Exmo is a multifunctional cryptocurrency platform that supports both trade and online coin exchange. The business’s exchange segment involves transferring fiat money for Bitcoin. As a result, the most common trading pair on this platform is Bitcoin/USD. Bitcoins and US dollars can be exchanged by the trader for each other. Currently, Exmo is based in Estonia, with Pavel Lerner serving as the Managing Director.
When trading, the user speculates on a variety of cryptocurrency assets, betting on whether the asset’s price will rise or fall in relation to the fiat currency/cryptocurrency. A list of cryptocurrency assets that are supported on Exmo will be mentioned later in this post. Now, let’s find out about the EXMO exchange with Betomon.
Supported Countries
Users may access Exmo’s services from most countries in the world. Yet, exceptions include the United States, China, Japan, and Middle Eastern nations. Additionally, users of North Korea and Syria are prohibited from trading on Exmo.
US Traders
Due to regulatory restrictions, US traders are not permitted to engage in regulated brokers outside of the US, so Exmo does not accept US traders.
Crypto Assets Traded
Which bitcoin assets can be traded on the Exmo platform? On Exmo, cryptocurrency assets are exchanged in pairs with fiat money. The combinations listed below are available:
- BTC/EUR
- BTC/RUB
- BTC/UAH
- BTC/PLN
- BCH/BTC
- BCH/USD
- BCH/RUB
- BCH/ETH
- DASH/BTC
- DASH/USD
- ETC/LTC
- ETH/USD
- ETH/EUR
- ETH/RUB
- ETH/UAH
- ETH/PLN
- ETH/BTC
- ETC/USD
- ETC/RUB
- LTC/BTC
- LTC/USD
- ZEC/BTC
- ZEC/USD
- ZEC/EUR
- USDT/RUB
- XMR/BTC
- XMR/USD
- XMR/EUR
- XRP/USD
- XRP/EUR
- BTC/USDT
and many more pairs.
Deposit and Withdrawal Options
The following payment methods are available to apply while making deposits and withdrawals on Exmo:
- Credit/debit cards
- BanContact
- QiWi
- Perfect Money
- OKPay
- AdvCash
- Payeer
- MoneyPolo
- WebMoney
- Payza
- Fiat currencies include USD, RUB, and Euros. These can be transferred using bank wire (SEPA).
Additionally, Exmo established the Ex-Code (Exmo Internal Currency Exchange system), its internal payment system. Excode enables Exmo exchange customers to execute withdrawals using the Ex-Code and third-party exchanges to convert this into fiat money.
Exmo has also created CryptoCapital, a new method of payment assisting users in exchanging their crypto holdings into fiat money by using CryptoCapital.
Exmo Fee Structure
Exmo requires minimal deposits made using cryptocurrency. Deposits that are less than the minimum deposit limit are frequently not recorded in the system. These funds will not be reimbursed to the user. There are no maximum restrictions to what can be deposited. Every transaction is determined with a minimum fee of about 0.2%. There are additional costs involved, but they are limited to what the payment processing businesses charge.
Security Measures
Served by SSL, Exmo offers its consumers the following options for safeguarding their cryptocurrency assets:
- Cold wallets, which enable the off-exchange storage of funds and coins.
- Two-factor authentication (2FA) layer for trader login using a one-time token code which can only be used once as supplementary login.
- IP recognition and verification process in case an attempt happens to log in from a different location or on a device that is unknown to the user.
Customer Support
In addition to offering a comprehensive knowledge base that answers the majority of questions from traders and other Exmo users, Exmo also provides a customer support email service for responding to user requests. Customer service on Exmo may be accessed via the following channels:
- Online chat.
- Customer support email address at support@exmo.com.
- An online ticket and a customer service rep that is assigned to get a resolution of the problems discussed in the ticket.
Moreover, Exmo’s customer service is supported in all the major languages.
Pros and Cons
Advantages
- Low fees.
- Wide selection of cryptocurrency asset pairs to trade, providing user the power of choice.
- Excellent communications outlet. The blog consistently posts news regarding Exmo’s activities.
Limitations
- US Users are not accepted.
- There have been many reports of exchange disruptions.
- Conditions for deposits and withdrawals are subject to change. It’s always unpredictable what traders will find when they wake up.
FAQ section
Where is the operational center of Exmo located?
Exmo’s headquarter is located in Estonia.
How can I deposit to my account at Exmo?
Exmo provides many modes of depositing money into your account. However, they all come with fees. Select the one that most suits you.
Is Exmo a regulated exchange?
Exmo is not a regulated cryptocurrency trading platform.
What is the processing time for withdrawals at Exmo?
The payment method applied will determine the withdrawal process. Some take days to finish, while others take just hours.
Is Exmo Safe to Use?
There were multiple concerns raised over the last year regarding the security of Exmo exchange operations since many users have expressed dissatisfaction with the exchange’s processing of withdrawal and deposit requests, as well as the disruptions the platform has encountered. It is particularly worrisome after the recent kidnapping of Exmo CEO Pavel Lerner with the $1 million ransom in Bitcoin to the kidnappers to secure his freedom.
How does this affect the exchange in the future? It is difficult to say. However, these incidents will undoubtedly damage the company’s reputation, particularly in light of the growing need for regulated, safer, and more secure cryptocurrency exchanges that are expected to occur globally at this time. It is recommended that Exmo’s safety status should be carefully tracked.
Is Exmo a scam?
Exmo cannot be said to be a fraud, but it also can’t be considered to have a good reputation. When deciding to use Exmo, traders should be note that it is not regulated and is situated in a country with a weak regulatory framework that does not provide significant protection for users.
On New Year’s Eve 2017, there were numerous unconfirmed reports of traders being unable to make any withdrawals. Many online forums have published these reports. Therefore, traders that use Exmo should trade very cautiously, since there may be something wrong with the firm.
