If you are looking for a cryptocurrency exchange that offers both fiat-to-crypto and crypto-to-crypto trades, then Exmo should be on your radar for sure. Armed with various fiat and digital currencies, Exmo possesses a certain level of attractiveness. Thus, it felt natural for us to investigate it and provide you with insider’s knowledge about the platform.
We review in depth the exchange’s fees, deposit & withdrawal options, verification requirements, security features and trade functions. With the information above, we constructed pros and cons for the company, while also providing short company’s history and an overall conclusion.
Exmo is an online cryptocurrency exchange where you can pair up different crypto and fiat currencies between each other. The service is available globally through a variety of payment methods offered for clients, as shown below.
The trade itself uses two basic functions, limit, and instant order while margin trading does not exist, despite a large number of trade pairs. There is a cool feature that many other exchanges do not have, which is live trader chat. The chat represents a place where the client can exchange information and knowledge. It also serves as transparency tool, to show general opinion of clients to anyone new.
At this moment, there are no mobile apps available for traders to download, although you can browse the site using your phone. Support can be reached through live chat that operates on business days or by posting an online ticket at any time of the week. The company also provides extensive FAQ section as well.
Account Creation and Verification
There is nothing special to report regarding registration of an account at Exmo, as it is pretty straightforward and simple. You provide your email and password, which are verified by the link sent to you. The registration starts with email and password creation, as shown below.
Verification, on the other hand, is where things start to get interesting at Exmo. There are three levels of the process, first being ID scan and details. On the second, you need to provide proof of address by scanning the latest utility bill and upload it to the platform.
The last level contracts with Exmo, giving you large trade limits but also obligations on the trade conduction as well, as seen below.
It is possible to trade with fiat and digital currencies with an unverified account, as there are several deposit/withdrawal options available for you to use. We have specified which of these options are used without an ID scan at deposit section of this article.
Currently, Exmo supports 13 cryptocurrencies in its platform, bitcoins, Ethereum and Litecoins included. With several fiat currencies and the crypto-to-crypto trade, you have 43 trade pairs available for you to work with at the platform.
Compared to Coinmate’s two digital coins, Exmo has upper hand with its larger trade supply. Bleutrade, on the other hand, offers over 50 currencies and over 2.500 trading pairs, both of which Exmo cannot match. EXMO is a large Ripple exchange as you can read more about on our blog Best Ripple Exchange 2018.
You have several options when it comes to fiat deposits and withdrawals, depending on the verification level you are willing to achieve. Unverified users can transfer money through Perfect Money, Epay, MoneyPolo, AdvCash, OKPay, and Payeer. Perfect Money, AdvCash, and OKPay would cost you 3% of the transaction value, Epay 2%, and Payeer 7% while MoneyPolo is the cheapest option, standing at 1% of the transfer value.
For verified users who uploaded their scanned identity documents, the deposit/withdrawal methods are wire transfers, CryptoCapital, Neteller, and Payza. Wire transfers would cost you 2% + $20 for deposits and $20 for withdrawals.
CryptoCapital deposit fees stand at 1% while Neteller costs 4.5% and Payza 2.9% + $0.3. Withdrawals conducted through CryptoCapital, Neteller and Payza are free of charge.
Credit or debit card deposit and withdrawal fees range from fiat currency to another. The card costs usually stand between 1.5% and 3% for withdrawals while deposits are mostly free, with exception of UAH, standing at 4%.
Fees are a bit higher than at Coinmate, who charges up to 1.5% for bank transfers and €1 for MoneyPolo. It is important to mention that Exmo has more fiat currency deposit options than Coinmate and Bleutrade.
Fees and Exchange Rates
You are also obliged to pay 0.25% of the trade value, no matter if you are buying or selling currencies at Exmo. Each of the cryptocurrencies has their own withdrawal fees while deposits are done free of charge, with exception of KICK (50 of them).
The trade and crypto fees are in line with other exchanges that use taker and maker fees while Bleutrade charges flat 0.5%.
Judging from the 1.800 BTC and 360 ETH traded on daily basis; many of the digital coins have good liquidity, with very few exceptions. These exceptions are new or rare currencies to begin with, which makes Exmo liquidity rate high.
Based in England, the platform started its operations in the end of 2014, adding features in the following months. In 2015, the exchange went under several platform upgrades, most notable being order system.
In 2016, SOFORT entered deposit and withdrawal method for European clients. In March 2017, Visa and MasterCard withdrawals in EUR and USD have been established in the system.
For personal security, you have options to enable email notifications on your login attempts, deposits, and withdrawals. Two-factor authentication (2FA) is also available, while IP authorization can be used to prevent unknown IP entrances to happen.
Exmo has a variety of currencies, both fiat, and crypto for its clients to use. Fees are on the mid ground when compared to Bleutrade and Coinmate. Putting these facts together, it is safe to say that beginners will find trading at Exmo enjoyable.
Experts might find the lack of margin trading as a set-off, even with several security functions available. We would still recommend this exchange to both types of traders, as has numerous deposit methods, many of them being instant fund transfers.