This review concerns Exmo, an online exchange platform that offers services regarding cryptocurrencies. The information that you will get from this article will help you choose the best option available to you as a trader.
The investigation contains personal take on the online business, with pros, cons and concluding remarks serving as a general remark on the exchange.
About the Exchange
Exmo is a UK-based online platform where you can trade different crypto and fiat currencies, as shown in the snapshot below. You can work with 13 different cryptocurrencies at Exmo with most popular ones being bitcoins, Ethereum, Bitcoin Cash and Litecoins.
Traders from different regions of the world can trade at Exmo using web platform only. Phone apps are yet to be developed by the company. The lack of mobile trade environment can be seen as a disadvantage when compared to other exchanges, like Coinbase, Bitstamp, and Bitfinex, all offering both iOS and Android apps.
It currently operates with over 100 thousand traders with daily trade passing over 10.000 BTCs. The margin trading does have its place at Exmo but offers only a few functions for clients. It is a good place for beginners but it lacks the complexity that Bitfinex has and thus us not interesting for advanced users.
Registration and Verification
You can register an account at Exmo freely by providing email and password while the process itself takes few moments only.
As for the verification, there are several deposit options that can be used without providing a scanned ID or proof of address. In case you have a payment system that needs identity check, you would need to provide both documents and sign a legally-bound agreement as well, as shown below.
Service is available globally since company works with different payment methods and is not tightly regulated as Coinbase. The platform can be accessed from any part of the world, as long as you have one of the accepted deposit means.
Deposit/Withdrawal Methods and Fees
Exmo has one of the longest lists of payment ways that are accepted in the crypto industry. These methods are wire transfers, Perfect Money, Epay, MoneyPolo, AdvCash, OKPay, Payeer, CryptoCapital, Neteller, and Payza. Cheapest funding options are MoneyPolo and CryptoCapital, coming with 1% fee for each funding amount you bring in. Others range between 2% and 7% for both deposits and withdrawals.
Credit cards are free for deposits with the exception being bank cards from Ukraine, which would land you with 4% fee. As for withdrawals, cards have fees ranging between 1.5% and 3%, depending on where you live. Wire transfers come with 2% + $20 for deposits and $20 for withdrawals.
Exmo offers regular security functions for its clients, as you can set up your email notification system and two-factor authentication (2FA). You can also set IP address approval system, protecting you from people trying to log into your account. This is an added-value service, as most other platforms do not offer this feature.
Pros and Cons
+ service is globally available
+ a large number of fiat currencies, crypto coins, and payment methods
+ offers IP approval function
- some deposit/withdrawal methods come with high fees
- too simple margin trading functions
- scanned ID mandatory for bank transfers and cards
Exmo provides an excellent training ground for starters, as many payment options are available for use. The instant and margin trading are simple enough for beginners while there are numerous cryptos offered at the marketplace. Advanced users will not be satisfied with limited margin trading since the functions are not complex enough for enhanced trading strategies.