Are you curious about the pros and cons of Exmo and how it compares to other exchanges? In this Exmo review, we'll explore the features, trading fees and overall user experience of Exmo to help you make an informed decision. Whether you're a seasoned trader or a newcomer to the world of crypto, our comprehensive review has got you covered!
Exmo is a UK-based cryptocurrency exchange that operates in several countries including the UK, Ukraine, Poland, Lithuania, and the US. The company was founded in 2014 by Sergey Zhdanov and has over 150 employees.
Exmo is a European exchange that allows users to buy and sell a small range of cryptocurrencies via their exchange and app. Exmo is accessible to users from 100 plus countries, including the EU, UK, Australia and Canada.
Users on Exmo have the ability to buy over 50 cryptocurrencies such as BTC, ETH, USDT, XRP, LTC, and TRON with over 180 trading pairs.
Exmo is estimated to have over 2 million registered users and its services are also available on IOS and Android where it has been downloaded over 100,000 times, and sports an average 3.9-star rating.
Exmo Signup & KYC
Exmo offers a slightly confusing signup process where users need to select a login name, provide an email address and password. Once the email address has been verified, users will then be prompted to enter their phone number.
KYC is required on Exmo, and users cannot deposit cryptocurrencies or begin trading without completing it. This process involves providing personal information such as full name, address, and a valid ID. Verification typically takes 1-2 business days assuming no errors.
Exmo Products & Services
Exmo is a digital asset exchange that offers a limited range of products which mainly targets beginners in the cryptocurrency space. This includes spot trading, which allows users to buy and sell cryptocurrencies at the current market price, as well as the ability to buy and sell crypto using a credit or debit card.
Additionally, Exmo provides staking services for select cryptocurrencies, which allow users to earn rewards for holding their digital assets. Furthermore, the platform also features its own cryptocurrency, the EXMO coin, which can be used to access exclusive benefits and services on the platform.
Overall, we find the user experience on Exmo to belackluster. Besides the limited range of products and cryptocurrencies offered, they introduce unnecessary friction in the signup process where users must also select a login name and enter their phone number before even creating an account.
Despite having operated for a long time, their product range remains small, making them less attractive to more experienced traders and investors.
Exmo is a cryptocurrency exchange that supports fiat deposits with 5 different currencies, making it a popular choice for those looking to trade with fiat.
Users can deposit USD, EUR, GBP, PLM and UAH on the exchange through a variety of methods such as SEPA, Swift, Visa & Mastercard, Advcash, Payeer and Giftcard.
The deposit fees vary depending on the chosen deposit method, with some options being free while others have a percentage-based fee between 0.99% and 1.99%. In general, the most expensive options are when users deposit by debit/credit card and least expensive when conducting bank deposits.
How to withdraw from Exmo exchange?
Exmo is an exchange that allows its users to withdraw both fiat currencies and cryptocurrencies. Five fiat currencies, including USD and EUR, are supported on the platform.
Withdrawal methods for fiat currencies include SEPA, Swift, Visa and Mastercard, and Advcash. However, the withdrawal fees for fiat currencies are much higher than the deposit fees.
For instance, withdrawing USD incurs a fee of 4.99% + 1 USDT, while withdrawing EUR costs 0.2% + 1 EUR with SEPA, 0.1% + 40 EUR with Swift, or 3.99% with Visa and Mastercard.
In terms of cryptocurrency withdrawals, Exmo charges low fees for Bitcoin withdrawals (0.0005 BTC), Ethereum withdrawals (0.0006 ETH), and ERC-20 Tether withdrawals (5 USDT). However, the fees for withdrawing Solana are comparably higher, with a withdrawal fee of 0.75 SOL.
In summary, if you're looking to deposit and withdraw fiat currencies, Exmo is a good choice, but be prepared to pay higher fees than you would for depositing. On the other hand, if you want to withdraw cryptocurrencies, Exmo's withdrawal fees are quite reasonable.
To conclude, Exmo is a decent, smaller exchange that targets new crypto beginners with a focus on the European market. It provides a good range of fiat deposits and withdrawal options and decent trading fees.
Having said that, the exchange does offer very few cryptocurrencies and likewise when it comes to products and services. This makes it hard for Exmo to compete with more versatile and more well established exchanges such as Binance, eToro, OKX and others.
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Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.