In the public eye, any company that offers comparatively more benefits to the customers are sure to be better noticed in the market. Exmo, the UK-based cryptocurrency exchange, seems to be using precisely this strategy in recent years and with it, the company has seen a huge growth in customer numbers. In terms of membership numbers globally, it’s still pretty far behind the biggest exchanges like Coinbase, Kraken, and CEX.IO. However, in some regions like Europe, the exchange has been doing exceptionally well under its current CEO Kent Gillberg. The service claims to have over one million members from over 200 countries. In case you have been trying to know more about this exchange, this Exmo review will definitely be helping you.
The Service Platform
Exmo offers its services from multiple platforms, including the browser, an Android app, and an iOS app. One of the most hyped features of this exchange is its support for a variety of fiat currencies and cryptocurrencies. Currently, the company allows its users to invest and withdraw in five different currencies including the US Dollars (USD), Euro (EUR), Ukrainian Hryvnia (UAH), Russian Ruble (RUB) and Polish złoty (PLN). The exchange supports over a dozen cryptocurrencies including Bitcoin (XBT), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Monero (XMR), Dash (DASH) and Tether (USDT). The platform allows even the direct exchange between USD and EUR.
Insiders with the exchange have also reported that the exchange will continue to add even more currencies (both fiat and crypto) in the near future. Many experts point out that the exchange could have a higher potential for growth if it added support to currencies like the British Pound (GBP) and Australian Dollar (AUD).
Like most public cryptocurrency exchanges Exmo only allows officially registered profiles to trade through its platform. Users need to fill comprehensive details matching their government-issued ID, which include full name, date of birth and proof of address. However, Exmo applies a lot of modern security standards and practices to secure the private data of its users, including two-factor authentication, SMS verification, IP filter, and SSL. The company also provides wallet services to its clients.
Using the Platform
Experts consider Exmo’s exchange platform to be one of the most intuitive and simple to use. To sign up with the platform, users will first need to provide their email and set an initial password. Once you enter the details, you will need to check your inbox and click the verification link as instructed. Following this step you will need to enter your identification details along with your phone number. After you complete the details, Exmo’s representatives will check and verify your account within a few hours to a few days, following which you can start trading through their platform.
One of the major advantages of using Exmo is a large number of options you have for depositing your funds. Users can not just use popular options like credit cards, debit cards, and wire transfer, but also deposit their cryptocurrency balance from other wallets to start trading. The platform also supports other methods like Payza, Payeer, and Yandex Money to take in deposits. The trading platform isn’t very complicated and has plenty of visual tools that can be understood by both new and experienced users alike. In particular, their detailed visual charts for every exchange pair makes it easy to observe the fluctuations of the prices across different time duration. The blue bars indicate a bullish trend while the red bars indicate a bearish trend. For every transaction done through the exchange, the platform charges a flat commission rate of 0.20%, which experts say is one of the lowest charges in the market.
However, users will nonetheless need to bear extra charges during withdrawals and deposits, including taxes, and that surely needs to be calculated by users beforehand before deciding to make their transactions. Optionally, users can transfer their deposits to other wallets from Exmo wallets as well, for which fixed charges are set by the exchange. For example, for withdrawing any amount between 0.01 to 100 Bitcoins, users will need to pay 0.001 Bitcoins as Exmo fees. Thus, although this provision may encourage the bigger depositors, it may discourage the depositors putting smaller amounts.
If there is one thing that exchanges and cryptocurrency business need to emulate from Exmo, it’s surely their customer support. The company takes in customer inquiries and complaints not just from the regular email system, but also systems like live chat, Facebook, Twitter, and the Telegram messaging app. While most exchanges take several hours to even several days to reply to a customer, Exmo does the same in minutes. Currently, the company supports two languages in the chat support, that include Russian and English. Meanwhile, users may also put email queries in other popular languages like Spanish, French, German, Italian and Portuguese.
There are several reasons why the popularity of Exmo has been growing lately. From charging fairly low in-platform transaction fees, to set up very responsive support channels, Exmo has many positive features that make it enticing for new and experienced cryptocurrency traders alike. It’s also one of the few exchanges that supports PayPal, for receiving funds (but not for depositing).
However, a notable downside of using Exmo is the relatively high withdrawal fees it charges for transfer to other cryptocurrency wallets. The exchange also seems rather Europe-centric, especially considering that it doesn’t support popular currencies like the AUD, NZD or Canadian Dollar. In fact, the exchange isn’t supported in the US. Despite the seemingly high quality of its services, these may perhaps be the stumbling block that has prevented this exchange from becoming a global giant. But in gross terms, the advantages of using this exchange clearly outweigh the disadvantages, and it’s not too hard to predict that with such services it will only keep attracting new memberships.