Broad Review for EXMO
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Cryptocurrencies are greatly revolutionizing the sector of finance which has for long been criticized for being too centralized. Digital currencies employ decentralized systems opposed to the highly centralized banking systems and state of the art electronic money systems. Despite strong resistance from among organizations and individuals who favor the traditional centralized financial systems, more cryptocurrencies are being brought to the market since the inception of Bitcoin, the first ever coin to be used as a digital currency. Bitcoin is considered to have spearheaded the growth of cryptocurrencies as experienced in recent times.
The exponential growth of Cryptocurrencies is evident in the trading volumes that are continuously and consistently on the rise. In the same way fiat currency exchanges are done through banks and other financial institutions, digital currencies require trading platforms.
The trading platforms are often prone to risks of loss of money to hackers and therefore, when it comes to choosing an appropriate trading platform, you should be keen on the choice you make. EXMO is one cryptocurrency exchange platform and through the information provided herein, we help you to make an informed decision when selecting it as your preferred trading platform. As a potential user, you may ask yourself some of these questions. Is EXMO legit? Is EXMO safe to hold the digital coins? Continue reading to get answers to such questions and learn about other concepts such as how to use EXMO for trading transactions.
What is EXMO?
EXMO is an online Cryptocurrency Exchange trading platform that is based in the United Kingdom and is a platform where you can be able to exchange different cryptocurrencies and fiat currencies. The EXMO trading platform was founded in 2013, from a different team under the name ExMoney. After the change, EXMO is believed to have grown to become a popular trading destination for the purpose of buying and selling cryptocurrencies. EXMO is a full-service cryptocurrency exchange platform with a range of trading and exchange options to be able to cater to the wants and needs of the users. The web platform alone can enable traders from the various geographical locations in the world to carry out their trading transactions on EXMO.
- The platform accepts up to thirteen different digital coins with the most popular coins being Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and Bitcoin Cash (BCH). Other available crypto coins are Ethereum classic (ETC), Ripple (XRP), DASH, WAVES, Zcash (ZEC), Monero (XMR), DOGE, Tether (USDT).
Available fiat currencies
- US dollar(USD), Euro, Russian Ruble (RUB), Polish Zloty (PLN), Ukrainian Hryvnia (UAH)
- EXMO accepts deposits in any of the above-listed fiat currencies.
- The platform allows for the use of a wide range of payment methods including the Credit cards, Debit cards, Perfect money, Cryptocurrency, Payza, Wire Transfers, Money Polo, Giropay, CryptoCapital, Yandex Money and SEPA
- The EXMO exchange platform is available for users in over 200 countries around the world outside the United Kingdom.
Limitations of EXMO
Are users limited by transfer limits on this platform? Yes. The platform has a schedule for maximum and minimum trading limits on all the trading pairs that it provides.
These limits are set on the daily deposits or withdrawal amounts and varies from one currency to another.
|Currency pair||Minimum quantity||Maximum quantity||Minimum price||Maximum price||Minimum amount||Maximum amount|
For withdrawal limits;
- BTC – 0.01
- DASH – 0.1
- DOGE – 10
- ETH – 0.1
- LTC – 0.5
- Registration can be done at EXMO freely by providing a personal email and setting up a password for the account, a process that takes only a few minutes.
- Personal verification is probably among the most frequently asked questions by potential users of this platform as well as any other digital exchange platform.
- Personal verification is not a requirement but an additional feature to ensure that the payment procedures are done at the highest security level possible. Verification is mandatory to transact in some payment systems such as MoneyGram, SEPA, Western Union, Wire Transfer and making withdrawals of the EUR and USD for MasterCard/Visa.
- Verification takes place in three stages;
Identify verification – you are required to show one of the following identification documents.
- A national passport- spread in two different pages with photo
- International passport- spread in two different pages with the photo
- Personal ID showing the back and front sides
Verification address- to be able to go through the address verification stage, you need to submit a number of documents as listed below;
- Utility bill
- A bank statement
- Tax papers
- Proof of residence which is provided by the area’s local authorities
- User agreement – this is the final stage of the verification process and is done by filling the user agreement.
The following steps should be followed to fully pass the verification stage;
- The user agreement document is downloaded to your computer or whichever device you are using.
