Exmo Exchange 2021 Review: Fees, Features & More
This one is a United-Kingdom-based cryptocurrency exchange with Eastern European blood flowing through its veins. It opened for business in 2014 and operates from London, Moskow, and Kyiv. In 2019, they released the Exmo Coin (EXM) the exchange’s native asset.
- Operating Since 2014
- Currencies Supported 55
- Fees Vatiable
- Margin Trading No
- Futures Trading No
They claim to be one of the biggest crypto exchanges in Europe but, in reality, it’s medium-sized if we go by the world’s standard. Exmo functions both as an easy-to-use exchange for beginners and as a semi-professional cryptocurrency trading platform.
It’s worth noting that this exchange can’t take clients from the United States of America.
They’re continually evolving and trying new ideas, which is a good thing. Nevertheless, the main question this exchange review intends to answer is the following:
Is Exmo safe to use?
In general, we would say yes. Their story has a few controversial episodes, though:
- In 2017, and then again this year in February, a DDoS attack took the site offline for a few hours.
- In December 2017, one of their executives, Pavel Lerner, was kidnapped and then released after paying a huge ransom in Bitcoin. The crypto exchange assured the public that Lerner didn’t have access to user’s personal info, nor to their funds. No further damage was reported, so apparently, they were telling the truth.
- In December 2020, their hot wallets were compromised. A whopping five percent of all assets Exmo had in custody were reported stolen. Their cold wallets remained untouched and the exchange covered the losses of all affected users, though.
The company faced trouble head-on and shielded their clients, but the amount of attacks raises suspicion. Every user has to decide for himself if working with them is worth the risk.
On the technical side, the exchange offers two-factor authentication (2FA) and IP addresses whitelisting to secure your account.
Those two security measures are basically the industry standard right now. On that side, there’s nothing to worry about… as long as you keep your end of the deal and use them correctly.
Exmo offers trading in a fairly good selection of some of the more popular cryptocurrencies for euro, US dollars, and Russian rubles. Compared to some other exchanges, Exmo appears to offer a decent portfolio of alt-coins, whereas some platforms only offer trading in Bitcoin.
In general, they charge a 0.2% flat fee for deposits and withdrawal.
Depending on the payment method you choose and the fiat currency you use, there might be additional charges.
For example, If you choose to use a credit card or debit card:
- For USD, the deposit fee is 3.99% + $0.35.
- For EUR it’s 2.99% + €0.3
- For GBP it’s 1.99% + £0.3
- For RUB it’s 2.99%, but it also has a 4.99% + 60 RUB withdrawal fee.
- For UAH it’s 1% + 5 UAH, and it also has a 1.49% withdrawal fee.
If depositing is more of your thing, they work with a variety of payment systems. Once again, everything depends on the Fiat currency of your choice. For example:
- In USD, a wire transfer using WIRE Frick Bank doesn’t have a deposit fee, but it has a $22 withdrawal fee. You can also use Payeer with a 1.99% deposit fee and no withdrawal fee.
- In EUR, a wire transfer using WIRE Frick Bank or SEPA Frick Bank both come with a zero deposit fee and a €1 withdrawal fee.
- In GBP, CHAPS has a £20 deposit fee and a 0.15% + £20 withdrawal fee. If you prefer Faster Payment, it’s a £3 deposit fee and a 0.15% + £3 withdrawal fee.
- In RUB, Qiwi charges 1.99% for both deposit and withdrawal fees. On the other hand, Payeer only charges for withdrawals, a 1.49% fee.
If you don’t see your preferred payment method listed here, we recommend that you go to the exchange’s site and check their listing. They’re always adding new possibilities.
You can also transfer BTC and all of their supported altcoins to your Exmo wallet and start trading right away.
For that, they don’t charge any deposit fee, but there are minimal withdrawal fees if you decide to retire and take your coins with you.
Last but not least, they offer a Gift Card that a user can use to fund his or her account. More on that later.
If you’re an advanced user of their trading platform, the fees are even lower and there’s the possibility of participating in their cashback program.
The fees depend on your 30-day trading volume, and on if you’re a maker (adding liquidity) or a taker (reducing liquidity). For example:
- If your 30-day trading volume is less than $5000, the commission is 0.3% for makers and takers alike.
- If your 30-day trading volume is between $500.000 and a million Dollars, the commission is 0.06% with an 80% cashback for makers and 0.16% with a 46% cashback for takers.
- If your 30-day trading volume is more than 20 million Dollars, the commission is -0.05 with a 116% cashback for makers and 0.05% with an 83% cashback for takers.
There are, of course, many numbers between those three examples. Once again, we recommend that you go to the company’s site and check their comprehensive listing.
There’s also a Premium Cashback program available, in which for a flat sum in EXM you could get up to 100% cashback for makers and 66% for takers. Is it worth it? You tell us.
As you probably already know, this is an international exchange with a lot of options for clients around Europe. Let’s explore exactly what currencies they deal with.
They support eight, USD, EUR, GBP, UAH, KZT, TRY, PLN, and RUB.
This cryptocurrency exchange, of course, offers the big coins: Bitcoin (BTC) and Ethereum (ETH.)
And a selection of important altcoins: Tether (USDT,) Cardano (ADA,) DAI, Ripple (XRP,) Litecoin (LTC,) Bitcoin Cash (BCH,) Stellar Lumen (XLM,) Monero (XMR,) EOS, Zcash (ZEC,) Tron (TRX,) and even the recently popular Dogecoin (DOGE.)
