Beginner’s Guide to Exmo – Complete Review

Exmo is a smaller cryptocurrency exchange that was founded in 2013, and is based in the U.K., but has additional offices in Kiev and Moscow, as well as team members located all around the world. When compared with major exchanges like Binance and Huobi it has a small trading volume, but as of July 2018 that’s $34 million per day, making it the 38th largest exchange.

That volume comes because Exmo is worthwhile for some traders as it has certain advantages over other cryptocurrency exchanges. One particular advantage is its fiat currency support, with the exchange accepting EUR, USD, UAH, PLN and RUB. It also has support for Bitcoin, Ethereum and over a dozen other altcoins.

The exchange design makes it amazingly easy to buy and sell cryptocurrencies, which is another one of its advantages. It’s ideal for beginning cryptocurrency traders, who will be glad for the easy to navigate design and access to some of the top altcoins. Of course with simplicity you’re giving up more advanced features, so those looking to do margin trading or extensive technical analysis will need to look elsewhere.

Overall it’s a good looking website and one that should work well, although there have been online comments in the past that indicate the Exmo servers haven’t always been completely reliable. With the current trading volume I can only guess that they’ve fixed any such problems.

Exmo also offers a wallet, which they say is secure, and it well may be very secure, but I always recommend taking your coins off any exchange wallet and put them into your own secure personal wallet.

Exmo Review: Currency Support

As mentioned above, one of Exmo’s strength is its currency support. They currently accept Euro (EUR), U.S. dollars (USD), Ukranian hryvians (UAH), Polish zlotny (PLN), and Russian ruble (RUB). And as far as the cryptocurrencies go you can purchase any of the following: Bitcoin (BTC), Litecoin (LTC), Tron (TRX), Dogecoin (DOGE), OmiseGo (OMG), Dash (DASH), Ethereum (ETH), Storiqa (STQ), Waves (WAVES), MinexCoin (MNX), Zcash (ZEC), Tether (USDT), DataWallet (DXT), Monero (XMR), Ripple (XRP), Stellar Lumens (XLM), KickCoin (KICK), Ethereum Classic (ETC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), BitcoinZ (BTCZ), EOS (EOS), and Helbiz (HBZ).

As an added bonus there’s also an exchange service that lets you change between the fiat currencies accepted by Exmo.

With so many currencies accepted it’s easy to make a deposit at Exmo, especially since you can fund your account via bank transfer, or credit/debit cards. Withdrawals can be made with the same options, and they also allow withdrawals to Paypal. Deposits and withdrawals are quick, but the speed will depend on the method chosen and can be affected by third-parties.

Exmo Review: Country Support

Registration for an account is possible from nearly any country in the world, but the terms and conditions clearly state: Depending on the User’s place of residence, the User may not be able to use all the functions of the Site. It is the User’s responsibility to follow those rules and laws in his/her place of residence and/or place from which the User accesses this Site”. That said, the site is available in 1 different languages: English, Spanish, French, German, Italian, Portuguese, Romanian, Chinese, Russian, Ukrainian, and Polish. With over 1.5 million users registered, Exmo also calls itself the top cryptocurrency exchange for Eastern Europe.

Exmo Review: Fees

Because of all the different payment and withdrawal methods supported, and the number of cryptocurrencies, there are quite a number of transaction fees we have to consider. The complete list can be found he complete list can be found here. Let’s look at some of the most common fees you’re likely to encounter.

Whether depositing or withdrawing, there is a flat 0.2% fee, no matter what method you use. For cryptocurrencies there are no fees for depositing most coins. The exceptions are USDT, which has a 5 USDT fee, Helbiz (HBZ) which has a 65 HBZ fee, DataWallet (DXT) which has a 20 DXT fee, Storiqa (STQ) which has a 100 STQ fee, and OmiseGo (OMG) which has a 0.1 OMG fee.

When withdrawing the following fees apply (as of July 2018):

Bitcoin (BTC) – 0.0005 BTC

Litecoin (LTC) – 0.01 LTC

Dodecoin (DOGE) – 1 Doge

Dash (DASH) – 0.01 DASH

Ethereum (ETH) – 0.01 ETH

Waves (WAVES) – 0.001 WAVES

Zcash (ZEC) – 0.001 ZEC

Tether (USDT) – 5 USDT

Monero (XMR) – 0.05 XMR

Ripple (XRP) – 0.02 XRP

KickCoin (KICK) – 50 KICK

Ethereum Classic (ETC) – 0.01 ETC

Bitcoin Cash (BCH) – 0.001 BCH

Bitcoin Gold (BTG) – 0.001 BTG

Helbiz (HBZ) – 65 HBZ

Bitcoin Z (BTCZ) – 15 BTCZ

DataWallet (DXT) – 20 DXT

Storiqa (STQ) – 100 STQ

Stellar Lumens (XLM) – 0.01 XLM

MinexCoin (MNX) – 0.01 MNX

OmiseGo (OMG) – 0.5 OMG

Tron (TRX) – 1 TRX

Depositing in U.S. dollars will cost $20 + 2% in wire transfer fees, but Exmo also offers Paypal payments if you’re depositing in U.S. dollars. Depositing through Paypal is free, but the withdrawal through Paypal comes with a 3% fee.

If you deposit Euros via a SEPA transfer it will cost €25. Both USD and EUR can be deposited via credit card or debit card and there is no deposit fee, but the withdrawal fee is €6 + 3% for the debit card and €7.50 + 3% for the credit card.

Exmo Review: Customer Support

Exmo says it has 24/7 customer support, but like many other exchanges the support at Exmo is largely online and can be expected to take several days in most cases. Contacting support is handled in much the same way as it is at other cryptocurrency exchanges. Fist you can submit a ticket via an online form into their ticketing system. Next there is an online chat option, which doesn’t seem to be 24/7 as Exmo claims. Finally, you can send an email directly to Exmo support. And of course there is the self-serve option through the EXMOWIKI.

Online Reviews and Public Opinion

Despite Exmo claiming 1.5 million users, it isn’t easy to find much in the way of feedback and opinions about the exchange online. Even the most authoritative sites have no reviews of Exmo. I would take this as a positive, since it’s far more likely for someone to post a negative review, and if there are none, then there must not be much that’s bad to say about the exchange. On the other hand, many of the positive reviews seem more like paid reviews than actual users, so that raises a red flag.

I guess like most of the cryptocurrency exchanges you could begin your relationship with Exmo with a degree of caution, and you would be safe rather than sorry later if there is anything questionable about the exchange. That said, it has been operating since 2013, and if there was anything unusual going on I think it would have come to light by now.

Exmo Review: Conclusion

If you’re looking for an exchange as a new user, then Exmo could be a valid consideration. This becomes increasingly true if you’re located in Eastern Europe, which is where the majority of Exmo’s customers seem to be located. The good selection of fiat and cryptocurrencies with an easy to use platform makes Exmo a good choice.

On the downside, we have weak customer support, and a lack of user reviews, which makes me a bit cautious over the exchange. There are also no real advanced features, although Exmo did say in June 2018 that they would be adding both margin trading and an insurance fund for margin loans. That would certainly increase the attractiveness of the exchange.

One further comment is that Exmo had planned a token sale, and they cancelled it in June 2018, stating that they had a full supply of their own funds. That doesn’t sound like an untrustworthy exchange or one that’s trying to take users money to me.

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