- Print the document and add a signature identical to the one in the submitted passport.
- Scan the document and upload it back to the system in the “Agreement” section of the website.
- Upon successful completion of the above-described steps, you are required to take a selfie photo while holding the document of identification used to open the account on the website displaying the EXMO account opening in the background.
- All the identification document’s information should be very distinct alongside the details on the EXMO account login website.
- By systematically following these procedures you can do the verification process within a very short time.
- The EXMO platform has a uniform fee of 0.2% for every deposit and withdrawal transaction.
- The minimum accepted value of a transaction is one US dollar.
- The platform does not charge additional fees on deposits in the forms of Litecoin, Bitcoin, and Dogecoin but to withdraw these cryptocurrencies you will be required to pay a fee of 0.01 LTC, 0.001BTC, and 1DOGE respectively.
- Depositing the fiat currencies- USD, RUB and EUR each will cost a user varying fees depending on the choice of system to transmit the money. For instance, payments in Euro made through OKPAY cost a fee of about 0.5 percent but do not cost anything on Raiffeisen (SEPA). The charges can go as high as 5.9%, the percentage is charged to deposit Rubles through Qiwi.
- Withdrawing the digital funds from your account may also cost you depending on the specific type of service requested. Similar to deposits, euro transactions through OKPAY have no commission fee while other services such as converting OKPAY to USB attracts a fee of 1 percent of the transaction amount with an additional cost of up to US$ 20 for the wire transfer services.
Is EXMO Safe?
The web-based exchange platform is hailed as being very simple and although it does not offer multiple additional features has the approval of many in the trading community. The platform is especially recommended for beginners due to the simplicity and intuitive nature of this platform. The web is as simple as the platforms can possibly get. EXMO has been added to the android terminal, Tab Trader app together with the other popular and even larger cryptocurrencies.
The platform offers regular security operations for its customers. This is manifest through the two-factor authentication (2FA) System and email notification mechanism. As a user, you are at liberty to procure additional measures such as setting an IP address approval technique to bar access to your account by other people. An added value service not offered by most of the other digital exchange platforms.
EXMO provides a 24/7 customer support platform to all the EXMO users. The platform can handle users who use Russian besides having a fully functional English support system. The support system available online allows the user to do the following;
- Access to information available in the Frequently Asked Questions.
- Get assistance via online web chat.
- Contact customer care at firstname.lastname@example.org.
A large percentage of the methods of trading transactions can guarantee really quick transaction speeds. Making deposits is a process that takes no longer than a few minutes.
How to use EXMO?
This procedure is almost similar to most exchange platforms.
- You are required to create an account, provide personal information as required and log in to the account.
- The web platform contains a dashboard with your profile, wallet, news, help section and bidding.
- The main tabs are mostly the wallet and bidding tab.
- The wallet allows you to adjust all the pairs of currency that you will be transacting in.
- The bidding tab over time contains a load of data which hence becomes a significant source of information. For instance, there is an exchange rate chart which is continuously changing in response to fluctuations in the currency exchanges and real-time market information.
- There are more tools that one begins to appreciate with time such as StopLoss, Short and Trailing Stop.
- The platform is a good destination for any user to gain an understanding of new concepts and go ahead to use them while transacting in this exchange service.
EXMO Review Summary
EXMO is a good cryptocurrency exchange platform and users should be comfortable to make it their preferred choice to buy and sell cryptocurrencies. The platform currently brags of over 100,000 users with a daily bulk of transactions exceeding 10,000 Bitcoins. The platform is an invaluable destination for potential traders especially useful for beginners although it inherently seems to be lacking in complexity compared to other exchanges hence not very much preferred by the advanced traders. It could be a mistake, therefore, to throw away the prospect of investing in this platform considering the great support system they offer their users besides a long list of supported currencies.
- Tons of payment methods are available on this platform.
- It has huge trading limits.
- The company is registered and regulated in the united kingdom.
- It has a 24/7 customer support system.
- More than one-language is supported.
- There is an unutilized opportunity to expand the available trading pairs.
- Lacks privacy.
- Some charges are very high on this platform.
- The united states are excluded.
Hope you enjoyed our review of EXMO. Please make sure to check our site for more, thanks.