Surprisingly, Exmo doesn’t list Polkadot (DOT.)
In total, it offers 55 digital assets. Other notable ones: NEM (XEM,) Tezos (XTZ,) Uniswap (UNI,) Waves (WAVES,) Gemini Dollar (GUSD,) KickCoin (KICK,) BitTorrent (BTT,) Velas (VLX,) Bitcoin Gold (BTG,) ROOBEE, Helbiz (HBZ,) BitcoinZ (BTCZ,) Ontology (ONT,) .
Visit Exmo’s website for a complete list. Each one has a different withdrawal fee, you’ll find the exact numbers on that same list.
Related and Relevant Data
- They offer 227 markets or trading pairs in total.
- The most popular are BTC/$, ETH/$, and ETH/USDT.
- They claim to have 1.7 million registered users and 40.000 active traders.
Currently, the exchange offers applications for both iOS and Android. Those are available on Apple’s AppStore, Google Play, and Huawei AppGallery.
Know Your Customer
You can trade cryptocurrencies without a verified account.
To buy digital currencies or withdraw fiat currencies, you’ll have to go through a strict Anti-Money Laundering (AML,) Counter Terrorist Financing (CTF,) and Know Your Customer procedure.
Exmo asks for a copy of a government-issued ID and a document to verify your address.
You’ll also need to download, print, and sign a user agreement and upload it to your account. If you’re going to use a credit or debit card, there’s an additional verification step.
Exmo's 8 Unique Characteristics
- They have a referrals program. You’ll earn 25% of the commission on all of your referrals’ transactions. If they use EXM, though, you’ll get 40%.
- Using Exmo Coins, you’ll be able to vote for the next cryptocurrency the exchange will support. A prize pool will form, and if you pick the right project a reward might come your way.
- Exmo users can communicate with each other using the exchange’s internal chat. Your next business partner can be there, waiting. Or maybe you’ll receive a valuable tip or advice. The only guarantee is that you’ll find like-minded people to talk to.
- The EXMO Gift Card is just a 57 characters code. When a user activates it, the funds get locked by the system. When the recipient uses the Gift Card, the funds get transferred to his or her’s account. Clever.
- If you need to process a transaction that is $50k or bigger, Exmo offers an Over The Counter (OTC) service. Use it to avoid price changes, gain confidentiality, and minimize risks. The operation is executed by a professional manager.
- The exchange offers a payment gateway for merchants. By just filling a form and pressing a few buttons, they can start accepting cryptocurrency payments.
- Exmo doesn’t offer margin trading yet, but they announced they were working on it in the EXM whitepaper. They don’t offer futures trading either.
- The exchange hosts a permanent bug bounty program. Technically skilled people are encouraged to test their systems using their own tools. If they find a minor mistake or vulnerability, they can report it and get a $100 reward. If they find a major bug, the reward could be bigger.
For this service, they use the Zendesk-based Exmo Support Service console.
It provides you with the latest reports from their technical team and lets you create a ticket or request assistance. You can also contact them via e-mail, but not through social media.
The exchange has mixed reviews on Cryptoradar, but the ones that mention their customer support always seem to praise it. Make of that what you will.
From 2015 to the present, the staff has been constantly active in Bitcointalk’s forum and in Reddit. They also answer user’s questions and requests through those services.
Fund liquidity (volume over 24h/month/year to date)
According to Nomics.com, at the moment of publication, Exmo’s trading volume over the last 24 hours was $53.42M. Over the last 30 days, it was $2.11B. And since the beginning of the year, it’s been $5.78B.
How does the Exmo exchange fares when compared with the big dogs in the industry?
This exchange’s interface is one of the few that can compete with Coinbase’s one in the intuitive and easy-to-use categories.
That functionality makes Exmo a near-perfect cryptocurrency exchange for beginners and investors that are not interested in trading at a professional level.
Even though their trading platform works really well and provides nice data and graphics, the lack of margin trading and/or futures trading leaves it out of the professional category.
Exmo’s commissions and fees are in the same ballpark as the big exchanges, they’re even a little higher in some cases. So, it can’t compete in that category.
Much less with Binance’s now-legendary really low fees.
In the security department, they obviously can’t compete with Bittrex’s perfect record. Are all those attacks they’ve suffered a symptom of something bigger and darker?
Or are they breaking a few eggs to make an omelet? Either way, this crypto exchange has something to prove security-wise.
The addition of EXM, their native cryptocurrency, and everything they’re doing with it is a step in the right direction.
Taking a page from Binance’s BNB strategy, they’re offering rewards, bonuses, cashback, less commission, a lot of advantages that might swing users their way.
And with that, we arrive at the department in which they excel: innovation. Thinking out of the box. Trying new things.
Maybe the big idea hasn’t arrived yet, but, as the “Exmo’s Unique Characteristics” section proves, they are open to it.
If you’re in Eastern Europe, you should consider this cryptocurrency exchange. Their offer is solid and it offers advantages for people in your region.
If you’re not, there’s no advantage, no real reason to do your trading through Exmo.
This is one of the exchanges to watch. They’re trying new things. They have a lot to prove. And they have enough activity to fund their innovative plots and tactics.
If they manage to hit a nerve, you’ll hear their name again.