The online cryptocurrency exchange Exmo has been busy this week updating its service and in the last few days, some important news surrounding commissions has been announced.
If we first kick off with the best news, which surrounds Tether (USDT). As of last Sunday, Exmo has removed all commission on deposits via Tether, meaning that now players can deposit via Tether to their Exmo Exchange account for absolutely free. This is excellent news for those out there looking to trade via the controversial currency. If you want the full details on this then you should check out the financial terms and conditions on their website.
There is also good news on a similar tangent for players who are looking to make deposits to Exmo via Russian payments services, Yandex Money and Qiwi. Although there is still a levy on these deposits, as of this morning (13/02/2019), these commissions have been lowered by quite a significant amount.
Qiwi will now come with a 2.45% commission fee, which is more than a 1.50% drop from 3.95%. While Yandex Money has dropped down by 1% from 3.45% to 2.45%. These are very respectable drops, so it is ideal for players who were looking to deposit via these methods in the very near future.
The biggest revelation though is that next month will see an introduction of commission fees for major fiat currencies looking to generate EX-CODE, the internal currency of the EXMO platform. The affected currencies will be USD, EUR, PLN, TRY, UAH, RUB.
While rates of the commission still remain the very low amount of just 0.2% if you make up to 2 operations over a one day. They will triple up to 0.6% if you opt to conduct more than 3 operations a day. These rates will be introduced as of 1/3/2019.
This does not stretch across their service though, and you will still be able to generate EX-CODE for cryptocurrency assets and move them between accounts with no commission attached. While all other fiat currencies will remain free from commission.
EX-Code has been applauded due to the benefits it offers players using the Exmo service, such as the instant transfer of funds to the account and the ability to transfer any fiat and cryptocurrency assets with optimal ease. It has contributed largely to Exmos popularity since its launch.
With such a minimal increase it is unlikely to put too many people off using the service at this time, especially with decreases happening with other currencies concurrently . However, it remains unclear why exactly so many changes are being made to their trading functions this week.
In a blog post on Exmo’s website, co-founder, Ivan Petukhovsky explained the fiat increase was “to ensure the active development and maintenance of EX-CODE functionality.” Although this doesn’t shed much light on the situation, we will keep our ear to the ground and keep you updated with any developments on this topic.
You can read more about Exmo Exchange’s service here.
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