- Supports Numerous Cryptocurrencies
- Accepts Users From Most Countries
- Multiple Banking Options
- High Fees
- Site Has Been Unreliable
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Headquartered in Estonia, EXMO is a cryptocurrency exchange that allows you to buy and sell coins. They boast of being the largest crypto exchange in Eastern Europe. Such claims are difficult to verify, but EXMO does draw a fair amount of traffic and trading.
They also support a sizable number of coins and allow deposits in a variety of different methods. You can keep reading this EXMO review to find out if these attributes make this exchange a winner.
EXMO accepts more deposit methods than the average cryptocurrency exchange. Here are the wide range of payment options that they accept at the time of this review:
- SEPA bank transfers
In addition to these options, EXMO also features its own system called EXMO Internal Currency Exchange, or Ex-Code for short. This method lets you cash out by converting Ex-Code into fiat currency such as GBP, USD and EUR, through a third party.
Speed of Purchases
You can buy coins at EXMO using both fiat and cryptocurrencies. Euros, Russian rubles, Ukrainian hryvnia, and the US dollar can all be used to purchase Bitcoin. You can then either hold on to the BTC or use it to purchase altcoins.
The speed at which you make Bitcoin purchases all depends upon the payment method. Credit cards and debit cards allow for instant purchases. The downside, though, is that you have to cover a 6% fee for this convenience.
SEPA is at the slower end of payment methods. I would suggest that you will normally wait 1 or 2 days before your SEPA transfer is processed. This is always a pain if you want to take advantage of a great price right away.
At EXMO there are no flat fees for deposits and withdrawals. The deposit fees that you pay at EXMO will vary based on the payment method used. For example, you’ll pay zero fees when depositing with either cryptocurrency or a wire transfer. However, you’ll cover fairly large charges with credit cards (6%), SEP (€25), and PerfectMoney (4%).
Regarding withdrawal fees, AdvCash, Payeer, and CryptoCapital all allow you to get your money for free. MoneyPolo (6%), SEPA (4%), and QiWi (3%) require higher charges in order to withdraw.
The trading fees at EXMO are slightly higher than most other exchanges. You’ll pay 0.2% on all trades, which is a slightly higher than the average when compared to other cryptocurrency exchanges.
The buying limits vary greatly depending upon the fiat/crypto and crypto/crypto pairing in question. Here are a few examples:
- BTC/USD – Minimum price €1/max price €300,000/minimum quantity 0.001/max quantity 1,000
- BTC/EUR – Minimum price €1/max price €300,000/minimum quantity 0.001/max quantity 1,000
- XRP/BTC – Minimum price €0.10/max price €300,000/minimum quantity 1/max quantity 100,000
Note that EXMO’s limits often change based on the market. These constant changes represent one of the toughest aspects with regard to dealing with this site.
Does EXMO Hold Your Funds?
Yes, EXMO will hold your funds on their site. This custodian service is handy when you’re dealing with a lot of different cryptocurrencies.
However, you might consider creating wallets for your largest crypto holdings. After all, no exchange is 100% secure when it comes to hackers and as the mantra of cryptocurrency states "not your keys, not your crypto". Where possible, always store your cryptocurrency in your own wallet with keys that you control.
Which Coins Are Supported?
EXMO supports the trading of a large variety of different cryptocurrencies. Here are some of the most popular coins that are available at EXMO:
- Bitcoin Cash
- Ethereum Classic
Which Countries Can Use EXMO?
EXMO accepts residents from most countries around the world. A few notable exceptions include China, Japan, North Korea, and most Middle Eastern nations.
Unusually for an exchange that deals in crypto you don’t have to go through verification to use EXMO. However, you’ll need to undergo this process if you wish to use certain payment options, such as SEPA, Western Union, and credit card withdrawals.
Verification simply requires uploading one of the following:
- Personal ID
- National passport
- International passport
As long as your document is visible and meets any other instructions from EXMO, then you’ll be verified on their exchange.
The EXMO website is protected with SSL encryption. They also use cold wallets (store cash/coins offline), require two-factor authentication (2FA), and ask for verification regarding certain payment methods.
The EXMO exchange appears safe for the most part. However, they have gone offline a few times after suffering DDoS attacks.
On a side note, EXMO managing director, Pavel Lerner, was once kidnapped in Kiev and held for a $1 million random. While this story doesn’t directly deal with the exchange’s security, it’s a bizarre incident in the site’s past, nonetheless.
EXMO customer service is available through online chat and email. The support staff collectively speaks a variety of languages. Unusually, the website doesn’t include the commonly available FAQs section.