EXMO Review 2018
Exmo is a dual purpose cryptocurrency platform which allows the online exchange of cryptocurrencies as well as the trading of cryptocurrencies. The exchange part of the business involves exchanging fiat currency for Bitcoin. Therefore, the Bitcoin/USD pair is the most common pairing for exchange. The trader can exchange Bitcoin for US Dollars and vice versa. Exmo is located in Estonia with Pavel Lerner serving as the current Managing Director.
- Supported Countries
- Crypto Assets Traded
- Deposit and Withdrawal Options
- Exmo Fees and Charges
- Security Measures
- Customer Support
- Pros and Cons
When it comes to trading, the user is speculating on a wide range of cryptocurrency assets; betting on whether the asset price will rise or fall relative to the fiat currency/cryptocurrency. A list of cryptocurrency assets that are traded on Exmo will be shown later.
Most countries of the world can access Exmo’s services. Notable exceptions are the US, China, Japan and countries in the Middle East. Syria and North Korea are also countries whose nationals cannot trade on Exmo.
US Traders Accepted?
Exmo does not accept traders from the US, as there are regulatory prohibitions that bar US traders from trading activity with regulated brokers outside the United States.
Crypto Assets Traded
What are the cryptocurrency assets traded on the Exmo platform? Cryptocurrency assets on Exmo are traded in pairs with fiat currency. The following combinations are available:
and many more pairs.
Deposit and Withdrawal Options
Deposit and withdrawals on Exmo can be carried out with the following means of payment:
- Credit/debit cards
- Perfect Money
- Fiat currencies (such as USD, RUB, and Euros). These are transferable using bank wire transfers (SEPA).
Exmo has also developed an internal payment system known as Ex-Code (Exmo Internal Currency Exchange system). Excode allows users of the Exmo exchange to perform withdrawals using the Ex-Code and convert this into fiat currency using third-party exchanges.
Exmo has also introduced CryptoCapital as a new means of payment. With CryptoCapital, users can convert their cryptocurrency holdings into fiat currencies.
Exmo Fees and Charges
Exmo imposes lower limits on deposits made using cryptocurrencies as the means of payment. Any deposits that are lower than the minimum deposit limit are not usually enrolled in the system. These funds are not returned to the user. There are no maximum limits on what can be deposited. Minimum fees are charged for each transaction. This is set at 0.2%. Other fees are incurred and these are limited to what is charged by the payment processing companies only.
Exmo is served by SSL and presents its users with the following methods of securing their cryptocurrency holdings:
- Cold wallets, which allows for the storing of cash and coins off-exchange.
- Two-factor authentication (2FA) layer for trader login. This involves the use of a one-time token code which can only be used once as secondary login.
- IP recognition and verification procedure if login is attempted using unfamiliar computers or is attempted from a different location.
Apart from the comprehensive knowledge base which has been put together to answer most questions that traders and other users/non-users of Exmo may have, Exmo also provides a customer support email service to attend to the requests of users. The following methods of customer support on Exmo are available:
- There is an online chat facility.
- There is a customer support email address which can be reached at email@example.com.
- Users can also create a ticket online, and a customer service rep is assigned to get a resolution of the issue(s) discussed in the ticket.
Customer support is available in all the major languages.
Pros and Cons
- Low user fees.
- Several cryptocurrency asset pairs to trade, giving the user the power of choice.
- To their credit, Exmo has a good communications outlet. The blog publishes constant updates about what happens with Exmo.
- US Clients not accepted.
- Many exchange downtimes have been reported.
- Deposit and withdrawals come with conditions which keep changing. Traders can never tell what they may wake up to.
Where is Exmo’s operating center-based?
Exmo’s head office is located in Estonia.
How do I fund my account at Exmo?
Exmo presents several means of depositing money into your trading. These methods all come with fees. Choose the one which suits you best.
Is Exmo a regulated exchange?
Exmo is not a regulated cryptocurrency exchange.
What is the processing time for withdrawals at Exmo?
Withdrawals depend on the payment method used. Some methods take days to complete, while there are some which take hours.
Is Exmo Safe to Use?
There are a lot of questions that have arisen in the past one year about the safety of operations of the Exmo exchange. There have been many complaints by users regarding the fulfillment of deposit and withdrawal requests as well as the numerous downtimes the exchange has witnessed. Particularly worrisome is the recent kidnap of the Exmo Managing Director Pavel Lerner, and the purported payment of a $1million ransom in Bitcoins to his abductors to secure his release.
How does this affect the exchange going forward? It is difficult to predict. But these events will definitely not bode well for the image of the company, especially as 2018 sees greater clamor worldwide for regulated, safer and more secure cryptocurrency exchanges. It is best to say that the status of Exmo in terms of safety should at best be guarded.
Is Exmo a scam?
Exmo cannot be said to be a scam, but it cannot be given a clean bill of health either. Traders who decide to use Exmo should realize that it is not regulated and is located in a jurisdiction which is not known to have a strong regulatory activity which protects traders. As at New Year’s Eve in 2017, there were several unconfirmed reports of traders being unable to make any withdrawals. These reports have appeared on several online forums. So traders should trade with extreme caution if using Exmo, as clearly, all is not well with the company.
- Bitcoin Cash
- Ethereum Classic
- United Kingdom
- Cape Verde
- Sri Lanka
- Solomon Islands
- Trinidad and Tobago
- Burkina Faso
- Russian Federation
- Saint Lucia
- South Sudan
- Virgin Islands, British
- South Korea
- Saint Kitts and Nevis
- Saint Vincent and the Grenadines
- Vatican City
- Papua New Guinea
- Cote d'Ivoire
- Dominican Republic
- Bosnia and Herzegovina
- Equatorial Guinea
- Hong Kong
- Sierra Leone
- Saudi Arabia
- Cayman Islands
- Sao Tome and Principe
- Czech Republic
- United Arab Emirates
- Marshall Islands
- New Zealand
- Antigua and Barbuda
- Central African Republic
- San Marino
- Costa Rica
- El Salvador
- South Africa
- Isle of Man
|Headquarters Country||United Kingdom|