the home page and scroll to the bottom (as shown in the previous section).
EXMO supports multiple payment methods for its members, including the below:
Some of the payment methods will work only for particular fiat currencies. For example, Qiwi and Yandex money are available only for RUB. Hence, it is recommended to check out the Fees section in this review, or visit the official website of EXMO.
Even though EXMO doesn’t provide advanced security features, it offers basic features like 2FA. Users can protect their account by setting 2FA via Google Authenticator (the most popular option) or SMS. In addition to this, users can add the list of trusted IP addresses which they will be logging on to the EXMO account.
EXMO exchange claims that it provides 24/7 support to its customers. Should you experience any issues with your account, you can contact their support team by going to the home page, and following the below steps:
1. Scroll down to ‘Customer support’ (at the bottom)
2. Create a new ticket with your query:
Once you create your ticket, your query will be seen to by one of EXMO’s support agents.
Alternatively, you can also send an email directly to [email protected]. There is an Online Chat option available on the website. However, it is mostly used to only discuss the issues among users and not with the support team of EXMO.
For general inquiries, users may refer to the articles on the Knowledge Base section here.
EXMO has recently introduced a referral program, where users can earn 25% commission on every transaction done by their referrals.
In addition, the exchange also operates a cashback program, where you can get back up to 70% of the commissions you pay on the platform. To benefit from this feature all you need to do is:
Following a period of beta testing, the EXMO mobile app is available for download onto Android systems. With the app you are able to access a variety of features, including:
While the mobile app functionality will be reduced when compared to the web version, subsequent updates should bring both platforms closer together. Planned updates should include:
To know the latest updates about EXMO, check out their News Section, by scrolling down their main home page.
As of 2019, EXMO has been encouraging businesses and organisations to launch their tokens with their new IEO Launchpad service. The exchange led the way with its own IEO for the EXMO native coin, EXM. In order to encourage early adoption, the exchange has been organising contests, where participants can win cash prizes and 100% cashback. More information about these promotions and upcoming IEOs can be found on the exchange’s social media pages.
In order to facilitate the process of buying with Bitcoin and other cryptocurrencies, EXMO offers merchants a payment gateway service which includes a host of benefits. Apart from offering fast transactions and low fees, merchants will be secured with EXMO’s reputable security mechanisms and great merchant support services. Through a simple sign up form, merchants can start accepting crypto payments with ease.
One of EXMO’s best features is that it supports a wide range of payment methods and over 5 fiat currencies. Like most of the cryptocurrency exchanges, EXMO also offers basic security features like 2FA and IP pinning. In some cases, it charges higher than average fees, such as when you pay with Payeer and Yandex. Since it doesn’t support advanced trading features like margin trading, EXMO is best suited for novice traders or low-volume investors.
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