Warrior Trading Blog

Exmo Exchange Review 2018

  • Begginer Friendliness
  • Fees
  • Reliability
  • Customer Services
  • Available Cryptocurrencies
4.5

Summary

Exmo is a nice and easy way to exchange cryptocurrencies with each other and also with cash. Supporting around 200,000 customers per day, Exmo is ranked on of the top 10 currency exchanges in the world according to a crypto blog. Unfortunately the number of currencies is limited compared to other exchanges.

Exmo Front Page

Exmo Finance LLP is a cryptocurrency exchange founded in 2013 and currently headquartered in England specifically 49 Station Road, Polegate.

As a small cryptocurrency exchange, it has brought together developers and successful financial advisors from Great Britain, Russia, Spain, India, Thailand, USA and Singapore.

Thanks to their collective experience, they have created an intuitive platform that allows crypto-traders to exchange cryptocurrencies (Bitcoin, Ethereum and Litecoin) for fiat currencies – USD, EUR and RUB among others.

Exmo management and staff takes pride in providing high quality cryptocurrency to fiat money exchange services right from the user’s account. In addition, users can store digital assets on the platform before withdrawing to their digital wallet.

In our Exmo Exchange review, we will reveal to you more about the exchange process, how to open an account on Exmo, how to verify your account and Exmo pricing structure among others.

Exmo Products, Services, and Features…

Account Registration

To exchange cryptocurrencies for fiat currencies, you must register an account at Exmo Exchange. The process is quite simple. Open Exmo website and on the upper right corner, you should see a blue button with the label “Registration.” Click on the button and you will be redirected to the registration form.

Here, you will be required to input the following details:

Username
Email
Password

Once you have entered the details above, you must check to agree with Exmo terms and conditions. If you would like to receive updates and news about Exmo products and services, you can check the following option “I agree to receive the newsletter” just below the terms and conditions.

After submitting the form, a welcome email will be sent to your email account. Open the email and click the link to activate your account. Armed with your username and password, log into your account.

Before making any transaction, it’s wise to protect your account. Exmo offers two factor authentication in the following mode

Only at login – if you select this option, you will log into your account using the standard username and passwords. Afterwards, a one-time unique code will be sent to your phone which must be used to provide access to your account.

You also have the option of creating a trusted IP address list. Just select the “Trusted IP” tab, click “New IP Address”, click “Add”, enter the IP address and click “Save.” Before exiting, check the box “Use list of Trusted IP addresses.”

Account Verification

While verifying your account is not a mandatory requirement during registration, it will enable you to enjoy additional perks. They include:

Use of payment systems such as Payza, Skrill, Neteller
EUR and USD cash withdrawal to bank card
Bank Transfer Service – SEPA/Wire Transfer

To verify your account, you are required to fill in the following tabs:

  • Identity verification – Exmo Verification Department expects you to submit one of the following documents – ID or passport. They may request for additional documentation such as a selfie of you holding your ID or passport.
  • Address verification – to verify your address, you will be required to submit one of the following documents – bank statement, utility bill, tax documents or judicial documents among others. The document issued must be less than 3 months old and must contain your full name and home address.
  • Agreement – you must read and understand the agreement. After reading, print the agreement and place your signature on each page. Once you are done, upload high quality scans of the document to Exmo for verification.

Verification takes 24 hours and if everything checks out, you will get to enjoy the benefits highlighted before. If questions arise, Exmo verification department will request for more documents.

Exmo Exchange

The Exmo Exchange is a service designed for crypto users in need of exchanging cryptocurrencies (Bitcoin, Litecoin and Ethereum) for fiat currency such as EUR, RUB or USD among others. Basically, it’s designed for those who can predict changes in currency rates and earn profits in the process.

This service is also suitable for cryptocurrency owners not interested in trading but they believe the value of the cryptocurrency will increase in a few years. Exchanging fiat currency for cryptocurrency means they will be in possession of digital assets which can be sold later when their value is higher.

Using Exmo Exchange is very easy. Just open the Exmo website, click “Exchange” from the menu bar and you will be presented with a form having the following options:

I Give
I Receive

At the end of each text box, there is a drop down option that allows you to select one of the following:

Bitcoin (BTC)
Ethereum (ETH)
Litecoin (LTC)
Zcash (ZEC)
Monero (XMR)
USD
EUR
RUB
PLN
UAH

For example, if you are planning on exchanging a cryptocurrency for fiat currency, under “I Give” select a cryptocurrency of your choice. Under “I Receive”, select the fiat currency you would like to receive.

Since the Exchange relies on real time quotes, it will convert the amount of cryptocurrency to your fiat currency choice for instance USD.

To complete the action and receive your money, click “Exchange.” If your Exmo account was not funded with cryptocurrency, you can transfer funds from your digital wallet to Exmo. It usually takes 6 confirmations before your funds reflect in your account.

Once you have deposited the required amount plus fees, the system will perform the exchange and your account credited with fiat currency. If you verified your account before performing the exchange, you can withdraw the money to your bank account or bank card.

What you ought to know is that you can also exchange fiat currency for cryptocurrency. Just select the fiat currency you would like to deposit under “I Give” and the cryptocurrency you would like to receive under “I Receive.”

Once you click the “Exchange” button, you will be required to deposit the amount for the exchange to be complete.

Fees

Having been in business for the last 5 years, Exmo has served more than 1.4 million users around the world. Today, the platform attracts 200,000 daily visitors with an additional 10,000 signing up every day.

To continue providing top notch services to all its clients, Exmo Exchange charges the following fees for all cryptocurrency deposits and withdrawals.

Exmo Exchange 1

When it comes to fiat currencies like USD, Exmo charges the following fees for deposits and withdrawal.

Exmo Exchange 2

Final Thoughts

For a small cryptocurrency exchange that has been in existence for the last five years, Exmo has achieved a lot. Not only has the cryptocurrency exchange been ranked as the Top Cryptocurrency Exchange in Europe but also it’s among the Top 10 World Best Exchanges according to bitcoinity.org.

Today, it attracts more than 200,000 visitors on a daily basis with an additional 10,000 registering new accounts to exchange cryptocurrencies for fiat currency and vice versa.

The Exchange has a few draw backs.

First, the cryptocurrency exchange is not utilizing the opportunity of expanding the number of cryptocurrencies it supports. This would enable traders to select more trading/exchange pairs.

Second, the Exchange itself does not offer more options – cryptocurrencies and fiat currencies alike. Lastly, some charges are high and may drive away new visitors.

Overall, Exmo is a cryptocurrency exchange with a great support system and the opportunity to offer more.