Exmo Exchange is a simple to use cryptocurrency exchange which allows fiat transfers and users to buy bitcoin or Ethereum with USD and EUR along with other currencies. Exmo Exchange is a relatively small UK based cryptocurrency exchange originally founded in 2013 and has a number of team members located worldwide and services many countries globally as well. It has an extremely easy to use interface and accepts fiat deposits, these being: $ USD, € Euro, PLN Polish Zloty, Ukraine UAH and Russian RUB. There are a number of payment options available and the ones suitable for your choice of currency are highlighted on the ‘Finance’ UI.
Because of its ease of use Exmo Exchange is especially suitable for beginners. Although experienced users may find the site a little oversimplified and there are not too many advanced features, eg margin trading.
Whilst currency can be stored on the exchange, as always, it is recommended to make use of an offline hard wallet.
In addition to accepting a range of fiat currencies, there are a number of supported altcoins. Maybe not as many as an exchange such as binance, but that is suited for more advanced users. At this time the following are avaialble:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Dogecoin (DOGE)
- Waves (WAVES)
- ZCash (ZEC)
- USD Tether (USDT)
- Monero (XMR)
- Kickcoin (KICK)
- Ethereum Classic (ETC)
- Bitcoin Cash (BCH)
As with many exchanges, there is a verification process to complete for new users. It is the standard proof of ID and address utilising a National Identity card or passport along with a utility bill such as a bank statement or other official proof of address. Exmo is available in many countries and the site support 11 different languages.
Exmo Exchange – Use
Once logged onto the site the interface is very easy to use and simple to navigate. There is a ‘trading’ or buy and sell pairs section as well as an ‘instant’ exchange area where you can buy trading coins in exchange for fiat currency.
Once you have fiat currency deposited into your Exmo Exchange account you can switch to the ‘Buy and Sell’ section to place the orders for your particular currency.
Due to the fact that there are a number of 3rd party payment options as well as VISA/Mastercard the fees vary considerably. You need to be mindful of the fees dependant on the method you chose or are required to use. Regardless of this, there is a flat 0.2% fee for both deposits and withdrawals. Depositing currency is free unless it is KICK (50 KICK fee). Withdrawing currency has a range of charges for each coin, these are shown on their website.
If you choose to deposit USD, then you can expect to pay 2% + $20 for the wire transfer. For USD transfers you also have the option of paying via PayPal. PayPal use is free but remember that transferring funds to your PayPal account incurs a fee of 3% of the transaction. Paying with EUR via a SEPA transfer costs €25. USD and EUR deposits via a debit or credit card are free, but withdrawal fees are 3% + $7.5 or 3% + €6.
For added security to your account, you can select to enable 2FA with Googles authenticator or receive an SMS code. Activation of either option is very simple and straightforward and is accessed from the settings area of your account drop-down menu.
This is Exmo’s own internal transfer mechanism. It allows the transfer of currency (any coin) to another Exmo account holder with no fees. You simply generate a wallet address on the site and send to another account holder who can then deposit into their own account and receive in any currency.
Exmo will be crowdfunding the EXMO coin beginning September 10th 2018. For the Whitepaper and roadmap please visit the Exmo site.
- Many fiat payment options
- Google 2FA or SMS second tier security
- Easy interface – great for beginners
- Instant rate quoted to buy/sell
- No margin trading
- Relatively small exchange
- Some deposit methods could be costly